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

Monday, 09 May 2016

Blackstone Lends $207.6Mln Against Chicago's Sullivan Center

Blackstone Mortgage Trust Inc. has provided $207.6 million of financing against the Sullivan Center in Chicago. The debt against the 15-story property matures in 2021. A venture of Madison Capital and KKR & Co. recently acquired the property, with a mix of office and retail space, from El-Ad Canada Inc.

Commercial Real Estate Direct Staff Report

Blackstone Mortgage Trust Inc. has provided $207.6 million of mortgage finance against the Sullivan Center in Chicago.

The loan matures in 2021, including extension options.

The 15-story property is owned by a venture of Madison Capital and KKR & Co., which recently acquired it for close to $280 million, or $297/sf, from El-Ad Canada Inc. It consists of 175,995 square feet of retail space, a 743,852-sf office component and 24,097 sf of storage space.

El-Ad, which previously held a 38 percent stake in the property, had taken full control of it last month when it acquired the 38 percent stake it did not already own...





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  • Breaking mortgage, CMBS, and REIT news

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

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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

 

 

 

REITCafe

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  • US REITs Feeling Effects from Turmoil in Greece and China
    International economic forces have taken center stage this week, affecting both US stock markets and REITs. The crash in the Chinese stock market and ongoing concerns about the future of Greece in the eurozone drove markets down during the first half of the week. REITs fared better than the overall market...

  • What Does Increased Construction Mean for Apartment REITs?
    REITs so far this year have raised $17.1 billion of capital through the sale of unsecured notes, bringing the total raised over the past two and a half years to just more than $75 billion. That’s more than they raised during the previous five years. The massive volume shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark...
shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark against which most REIT’s price their bonds
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