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NexPoint Residential Paying $384.25Mln for 2 Apartment Properties in Fla., Tenn.

Friday, 16 August 2019 Written by

NexPoint Residential Trust Inc. has agreed to pay $384.25 million for two apartment properties with 1,866 units in Florida and Tennessee. It's raising a total of $211.3 million of fresh debt to retire $193.3 million of existing Freddie Mac financing.

Lakeforest Mall in Gaithersburg, Md., Sells Again; CMBS Loan Finally Resolved

Thursday, 15 August 2019 Written by

The 402,625 square feet of the 1.1 million-sf mall has been sold for $27.8 million. The deal finally resolves what originally was a $141.1 million CMBS loan that initially moved to special servicing in 2010. The loan later was modified to facilitate a sale of its collateral, then moved back to special servicing three years ago.

Bell Partners Raising $800Mln for Seventh Apartment Investment Fund

Wednesday, 14 August 2019 Written by

Bell Partners, a Greensboro, N.C., investment manager, is looking to raise $800 million of equity commitments for its seventh fund that will pursue apartment properties throughout the country. The vehicle, Bell Apartment Fund VII, will be the firm's largest ever.

Blank-Check Company Strikes Deal to Buy High-Yield Bridge Lender

Tuesday, 13 August 2019 Written by

Trinity Merger Corp., a blank-check company launched last year by Lee S. Neibart, has agreed to acquire Broadmark Realty, effectively forming a publicly traded mortgage REIT and investment manager that will fund short-term mortgages against relatively small properties and developments.

Texas Hotel Investor, Developer Seeks $250Mln for First Fund

Monday, 12 August 2019 Written by

NewcrestImage, a Lewisville, Texas, hotel investor and developer, is seeking $250 million of equity commitments for its first fund that will acquire and develop properties throughout the United States. It is aiming to broaden its geographic reach to include the East and West coasts. Its focus has been in the Southwest.

Mack-Cali Paying $409Mln for Jersey City, N.J., Apartment Property

Friday, 09 August 2019 Written by

Mack-Cali Realty Corp. has agreed to pay $409 million, or $631,173/unit, for the 648-unit Liberty Towers apartment complex in Jersey City, N.J. The Jersey City REIT is buying the property, at 33 Hudson St., from JPMorgan Asset Management.

Host Hotels Selling 5 Properties for $370Mln

Thursday, 08 August 2019 Written by

The Bethesda, Md., REIT has agreed to sell five properties with 1,591 rooms in Arizona, California, Georgia and Indiana for $370 million. The buyers were not disclosed. The deals, which are expected to close by the end of next month, will continue the company's plan to sell assets that have lower revenue per available room than its portfolio average and require significant capital expenditures.

Steadfast Aims to Merge 3 Non-Traded REITs, Creating Large Apartment Owner

Wednesday, 07 August 2019 Written by

Steadfast Cos., an Irvine, Calif., investment manager that sponsors three non-traded REITs that invest in apartment properties, has struck a deal to merge the three companies. The resulting company would own 71 apartment properties with roughly 22,350 units valued at $3.3 billion in 14 markets, including Dallas, Atlanta and Denver.

UDR on Track for At Least $950Mln of Apartment Buys This Year

Tuesday, 06 August 2019 Written by

The Highlands Ranch, Colo., REIT, which did not buy any apartment properties last year, is on track to invest at least $950 million this year in acquisitions. It so far has paid $742 million for eight properties with 2,361 units in seven states, and is under contract to acquire an Englewood, N.J., complex for $83.6 million in a deal that's slated to close next month.

Piedmont Office Realty Trust Inc., which has been narrowing the geographic focus of its office portfolio to eight markets from 16, is accelerating its plans to sell four office properties that it says have reached their full value. It's already placed 500 West Monroe St. in Chicago on the sales market and will follow that with a building in Philadelphia and two in Houston.

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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

  • 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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