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

Wednesday, 26 September 2012

Latitude Management Raises $100Mln for Mortgage Fund

Latitude Management Real Estate Investors, a Los Angeles investment manager formerly known as Legg Mason Real Estate Investors, has raised $100 million of equity for a commercial-property mortgage fund designed to raise a total of up to $550 million. The fund, Latitude Management Real Estate Capital III, will provide short-term loans.

Commercial Real Estate Direct Staff Report

Latitude Management Real Estate Investors, a Los Angeles investment manager formerly known as Legg Mason Real Estate Investors, has raised $100 million of equity for a commercial-property mortgage fund designed to raise a total of up to $550 million.

The fund, Latitude Management Real Estate Capital III, will provide short-term financing against properties that recently traded and need to be improved and stabilized.

It is particularly interested in multifamily properties, office buildings in suburban and secondary markets, and limited-service and special-service hotels in the West, Southwest, Southcentral and South.

Latitude is expected to leverage its investments, giving the fund a total investment capacity of about $1.1 billion.

The fund is expected to provide floating-rate loans in amounts of about $5 million to $30 million per deal, which would equal about 70 percent to 80 percent of the total costs of the projects it invests in. The vehicle mainly is interested in lending to operators with deep expertise in the property types they handle and in their properties' local market areas.

Latitude typically...





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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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