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

Top News - Free

Top News - Free (8669)

Children categories

Top News - Subscriber

Top News - Subscriber (8262)

Feature articles written by the CreNews staff.

View items...

AIG, JPMorgan Lend $265Mln Against Boston's Church Park

Friday, 26 August 2016 Written by

AIG Investments provided $200 million of senior financing, while JPMorgan Chase Bank provided $65 million of mezzanine debt against the Church Park apartment and retail property in Boston's Back Bay. The debt was used to retire, through defeasance, a $116.3 million mortgage that Freddie Mac had provided in 2009.

The credit metrics for conduit deals this year has improved when compared with last year, but some of that can be explained by the inclusion of very low-leverage loans in what are smaller deals this year. The thinking has been that deals this year suffered from a great deal of barbelling. But analysis by Wells Fargo Securities shows that barbelling isn't as bad as feared.

Piedmont Offers for Sale Washington, D.C.'s Two Independence Square

Thursday, 25 August 2016 Written by

Piedmont Office Realty Trust is offering for sale Two Independence Square, a 605,897-square-foot office building in the Southwest market of Washington, D.C. Cushman & Wakefield has the assignment. The property is fully occupied by the National Aeronautics and Space Administration through 2028.

Forest City Reviews Retail Holdings for Possible Sale

Wednesday, 24 August 2016 Written by

Forest City Realty Trust Inc. has launched a strategic review that might result in it selling most of its retail exposure, which is comprised of 14 regional malls around the country and 19 specialty retail centers in New York. The move is part of an ongoing portfolio refocusing effort by the Cleveland REIT, which would redeploy proceeds into office and apartment properties.

Apartment Completions Seen Jumping This Year

Tuesday, 23 August 2016 Written by

Some 321,200 apartment units are expected to be added to the country's inventory this year, according to RENTCafe, an apartment search site run by Yardi Systems. That would be the biggest annual increase in deliveries in 10 years and compares with the 214,108 units that were added last year. The increase in deliveries is contributing to the overall slowdown in rent growth.

New York REIT Chooses to Liquidate

Monday, 22 August 2016 Written by

The REIT's decision to adopt a liquidation plan culminates a process that started just more than a year ago as it sought to shore up its lagging share price. In May, it had agreed to merge with JBG Cos., but that deal was terminated earlier this month.

The structured tax-deferred exchange market continues to ramp up, with $706 million of equity having been raised during the first half, putting the year on track to see $1.4 billion. That would compare with the roughly $1.1 billion of equity that was raised last year, according to Mountain Dell Consulting.

Realty Mogul has entered the investment management business, becoming the latest crowdfunding platform to do so. It's launched a non-traded REIT that would invest in commercial real estate debt assets, including subordinate and mezzanine loans, as well as in preferred equity, CMBS and REITs.

John Hancock Lends $115Mln Against Miami Office Property

Wednesday, 17 August 2016 Written by

John Hancock Life Insurance Co. has provided a $115 million loan against One Biscayne, a 691,783-square-foot office property in downtown Miami. The 10-year loan allowed for the refinancing of an $83 million loan that was securitized through DBUBS Mortgage Trust, 2011-LC3.

Money360 Tops $100Mln of Loan Originations; Aims to Triple That Next Year

Tuesday, 16 August 2016 Written by

Money360 Inc., which started originating commercial real estate loans less than a year ago, has breached the $100 million level. It's now aiming to originate $250 million to $300 million over the next 12 months. To get to that level, the company has been beefing up its staff, adding originators and back-office professionals.

Page 1 of 620

Data Digest

 

CMBS DELINQUENCY VOLUME

dqdataFP1

 

CMBS SPECIAL SERVICING VOLUME

sschartfp

Top Bookrunners Domestic, Private-Label CMBS - 2015
Investment Bank #Deals Vol$mln MktShr%
Deutsche Bank 18.23 17,210.79 18.25
Wells Fargo Securities 17.77 14,715.47 15.61
JPMorgan Securities 14.43 11,589.38 12.29
Morgan Stanley 14.47 9,715.97 10.30
Credit Suisse 10.75 8,593.95 9.11

 

MOODY'S/RCA CPPI

 

cppichart FP

 

 

CMBS 2.0 Spreads

AAAspreads

Top CMBS Loan Contributors - 2015
Lender #Loans Vol$mln MktShr%
JPMorgan Chase Bank 161.6 10,858.98 11.55
Deutsche Bank 218.0 8,867.97 9.43
Morgan Stanley 241.5 8,264.67 8.79
Bank of America 242.8 6,533.69 6.95
Citigroup 217.4 6,274.94 6.67

 

 

 

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
warehouse-backstage