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RFR Realty is offering for sale 757 Third Ave., a 500,000-square-foot office building in midtown Manhattan. The New York company has hired Eastdil Secured to market the 27-story building, which could sell for more than $400 million, or $800/sf.

Walker & Dunlop Writes $186Mln Freddie Loan Against Chicago Property

Friday, 19 December 2014 Written by

Walker & Dunlop has written $186 million of floating-rate Freddie Mac financing against Grand Plaza, a mixed-use property with 481 apartment units and about 105,000 square feet of retail space in downtown Chicago. The debt replaces a loan with a $141.2 million balance that was securitized through JPMorgan Chase Commercial Mortgage Securities Corp., 2005-LDP5.

Prudential Insurance Co. of America has provided a $225 million loan against 901 New York Ave. NW, a 539,679-square foot office property in the East End submarket of Washington, D.C. The loan takes out $151.2 million of debt that was held by MetLife.

Starwood Lends $85.5Mln Against Tallest Office Building in Wilmington, Del.

Wednesday, 17 December 2014 Written by

Starwood Mortgage Capital has provided $85.5 million of financing against Chase Manhattan Centre, a 441,341-square-foot office property in downtown Wilmington, Del. The loan was used to defease, or replace with government securities, an $82.8 million CMBS loan that was securitized through Merrill Lynch Mortgage Trust, 2005-CKI1.

Recently Modified CMBS Loan Gets Paid Off

Tuesday, 16 December 2014 Written by

A $93.2 million CMBS loan against a 526,245-square-foot office property in the Las Colinas section of Irving, Texas, that's leased to NEC America Inc. has been paid off. The pay off, highlighted by Barclays Capital in a research brief yesterday, came as a surprise because the mortgage, which was securitized through JPMorgan Chase Commercial Mortgage Securities Corp., 2005-LDP5, was modified just four months earlier.

McDowell Seen Selling North Carolina Apartment Portfolio for $215Mln

Monday, 15 December 2014 Written by

McDowell Properties has struck a deal to sell a portfolio of eight apartment properties with 2,571 units in the Charlotte, N.C., area for $215 million, or about $83,625/unit. The San Francisco apartment specialist had acquired the portfolio in 2007 from Equity Residential Properties Trust for $205 million, or roughly $79,736/unit.

Prudential Real Estate Investors is seeking $500 million of equity commitments for its fifth investment fund targeting the seniors-housing market. Senior Housing Partnership Fund V is a follow-up to a vehicle that raised $568 million and so far has generated a 7.43 percent internal rate of return.

CMBS Defeasance Activity Hits Post-Recession High

Friday, 12 December 2014 Written by

Defeasance activity in the CMBS sector this year has hit a new post-market collapse high, with $16.2 billion of loans having been replaced with government securities, according to Trepp LLC. That compares with $11.8 billion for all of last year. The full-year tally could be as much as $1 billion higher when all is said and done as a few big-ticket loans get defeased in the coming weeks.

Just a year after raising $600 million of equity commitments for one value-add investment fund, Bridge Investment Group Partners, a Salt Lake City investment manager, is back in the market seeking up to $750 million for another vehicle. Its recently-launched ROC Multifamily & Commercial Office Fund III will pursue value-add and opportunistic investments.

KBS to Pay $248Mln for Northern California Office Complex

Thursday, 11 December 2014 Written by

KBS REIT III Inc. has agreed to pay $248 million, or $304.30/sf, for the Towers at Emeryville, an 815,018-square-foot office complex in Emeryville, Calif., which is across the bay from San Francisco. It's buying the three-building complex from a venture of LBA Realty and Starwood Capital Group that bought it four years ago for $130 million.

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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 - 9Mos2014
Inv Bank #Deals Bal $mln MktShr%
Deutsche Bank 26.0 19,675.34 29.5
JPMorgan 12.1 8,678.41 13.0
Wells Fargo 15.1 8,504.57 12.8
Goldman Sachs 7.0 5,740.15 8.6
Citigroup 9.3 5,337.91 8.0

 

 

MOODY'S/RCA CPPI

 

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Top Loan Contributors
Private-Label CMBS 9Mos2014
Lender Vol $mln MktShr%
Deutsche Bank 11,647.54 17.75
JPMorgan 7,496.78 11.42
Wells Fargo 4,540.31 6.92
CCRE 4,474.33 6.82
Morgan Stanley 4,312.62 6.57

 

 

 

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