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Capital-Raising for Calmwater Fund Reaches Halfway Point

Friday, 09 December 2016 Written by

Calmwater Capital has raised roughly half of a debt-investment fund, which has a target of $750 million. The vehicle, Calmwater Real Estate Credit Fund 3, would be used to originate bridge loans of $5 million to $50 million against a variety of property types across the country.

Risk-Retention Loan Premium Not as Big as Feared

Thursday, 08 December 2016 Written by

For nearly a year, industry watchers have predicted that pending risk-retention rules, which will impact a substantial segment of the commercial mortgage business, would result in an increase in borrowing costs. Expectations of that premium generally ranged from 20 to 50 basis points. But things haven't been as bleak.

CWCapital Offers Delinquent CMBS Loan Against UBS Center in Stamford, Conn.

Wednesday, 07 December 2016 Written by

CWCapital Asset Management, which is managing the $148.7 million CMBS loan against the 682,327-square-foot UBS Center in Stamford, Conn., has put the nonperforming loan up for sale. It has hired Mission Capital Advisors to sell the loan and is shooting to complete a transaction by Feb. 24.

Mack-Cali Tees Up for Sale Northern N.J. Office Portfolio

Wednesday, 07 December 2016 Written by

Mack-Cali Realty Corp. is offering for sale a portfolio of nine office buildings with 2.2 million square feet in Bergen County, N.J. The Jersey City, N.J., REIT has hired HFF to market the portfolio, which could fetch $240 million.

Hines, GE in Talks to Sell Atlanta Financial Center to Sumitomo

Tuesday, 06 December 2016 Written by

A venture of Hines and General Motors Asset Management is said to be in talks to sell the 914,747-square-foot Atlanta Financial Center to Sumitomo Corp. of America for $219.5 million, or $240/sf. The sales price is believed to translate to a capitalization rate in the low 5-percent range.

JCR Capital Seeks to Broaden Bridge-Loan Offering

Tuesday, 06 December 2016 Written by

JCR Capital, which provides debt and equity capital for middle-market properties across the country, is looking to broaden its menu of offerings. The Denver investment manager is looking to develop a separate account relationship in order to start writing larger bridge loans, of up to $40 million. Its loans typically average $7 million each.

PECO Real Estate Raises Initial Fund

Monday, 05 December 2016 Written by

PECO Real Estate Partners, which was formed last year, is raising its initial investment vehicle. It's raising $60 million for a fund that would pursue net-leased properties. It also is continuing raising capital for PECO Strategic Investment Fund III, which was launched by Phillips Edison & Co.


Mesa West Core Lending Fund has provided $192 million of financing against the Congress Square office and retail property in downtown Boston that's in the process of being redeveloped into a mixed-use complex. The property is the former headquarters of Fidelity Investments.

Inland Teams with Sound Point on Debt Venture

Thursday, 01 December 2016 Written by

Inland Real Estate Investment Corp., an old-line sponsor of non-traded REITs, has launched an effort to pursue opportunities in the debt market in a venture with Sound Point Capital. The venture reunites Don MacKinnon, portfolio manager of real estate for Sound Point, with Mitchell Sabshon, president and chief executive of Inland.

CMBS Issuance Expected to End Year at $67.2Bln; 2017 Issuance Could Be Lower

Thursday, 01 December 2016 Written by

The year is likely to end with $67.2 billion of CMBS having been issued, based on deals that currently are being prepared for market. That would be 29.3 percent behind last year's $95.1 billion of issuance and would mark the first time since 2009 that annual issuance had declined from the year before. Expectations for next year are for issuance to possibly decline slightly or remain flat.

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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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