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REITs Issued Record-Breaking $31.4Bln of Unsecured Notes This Year

Thursday, 20 October 2016 Written by

REITs issued $31.4 billion of unsecured notes this year through September, easily topping the annual record of $30.6 billion set in 2014. The volume was driven by their ability to raise debt at historically low interest rates. The notes issued this year carried a weighted average coupon of 3.99 percent, down from 4.09 percent last year.

New York Investor David Bistricer Files to Take Real Estate Operation Public

Thursday, 20 October 2016 Written by

New York real estate investor David Bistricer has filed to take his Clipper Realty Inc. public in order to provide potential liquidity to his existing investors and pay down some debt. The company owns eight properties that have 3,269 apartment units, 472,653 square feet of office space and 109,275 sf of retail and parking space in Manhattan and Brooklyn.

Sterling Equities' Tarak Patolia Sets Up Own Investment Shop

Wednesday, 19 October 2016 Written by

Tarak Patolia, the chief investment officer of Sterling Equities, where he oversaw five investment funds, has left the firm to pursue deals on his own. He has formed BanyanTree Group, which is based in San Francisco and will opportunistically pursue class B and B-plus apartment properties in select markets in California, Arizona, Nevada and Texas.

CBRE Said to be in Deal to Buy Baltimore's Legg Mason Tower

Tuesday, 18 October 2016 Written by

CBRE Global Investor is said to have struck a deal to acquire the 612,613-square-foot Legg Mason Tower in Baltimore's Inner Harbor area. The 24-story building, at 100 International Drive, is owned by H&S Properties Development Corp., which had offered it through CBRE.

Forbearance Burns Off, $196.9Mln CMBS Loan Moves to Special Servicing

Tuesday, 18 October 2016 Written by

The $196.9 million of CMBS financing against the 1.2 million-square-foot office property at 500-512 Seventh Ave. in midtown Manhattan has transferred to special servicer LNR Partners, after a forbearance agreement burned off. The three-building property is subject to a ground lease that might be the thorn in its side.

CWCapital Asset Management is offering for sale 290,620 square feet of non-anchor retail space at the 1 million-sf Citadel Mall in Charleston, S.C. The space serves as collateral for a $63.3 million loan that's securitized through Wachovia Bank Commercial Mortgage Trust, 2007-C32. It could sell for about $20 million.

JPMorgan Chase Bank has provided financing against LNR Warner Center I, II and III in Los Angeles, allowing for a $174 million CMBS loan to be taken out, just weeks after that loan had transferred to special servicing. Despite the pay-off, the CMBS loan suffered a $1.7 million loss because of the short time it spent in special servicing.

Mack-Cali Realty Corp. has lined up $250 million of mortgage financing against its 101 Hudson St. office building in Jersey City, N.J. The 1.3 million-square-foot property, which the Jersey City REIT had acquired in 2005 for $329 million, had been unencumbered by debt.

Morningstar Finds 10.7 Percent of CMBS Mall Loans in Special Servicing or on Watchlists

Wednesday, 12 October 2016 Written by

A total of $3.81 billion of securitized loans against shopping malls, or 7.8 percent of all CMBS loans against malls, are in special servicing, according to analysis by Morningstar Credit Ratings. The rating agency, meanwhile, has another $1.38 billion of mall loans on its watchlist, meaning they're at an elevated risk of default.

Mesa West Tops Target for Latest Debt Fund

Wednesday, 12 October 2016 Written by

Mesa West Capital already has exceeded the $750 million capital-raising target for its latest mortgage-lending vehicle, Mesa West Real Estate Income Fund IV LP. The fund is expected to conduct its final closing sometime next month. It has a hard cap of $900 million.

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Data Digest







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




cppichart FP



CMBS 2.0 Spreads


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





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  • US REITs Feeling Effects from Turmoil in Greece and China
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  • 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