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

Tuesday, 15 May 2018

Indianapolis Developer Raises Initial Fund, Targets Workforce Housing

Buckingham Cos., an Indianapolis developer that has accumulated a portfolio of some $1.5 billion of properties for its own account, has raised its first commingled fund through which it will invest in workforce-housing properties. It's raised $175 million for its Buckingham Multifamily Fund I, which could make up to $500 million of investments, or so, after leverage.

Commercial Real Estate Direct Staff Report

Buckingham Cos., an Indianapolis developer that has accumulated a portfolio of some $1.5 billion of properties for its own account, has raised its first commingled fund through which it will invest in workforce-housing properties.

The company raised $175 million for its Buckingham Multifamily Fund I, tapping a small group of institutional investors, most of which it had previous relationships with. The fund's already circled six apartment properties, in suburban Indianapolis, Cincinnati and Nashville, Tenn., with a total of roughly 1,800 units.

The thinking is the fund would leverage its capital with mortgage debt - likely from the housing-financing agencies - giving it a potential capacity of some $500 million or so of investments.

The company then likely would raise a follow-up vehicle.

Buckingham in the past had made property investments using its own capital and by partnering with third parties. During the Great Financial Crisis, it bought a portfolio of properties, and in doing so determined that it could leverage its strong construction, development and management background into an investment-management platform. It purposely went small for its initial fund so as not to spend too much time in the capital-raising process.

It also wanted to efficiently develop a track record that...





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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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