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Baltimore-Area Apartment Portfolio Hits Sales Market

Thursday, 02 July 2015 Written by

Standard Portfolios LLC is offering for sale four apartment properties with 1,587 units in the Baltimore area. The Arcadia, Calif., firm, which is funded by equity from Chinese investors, has hired CBRE to market the portfolio, which could sell for $167 million, or about $105,000/unit. The sales price would result in a capitalization rate of 6.1 percent.

1H Volume Hits $52.4Bln; Deutsche Bank Dominates Once Again

Wednesday, 01 July 2015 Written by

A total of 62 private-label CMBS deals totaling $52.4 billion were issued during the first half, with 60 percent of that volume comprised of conduit transactions. Issuance has been dominated by Deutsche Bank, which participated as bookrunner on 13 deals totaling $10.9 billion, or 20.8 percent of the total volume.

Affiliate of New York Mortgage Trust Registers to Launch IPO

Tuesday, 30 June 2015 Written by

RB Multifamily Investors LLC, a lender affiliate of New York Mortgage Trust Inc., is planning to launch an initial public offering of shares and convert itself to REIT status. It will continue to focus on investments in the multifamily sector, but will not wholly own any properties.

Prudential Insurance Co. of America has provided $150 million of fixed-rate financing against Tower 67, a 449-unit apartment building in the Upper West Side area of Manhattan. The debt was used to defease a $100 million loan that was securitized through Citigroup Commercial Mortgage Securities Inc., 2006-C5.

Terra Capital Eyes $1Bln Fund; Taps Public Market

Friday, 26 June 2015 Written by

Terra Capital Partners is in the market to raise up to $1 billion for a commercial property debt investment fund, and it's tapping the public equity markets to do so. Its Terra Income Fund 6 Inc. would be the first lending vehicle to be structured as a business development company, or BDC.

South Florida Retail Property Offered for Sale

Thursday, 25 June 2015 Written by

A venture of Joseph Cogen and Gertz Builders & Developers Inc. is offering for sale the Southern Palm Crossing Shopping Center, a 339,648-square-foot retail property in Royal Palm Beach, Fla. The buzz is that the property, which is being marketed by CBRE, could sell for more than $100 million.

Parkway Venture Offers for Sale 7000 Central Park Office Building in Atlanta

Wednesday, 24 June 2015 Written by

A venture led by Parkway Properties Inc. is offering for sale 7000 Central Park, a 415,324-square-foot office building in the central perimeter submarket of Atlanta. The property, at 7000 Central Parkway NE, could sell for more than $85 million. Cushman & Wakefield has the assignment.

So far this year, $47.7 billion of private-label CMBS has priced. But another five deals, including four conduits, totaling nearly $5 billion, are in the near-term pipeline and awaiting to price. If they price before next Tuesday, the first half will have seen $52.4 billion of domestic issuance, up nearly 30 percent from the same period a year ago.

Beacon Offers for Sale Boston's 230 Congress St.

Tuesday, 23 June 2015 Written by

Beacon Capital Partners is offering for sale 230 Congress St., a 152,259-square-foot office building in Boston's Financial District. The Boston investment manager has hired JLL to market the 12-story property, which could sell for $80 million, or about $526/sf. The sales price would result in a capitalization rate of about 5 percent.

Lone Star Funds, which just recently raised $5.8 billion for an opportunistic investment fund, has struck a deal to buy most of Home Properties Inc. in a deal valued at $7.6 billion. The Dallas investment manager will pay $75.23 for every outstanding Home Properties common share, and assume the REIT's $2.5 billion of indebtedness. Goldman Sachs is lending $6.1 billion.

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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners
Private-Label CMBS - FY2014
Inv Bank #Deals Bal $mln MktShr%
Deutsche Bank 27.1  23,479.37 26.3
JPMorgan 18.6  13,752.01 15.4
Wells Fargo 17.2  13,085.05 14.6
Goldman Sachs 9.0  7,896.25 8.8
Citigroup 9.1  7,526.97 8.4

 

 

MOODY'S/RCA CPPI

 

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cmbs2spreads

 

Top Loan Contributors
Private-Label CMBS FY2014
Lender Vol $mln MktShr%
Deutsche Bank 14,005.13 16.0
JPMorgan 11,440.63 13.0
Wells Fargo 5,849.16 6.7
CCRE 5,750.69 6.6
Citigroup 5,604.13 6.4

 

 

 

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