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Korman Offers for Sale Suburban Philadelphia Apartments

Friday, 27 May 2016 Written by

Korman Communities is offering for sale ARK Bucks County, a 1,072-unit apartment complex in the Philadelphia suburb of Bensalem, Pa. The 41-year-old property, at 5301 Neshaminy Blvd., is being offered through CBRE. The thinking is that it would sell for a price resulting in a capitalization rate of roughly 6 percent.

Buyer of Fla. Retail Center Sues C-III, Alleging Manipulation of Fair-Value Option

Thursday, 26 May 2016 Written by

Davidson Kempner Capital Management, which earlier this year bought the Gulf Coast Town Center, has sued C-III Asset Management for trying to orchestrate an "audacious scheme" to buy the Fort Myers, Fla., retail property at an "artificially low" price, using the fair-value option built into most CMBS deals.

Industry Still Scrambling to Deal with Risk Retention Rules

Wednesday, 25 May 2016 Written by

With 213 days before new risk-retention rules go into effect, the CMBS industry is still trying to figure out how it will deal with them. Proposed legislation to soften the rules' impact on the sector appear to be a long-shot, and issuers and investors are still uncertain how exactly to structure transactions so they can abide by the rules with as little impact as possible.

REITs Set Ambitious Property Sales Goals

Tuesday, 24 May 2016 Written by

The largest REITs earlier this year had set a goal of selling some $16 billion of properties - most were looking to take advantage of the high prices investors were paying to fine tune their portfolios and pay down debt. Others were looking to opportunistically buy their own stock.

Banyan Street Capital is said to have struck a deal to pay about $69 million, or $207/sf, for American Center, a 332,787-square-foot office property in the Washington, D.C., suburb of Vienna, Va. The Miami firm is buying the property, which is part of the collateral pool for a substantial CMBS loan, from Beacon Capital Properties.

Seasoned New York Property Pro Launches Bridge Lending Operation

Friday, 20 May 2016 Written by

David Schwartz, a seasoned New York real estate professional, has founded Fort Amsterdam Capital to provide short-term loans against small middle-market apartment and mixed-use properties in New York. He's taking advantage of an underserved market and is in the process of raising a fund.

Suburban New York Apartments Hit Sales Market

Thursday, 19 May 2016 Written by

AvalonBay Communities Inc. is offering for sale the eaves Nanuet, a 504-unit apartment property in Rockland County, N.Y. The property, about 36 miles from Manhattan, could sell for $150 million. The property serves as collateral for $62.3 million of Freddie Mac debt that matures in May 2019.

Morgan Stanley Lends $159.3Mln Against Chicago Apartments

Wednesday, 18 May 2016 Written by

Morgan Stanley has provided $159.3 million of floating-rate financing against North Harbor Tower, a 600-unit apartment property in the Loop submarket of Chicago. The property, at 175 North Harbor Drive, near Maggie Daley Park, was purchased recently by Crescent Heights of Miami.

Upscale Tampa, Fla., Apartments Returning to Sales Market

Tuesday, 17 May 2016 Written by

A venture of the Novare Group and Batson-Cook Development Co., which last year sought to sell its SkyHouse Channelside apartment property in downtown Tampa, Fla., is giving it another go. It's hired Walker & Dunlop to offer the upscale 320-unit property, at 112 North 12th St., and the buzz is that it could sell for more than $300,000/unit, or some $96 million.

The San Francisco investment manager is well on its way to raising what could be $1.5 billion of equity commitments for its latest value-add investment fund, DivcoWest Fund V. It's so far raised more than $1 billion for the fund, which would follow a strategy similar to that of its predecessors: Buy well-located properties, particularly those catering to the tech industry, and improve their value.

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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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