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

Friday, 03 November 2017

Macerich Eyes Mortgages for Broadway Plaza, Tysons Tower

The mall REIT, which during the latest quarter generated $391 million of excess proceeds from recent financing activity, is looking at placing mortgages against two unencumbered assets: the Tysons Tower office building that it started developing three years ago in suburban Washington, D.C., and Broadway Plaza, a recently revamped retail center in Walnut Creek, Calif.

Commercial Real Estate Direct Staff Report

Macerich Co. is considering placing a mortgage against its Tysons Tower, a 529,000-square-foot office building that's connected to its Tysons Corner mixed-use complex in suburban Washington, D.C.

The 22-story building, developed on a speculative basis three years ago in Tysons Corner, Va., is just about stabilized, making it ripe for a permanent loan. It's currently unencumbered and likely could support more than $100 million of financing, given that office properties in the Tysons Corner area have been selling for prices approaching $300/sf.

Macerich owns the property with the Alaska Permanent Fund. It was developed as part of an expansion of Tysons Corner Center, a 1960s-era mall that remains among the country's top performing properties, with inline stores generating $980/sf in annual sales, and has become the centerpiece of a mixed-use property that also includes a 300-room Hyatt Regency hotel and Vita, a 30-floor luxury apartment building with 429 units.

Tenants at Tysons Tower include Intelsat, which occupies 188,000 sf under a lease that runs through 2027, and Deloitte, which takes 88,000 sf under a lease that also runs through 2027.

Meanwhile, the company also is...





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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

 

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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