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

Monday, 20 March 2017

Charleston, S.C., Group Buys Citadel Mall; CMBS Loan Suffers 100 Percent Loss

A group led by Richard C. Davis, who created a pair of television shows focused on buying, fixing and flipping homes, has paid $17.2 million for the Citadel Mall in Charleston, S.C. The sale resulted in a loss of $62.7 million to the CMBS trust that held a like-sized loan against the property.

Commercial Real Estate Direct Staff Report

A group led by Richard C. Davis, chief executive of brokerage Trademark Properties, has paid $17.2 million for the Citadel Mall in Charleston, S.C.

Davis, whose Charleston, S.C., company brokers the sale of residential and commercial properties and manages them as well, is also the creator of reality television shows focused on buying, fixing and flipping residential real estate, including Flip This House, which had aired between 2005 and 2009, and the Real Deal, which became the Real Estate Pros. He couldn't be reached for comment.

The mall's $17.2 million sales price compares with the $15.4 million value pegged on the property through an appraisal last April. It also resulted in a $62.7 million loss to Wachovia Bank Commercial Mortgage Trust, 2007-C32, the CMBS trust that had held a like-sized loan against 290,620 square feet of non-anchor space at the 1 million-sf property, which was listed for sale through NGKF Capital Markets last...





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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 - 2016
Investment Bank #Deals Vol$mln MktShr%
JPMorgan Securities 14.94 10,350.16 15.14
Deutsche Bank 14.21 9,926.60 14.52
Wells Fargo Securities 13.36 9,513.96 13.92
Citigroup 10.87 8,061.79 11.80
Goldman Sachs 10.05 7,563.72 11.07

 

MOODY'S/RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2016
Lender #Loans Vol$mln MktShr%
JPMorgan Chase Bank 133.67 8,670.33 13.34
Goldman Sachs 156.20 7,418.37 11.41
Deutsche Bank 178.17 6,510.75 10.02
Citigroup 184.41 5,512.20 8.48
Morgan Stanley 113.18 4,130.53 6.35

 

 

 

REITCafe

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