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

Wednesday, 02 January 2019

Investment Manager Targeting Foreign Investors Buys Its First Seniors-Housing Property

Black Salmon, a Miami investment manager that so far has targeted office properties, has pushed into the seniors-housing market, making its first of five planned investments in the sector. It capitalizes its investments through innovative securities offered to high net-worth investors and family offices in Latin America and Europe.

Commercial Real Estate Direct Staff Report

Black Salmon, a Miami investment manager, has completed its first acquisition in the seniors-housing sector, partnering with American House Senior Living Communities to pay $28 million, or nearly $257,000/unit, for the 109-unit Bentley Commons at Keene property in Keene, N.H.

The investment marks a broadening of Black Salmon's investment strategy, which so far focused on the office sector. It owns the Offices at Public Market office building, with 109,200 square feet in Emeryville, Calif., which it bought for $33 million, and the 444,644-sf BMO Plaza in Indianapolis, which it bought for $70 million.

The company expects it will buy another four seniors properties within the next year, which would give it a $250 million exposure to the sector. Meanwhile, it's exploring prospective investments in the industrial sector. And eventually, it'll move into the hotel sector as well.

A $250 million exposure to the seniors-housing sector would require roughly $100 million of equity, with the rest coming through mortgage debt.

The Bentley...





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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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