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Multifamily REITs Shore Up Balance Sheets to Cope with Coronavirus Impact

Friday, 03 April 2020 Written by

A number of the country's multifamily REITs made moves this week to shore up their balance sheets as the coronavirus, or Covid-19, pandemic hurtles into April. Apartment properties are expected to perform well in the long run, but skyrocketing unemployment levels could very well lead to a loss or temporary reduction of rental revenue.

KKR Top Buyer of CMBS Conduit B Pieces, Top Risk Retainer in 1Q

Thursday, 02 April 2020 Written by

KKR Real Estate Credit Opportunity Partners took down the three B-pieces of deals totaling $3.35 billion, or 30.7 percent of the quarter's conduit issuance, making it the most active buyer of B-pieces. It also retained the horizontal risk pieces of four deals - three conduits and a single-borrower transaction - totaling $202.2 million.

Broadshore-Led Venture Pursues Multifamily Investments in Southeast, Western U.S.

Thursday, 02 April 2020 Written by

Broadshore Capital Partners, the former Lowe Enterprises Investors, has formed a venture with an institutional investor to make up to $900 million of equity and debt investments in multifamily properties in the Southeastern and Western United States.

Solid Issuance in January, February Pushes 1Q CMBS Deal Volume to $21.55Bln

Wednesday, 01 April 2020 Written by

Thanks to the relatively hefty volume in January and February, CMBS issuance for the first quarter totaled $21.55 billion, up nearly 31 percent from last year's anemic total. Citigroup took top honors among bookrunners, while taking second place in a ranking of loan contributors. JPMorgan Chase Bank took first place in that ranking.

PGIM Lends $130Mln Against Manhattan Apartment Property

Tuesday, 31 March 2020 Written by

PGIM Real Estate Finance has provided $130 million of financing against the 387-unit Capitol apartment property in Manhattan. The loan allowed the building's owner, JPMorgan Asset Management, to retire a similar amount of debt that HSBC Bank had provided in 2012.

New York Coworking Sector Seen Taking Virus-Related Hit; Could Prosper in Recovery

Monday, 30 March 2020 Written by

The New York City coworking industry will be tested by the coronavirus outbreak as tenants decide not to renew their short-term leases, but few expect the sector's demise. The industry very well could come out of the current crisis in good shape as space users look for greater flexibility and allow more of their employees to work from home.

Ashford Hospitality, Braemar Tap Adviser to Seek Modifications of $5.1Bln of Debt

Friday, 27 March 2020 Written by

Ashford Hospitality Trust Inc. and Braemar Hotels & Resorts Inc., which own 130 hotels with 28,664 rooms, are making efforts to modify the terms of $5.1 billion of debt against their properties. The two REITs are managed by Ashford Inc. of Dallas, which also operates Lismore Capital, a debt-placement advisory unit that will handle modification requests.

Ryman Re-Assesses Proposed $275Mln Purchase of Block 21 Complex in Austin, Texas

Thursday, 26 March 2020 Written by

Ryman Hospitality Properties Inc. is re-assessing its proposed $275 million purchase of the Block 21 mixed-use complex in Austin, Texas. The property's 251-room W Austin hotel has remained open, but its 86,575-square-foot entertainment venue, Austin City Limits Live at the Moody Theater, is closed as a result of the coronavirus pandemic.

Advisory Shop Offers to Help Negotiate CMBS Loan Workouts in Bulk

Wednesday, 25 March 2020 Written by

Hart Advisors Group, which helps borrowers negotiate modifications of their troubled CMBS loans, is proactively looking to address what many expect will be a deluge of mortgage delinquencies.

Starwood Venture Pays $614.3Mln for Boston's 60 State St. Office Building

Tuesday, 24 March 2020 Written by

A venture led by Starwood Real Estate Income Trust Inc. has paid $614.3 million, or $674/sf, for the 911,394-square-foot office building at 60 State St. in Boston. It funded its purchase with $421.5 million of financing provided by MetLife and PacLife.

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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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  • What Does Increased Construction Mean for Apartment REITs?
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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