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

Wednesday, 20 March 2019

REIT Focused on Manhattan Apartments Launched; Crowd Investors Targeted

Janine Yorio, who previously oversaw development for Andre Balazs Properties, has developed a platform through which accredited investors can buy into portfolios of geographically concentrated residential properties. She's partnered with Jesse Stein, who previously had led Etre Financial Inc., to form Compound Asset Management. Its first effort is a REIT that will target Manhattan apartment properties.

Commercial Real Estate Direct Staff Report

Janine Yorio, who previously oversaw development for Andre Balazs Properties, has developed a platform through which accredited investors can buy into portfolios of geographically concentrated residential properties.

Yorio, who earlier was portfolio manager for NorthStar Realty Finance Corp., co-founded Compound Asset Management of New York with Jesse Stein, who previously had co-founded Etre Financial Inc. That company, also based in New York, sought to launch a series of single-property REITs whose shares would trade on major exchanges. Meanwhile, Bill Staniford, the former chief executive of PropertyShark, is chief product officer.

Compound is taking the Etre strategy a step further by forming REITs with portfolios of properties in certain geographic areas, providing a certain amount of diversity. Its first effort, Compound Manhattan Residential Fund, involves Manhattan apartments and would require a minimum investment of only $2,500. Its targeting annual returns of 12 percent to 15 percent.

It received a seed investment this month from a family office that agreed to contribute a 49 percent interest in four apartment properties with 86 units in Manhattan valued at $47...





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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

  • Challenging Retail Environment Weights on REITs
    Mixed economic news is weighing on retail markets, pushing REIT performance down in 2015. This week, the National Retail Federation announced that back-to-school spending is expected to be down 9.3% in 2015. This news came on the heels of a report from the Commerce Department stating that retail sales declined 0.3%...
     
  • 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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