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

Wednesday, 10 February 2016

Goldman Sachs Lends $815Mln Against San Francisco Apartment Portfolio

Goldman Sachs has provided $815 million of financing against a portfolio of 62 apartment properties in San Francisco owned by a venture of Veritas Investments Inc. and Baupost Group. The financing, arranged by Eastdil Secured, allowed for the refinancing of CMBS debt that was securitized in 2013.

Commercial Real Estate Direct Staff Report

Goldman Sachs has provided $815 million of financing against a portfolio of 62 apartment properties in San Francisco owned by a venture of Veritas Investments Inc. and Baupost Group.

The financing was arranged by Eastdil Secured.

Veritas, which is led by investor Yat-Pang Au, and Baupost, of Boston, had acquired loans against properties in the portfolio through a number of transactions after Lembi Group, their previous owner, had filed for bankruptcy. The portfolio, with 1,853 units, also includes retail and other commercial space.

The properties, some of which were constructed more than 100 years ago, range in size from four units to 79 and are scattered in a number of San Francisco neighborhoods, including its downtown, Pacific Heights, Russian Hill, Marina, Mission District and Haight Ashbury areas. The Veritas/Baupost team...





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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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