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Procaccianti Launches Non-Traded REIT to Invest in Select-Service, Extended-Stay Hotels

Wednesday, 20 June 2018 Written by

Procaccianti Cos., a 60-year-old family-owned hotel investor that has relied on funds and limited partnerships to capitalize its investments, is turning to the retail sector with a non-traded REIT. The entity will pursue many of the same sorts of properties the company has been targeting: select-service and extended stay hotels.

Easterly to Buy Big GSA-Leased Portfolio from Saban; Good News for CMBS Loan

Tuesday, 19 June 2018 Written by

Easterly Government Properties Inc. has agreed to pay $430 million for a portfolio of 14 properties, mostly offices, with 1.5 million square feet that are leased primarily to agencies of the federal government. The portfolio includes four properties that are in the collateral for a $259 million CMBS loan that has been in and out of special servicing since it matured in 2012.

Investor Buys Distressed Loan on N.Y. Mixed-Use Development

Tuesday, 19 June 2018 Written by

Churchill Real Estate Holdings has acquired the $48.5 million of financing that Madison Realty Capital had provided two years ago against a development site near Manhattan's Penn Station. The deal allowed the New York investment manager to take over the collateral. It funded its purchase with a $35 million loan provided by Pembrook Capital Management.

Land Beneath Posh Resort-Turned-Treatment Facility Near Vail, Colo., Offered for Sale

Monday, 18 June 2018 Written by

The ground beneath the Lodge at Cordillera, once a posh resort and spa near Vail, Colo., is being offered for sale by the property's owner, Concerted Care Group. It would provide a buyer a 7.65 percent cap rate based on an expected $65 million sales price. The property had 56 rooms, a restaurant and 20,000-square-foot spa. It's being converted into a drug-treatment facility.

Things are getting interesting in the alternative lending space. Players in the space are now enjoying extremely low-cost funding, thanks to what could best be described as a vibrant collateralized loan obligation market. That's allowed them to remain as competitive as ever when writing and funding loans. But they could be facing a formidable competitor: regional and local banks, many of which have been given a regulatory reprieve.

Massive Shuffling of Chairs in Order for Congress; Big Agency Turnover; Limited Reform Seen

Friday, 15 June 2018 Written by

Regardless of which party controls the House or Senate following the upcoming midterm elections, any regulatory reform to follow is expected to be minimal.

Trimont Sees Growth in CLO Market as Opportunity for Servicing Operation

Thursday, 14 June 2018 Written by

Trimont Real Estate Advisors expects growth in its servicing portfolio this year to come from the collateralized loan obligation market. The Atlanta company, which oversees a massive portfolio of construction loans, has been named special servicer on nearly a quarter of the year's CLOs so far. That market's expected to grow substantially from last year, when $7.8 billion of deals were floated.

CLOs: Formerly Known as CDOs

Thursday, 14 June 2018 Written by

The influx of collateralized loan obligations shows how far the market has come since the economic downturn.

Diamonds in the Rough: Finding Yield

Thursday, 14 June 2018 Written by

During Record Economic Recovery Market fundamentals are driving investors to look for value-add opportunities in both small and large metropolitan markets.

It's Been 10 Years Since the Beginning of the CMBS Ice Age. How Far Have We "Evolved"?

Wednesday, 13 June 2018 Written by

We've chronicled the last 10 years since The Great Financial Crisis with a look back at the highs and lows in the CMBS industry.

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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 - 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

 

RCA CPPI

 

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CMBS 2.0 Spreads

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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

 

 

 

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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