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2014 CMBS Conduit Becomes First 2.0 Deal to See Interest Shortfalls to A-M Class

Wednesday, 16 October 2019 Written by

The $5.7 million loss that resulted from the liquidation of a soured $4.8 million loan in the collateral pool of COMM, 2014-LC17, has contributed to interest shortfalls that now reach up to some of the deal's highest-rated bonds. The transaction becomes the first from the CMBS 2.0 era to have interest shortfalls impact its A-M or A-S class.

GE Commercial Mortgage Corp., 2005-C4, has taken over the three-building Fireman's Fund office complex in Novato, Calif., through a deed-in-lieu of foreclosure. But it complicates matters as proceeds from the property's ultimate sale will have to be shared with another CMBS deal that held a companion loan piece.

Aareal Lends $90Mln Against Office, Retail Building in Manhattan

Tuesday, 15 October 2019 Written by

Aareal Capital Corp. has provided $90 million of financing against 101 Fifth Ave., an 80,821-square-foot office and retail building in Manhattan. Proceeds from the loan were used, in part, to defease a $46.3 million loan that was securitized seven years ago.

Rialto Reaches $500Mln Capital Mark for Latest Debt-Investment Fund

Friday, 11 October 2019 Written by

Rialto Capital Management is well on its way to raising its latest debt-investment fund. The Miami investment manager so far has raised $500 million for the vehicle, Rialto Real Estate Fund IV - Debt LP. It would be a follow-up to Fund III - Debt, through which $1.1 billion was raised three years ago.

KKR Dominates All CMBS Risk Retainers So Far This Year

Thursday, 10 October 2019 Written by

KKR Real Estate Credit has been absolutely dominating the business of retaining the risk pieces of CMBS transactions. It's retained the horizontal risk classes of 10 deals totaling $613.8 million, thanks to its dominance in the conduit world. Well behind it, with $309.29 million of volume, is Rialto Capital Advisors.

Citigroup Lends $73Mln to Facilitate Purchase of Washington, D.C.'s Watergate Office Building

Wednesday, 09 October 2019 Written by

Citigroup has provided $73 million of financing to help fund Seligman & Associates Inc.'s acquisition of the 214,508-square-foot Watergate office building in Washington, D.C. Seligman, a Southfield, Mich., investor, bought the property for $101.2 million, or $472/sf, from Rockwood Capital.

Cortland Sees Renovating Half the Portfolio Assumed Through Pure Acquisition

Tuesday, 08 October 2019 Written by

Cortland, which recently completed its $1.2 billion acquisition of Pure Multi-Family REIT, giving it 22 properties with 7,085 units in five Southwestern markets, expects to put about a dozen of the properties it assumed through a comprehensive renovation plan. It's also evaluating the $540 million of mortgage debt it assumed as part of its purchase. Some loans might get replaced.

Rockpoint Pays $806Mln for Boston Office; Gets Financing from Wells Fargo

Monday, 07 October 2019 Written by

Rockpoint Group has paid $806 million, or $733/sf, for the 1.1 million-square-foot office building at 100 Summer St. in downtown Boston. It financed its purchase with a $470 million mortgage provided by Wells Fargo Bank. The building is across from 99 Summer, which Rockpoint had purchased four years ago.

Rialto Capital Continues Conduit B-Piece Dominance; KKR Tops All Risk Retainers

Friday, 04 October 2019 Written by

Rialto Capital Advisors bought the B-pieces of four CMBS conduit transactions during the third quarter, accounting for nearly one-third of the new-issue B-piece market. But KKR Real Estate Finance Trust remains the most active investor in conduits' horizontal risk slices. It invested $523.8 million in seven conduit deals. That's nearly double the $270.6 million that its nearest rival, Rialto, invested.

Greystone Hires Team of Seasoned Execs to Build CMBS B-Piece Operation

Thursday, 03 October 2019 Written by

Greystone is beefing up its CMBS chops by hiring a team of seasoned commercial mortgage professionals to build a B-piece investing business and build out its special servicing capabilities. CMBS lenders are expected to increase their share of the multifamily lending market, creating a unique opportunity for lenders like Greystone that focus on that sector.

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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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