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

Wednesday, 22 January 2020

Sheraton Park Hotel in Anaheim, Calif., Sells for $52.5Mln

The Sheraton Park Hotel in Anaheim, Calif., whose $65 million CMBS loan had soured in 2012, was sold at auction, generating $52.5 million of proceeds for Wachovia Bank Commercial Mortgage Trust, 2007-C34, which had held the loan. The CMBS trust has only three loans left in its collateral pool. All mature in 2024.

Commercial Real Estate Direct Staff Report

The Sheraton Park Hotel in Anaheim, Calif., whose $65 million CMBS loan had soured in 2012, was sold at auction, generating $52.5 million of proceeds for Wachovia Bank Commercial Mortgage Trust, 2007-C34, which had held the loan.

The 486-room hotel, at 1855 South Harbor Blvd., near the Anaheim Convention Center, Disneyland Resort and Anaheim Garden Walk, was offered by special servicer CWCapital Asset Management through its RealINSIGHT Marketplace platform. Berkadia Hotels & Hospitality handled marketing for the property.

Anaheim-1855 South Harbor Blvd Owner, the entity that bought the property, is affiliated with CREMAC Asset Management, a Brooklyn, N.Y., investment manager that pursues opportunistic transactions and long has invested in distressed real estate and nonperforming loans. The company also often invested in the controlling-class bonds of CMBS...





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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

  • 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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