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

Friday, 01 May 2015

MetLife Lends $310Mln Against Boston's Fleet Center

Metropolitan Life Insurance Co. has provided $310 million of mortgage financing against the Fleet Center, a 1.1 million-square-foot office and retail building at 75 State St. in downtown Boston. The financing was part of a broader recapitalization of the property, which involved the sale of a 49 percent stake to AustralianSuper.

Commercial Real Estate Direct Staff Report

Metropolitan Life Insurance Co. has provided $310 million of mortgage financing against the Fleet Center, a 1.1 million-square-foot office and retail building at 75 State St. in downtown Boston.

The financing took out $200 million of floating-rate financing that was provided two years ago by a consortium of banks led by Landesbank Hessen-Thuringen Girozentrale. The retired loan was scheduled to mature in 2018.

The MetLife mortgage was funded as part of the property's recent recapitalization. The building's owner, Brookfield Property Partners, sold a 49 percent stake to AustrailianSuper for $296.45 million, in a deal that valued the building at $605...





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“The Weekly”

“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

  • Breaking mortgage, CMBS, and REIT news

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

  • Industry moves and changes in “The Insider“

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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