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Piedmont Aims for Up To $1Bln of Property Sales Through 2019

Wednesday, 04 May 2016 Written by

The Atlanta-area office REIT is planning to increase its pace of dispositions as it continues to reposition its portfolio. It might plow proceeds into properties in markets that might not yet have been picked over by investors and still have the potential for strong growth. But it expects to be a net seller this year.

Camden Property Sees Selling Another $600Mln of Properties This Year

Tuesday, 03 May 2016 Written by

 

Camden Property Trust, which last week completed the sale of its Las Vegas holdings for $630 million, expects to sell up to another $600 million of properties this year as it continues to upgrade its portfolio of apartment properties. It's looking to sell its older properties, which while enjoying substantial increases in income, require more attention than its newer properties.

Aareal Capital Corp. has provided $133 million of mortgage financing against the Park Square Building, a 495,708-square-foot office property in Boston's Back Bay area. The loan was used to retire $95 million of CMBS debt that became open to prepayment last month.

TIAA Lends $320Mln Against Kansas City Office, Retail Property

Friday, 29 April 2016 Written by

The 10-year loan, which pays a coupon of 3.88 percent, requires only interest payments for three years, after which it amortizes over a 30-year schedule. Country Club Plaza, with 1.27 million square feet, is owned by a venture of Taubman Centers Inc. and Macerich Co., which recently acquired it for $660 million, or about $519/sf.

Boston Properties Eyes Refinancing Debt Against Manhattan's GM Building

Thursday, 28 April 2016 Written by

The Boston REIT will soon be in the market to refinance the loan that is secured by the 1.8 million-square-foot office building at 767 Fifth Ave. in midtown Manhattan. The existing debt, a $1.3 billion senior loan and $306 million of mezzanine financing, comes due in October 2017. The 48-year-old property is 98.5 percent leased.

CMBS Issuers React to Improved Market Tone with 3 Conduit Deals

Wednesday, 27 April 2016 Written by

CMBS issuers have teed up three conduit deals in an effort to take advantage of market conditions that have become far more favorable in recent weeks. Spreads for newly issued conduit deals have improved substantially recently, while investor demand is said to have improved markedly.

American Campus Aims to Sell $600Mln of Student Properties This Year

Tuesday, 26 April 2016 Written by

American Campus Communities has begun the process of selling as much as $600 million of non-core properties this year. It's already sold two properties and will use proceeds to fund its sizable pipeline of developments. The expectation is that the properties that it's teeing up for sale will fetch prices resulting in cap rates of 6-6.25 percent.

A venture of Federal Capital Partners and Ross Cos. is offering for sale a portfolio of seven garden-style apartment properties with 2,895 units in the Maryland suburbs of Washington, D.C. The properties, in Prince George's County, are being offered through CBRE, which will take bids for individual properties or the portfolio in its entirety.

Bank of China Lends $310Mln for Construction of Cambridge, Mass., Lab/Office

Friday, 22 April 2016 Written by

The Bank of China has provided $310 million of construction financing for a 431,483-square-foot laboratory and office property that Alexandria Real Estate Equities Inc. is developing at 100 Binney St. in Cambridge, Mass. Part of the property already has been leased to Bristol-Myers Squibb Co.

Manhattan Office Building Teed Up for Sale

Thursday, 21 April 2016 Written by

The venture that owns 127 West 25th St., a 104,000-square-foot office building that's net leased to the Bowery Residents' Committee, is getting ready to list it for sale. It's in the process of selecting a broker. Part of the property serves as a homeless shelter under a city contract that runs through 2021.

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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 - 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

 

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CMBS 2.0 Spreads

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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
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