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2012 CMBS Conduit Deal Faces Tough Times as Mall Loans Take Hits

Thursday, 05 December 2019 Written by

WFRBS Commercial Mortgage Trust, 2012-C7, a $929.5 million conduit deal issued just seven years ago, could be heading into stormy waters. Its collateral pool has a 58.5 percent exposure to the retail sector and three of its largest loans are backed by regional malls that Morningstar Credit Ratings has flagged on its watchlist.

Conn. Asset Manager Launches Publicly Funded Opportunity Zone REIT

Wednesday, 04 December 2019 Written by

Belpointe Cos., a Greenwich, Conn., family office that earlier this year launched a REIT that would invest in properties in opportunity zones, so far has raised $13.4 million for the vehicle, Belpointe REIT Inc., which has a $50 million equity target. The company would be the first publicly registered vehicle, funded by retail investors, that's investing in opportunity zone properties.

Barclays, Citi, Aimco Lend $1.78Bln Against San Francisco's Parkmerced

Tuesday, 03 December 2019 Written by

Barclays Capital, Citibank and an affiliate of Apartment Investment and Management Co. have provided $1.78 billion of financing for the massive Parkmerced apartment complex in San Francisco. The financing would allow the 3,221-unit property to refinance $1.55 billion of debt, including a $450 million CMBS loan that was set to mature this month.

CMBS Trust Seen Taking Okla. Student-Housing Property

Monday, 02 December 2019 Written by

The student-housing property that backs a $37.7 million loan that's in special servicing has been appraised at a value of $36.3 million, which could spell losses for the CMBS trust that holds it. The property, some three miles from Oklahoma State University's main campus in Stillwater, Okla., is one of at least five owned by Aspen Heights Management, whose CMBS loans either are in special servicing or could soon transfer.

Libor Floors Show Value as Benchmark Rate Continues Decline

Wednesday, 27 November 2019 Written by

Libor floors lately have proven to be godsends for alternative lenders, providing them with downside protection as the benchmark one-month Libor rate has declined steadily since the end of last year. The rate, which had peaked at 2.52 percent at the end of last year, has steadily dropped and this week was 1.72 percent.

Kite Realty Refocusing Portfolio; Sells $502Mln of Non-Core Properties This Year

Tuesday, 26 November 2019 Written by

Kite Realty Group Trust has sold 20 shopping centers with about 2.8 million square feet so far this year for $502 million as it repositions its portfolio to focus on markets in the Southern and Western U.S., where it expects populations to grow in the coming years.

Net-Lease Investments on Record Pace for 2019

Monday, 25 November 2019 Written by

Net-lease investments saw a 30.2 percent increase to $20.9 billion in the third quarter when compared to last year, according to CBRE. Year-to-date volume, meanwhile, is up 24 percent from last year's pace, to $55.2 billion. Transaction activity indicates that full-year volume will top last year's $69.6 billion of volume.

JPMorgan Seen Lending $430Mln Against Philly's Centre Square

Friday, 22 November 2019 Written by

JPMorgan Chase Bank is said to be close to providing up to $430 million of mortgage financing against the 1.8 million-square-foot Centre Square office property at 1500 Market St. in Philadelphia. The loan would take out roughly $300 million of financing against the two-building property, including a $240 million CMBS loan that's been in special servicing since July.

Private-Label CMBS Volume for 2019 Seen Up 25 Percent; Marginal Growth on Tap for Next Year

Thursday, 21 November 2019 Written by

Domestic, private-label CMBS issuance so far this year totals $79 billion, 4 percent more than all of last year. Projections, meanwhile, call for the year to finish with anywhere from $86 billion to $95 billion, or up to 25 percent more than last year. It'll increase next year to $95 billion to $98 billion.

AIG Lends $150Mln Against Office, Retail Space at Manhattan's Puck Building

Thursday, 21 November 2019 Written by

AIG has provided $150 million of financing against the office and retail space at the Puck Building in Manhattan's SoHo neighborhood. The 15-year loan allowed the property's owner, Kushner Cos., to retire $95 million of debt that included an $81.1 million slice that was securitized eight years ago.

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Data Digest







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




cppichart FP



CMBS 2.0 Spreads


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





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