Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Wednesday, 13 April 2016

ACORE Capital Sees Originating Another $4Bln Next Year

ACORE Capital, which recently lined up an additional capital commitment from its financial backer, will likely originate another $4 billion of financing over the next year or so. Thus far, it's funded or agreed to fund $2.9 billion. The company specializes in providing bridge loans against large properties in major markets.

Commercial Real Estate Direct Staff Report

ACORE Capital, which recently lined up an additional capital commitment from its financial backer, will likely originate another $4 billion of financing over the next year or so.

The San Francisco finance company has funded or agreed to fund $2.9 billion of loans since its founding roughly a year ago. Its four founders - Boyd Fellows, Warren de Haan, Stew Ward and Chris Tokarski - previously developed and ran the conduit-lending operation at Starwood Property Trust. Before that, they built Countrywide Financial Corp.'s commercial mortgage origination platform, and during the 1990s ran Nomura Securities' commercial mortgage business.

They formed ACORE, which stands for Alpha Commercial Real Estate, with backing from Delphi Financial Group, a unit of Tokio Marine Group. The insurer initially had committed $1.6 billion to ACORE, which the company is expected to have fully deployed by May. So Delphi earlier this year increased its commitment by another $1.2 billion. ACORE also has access to a warehouse credit facility with a capacity of up to $800 million that it can tap to fund loans.

It'll be able to reach the $4 billion threshold with perhaps $2 billion of capital because it often will sell an A-note of its financings, while retaining a junior 25-35 percent piece.

ACORE, like...





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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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