Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Top News - Free

Top News - Free (8787)

Children categories

Top News - Subscriber

Top News - Subscriber (8352)

Feature articles written by the CreNews staff.

View items...

L-Shaped Risk-Retention Strategy Could Be Way of Future

Friday, 13 January 2017 Written by

Issuers might have the financial capacity to retain vertical strips of every CMBS deal they bring to market this year in order to abide by recently enacted risk-retention rules, but that's not likely to happen. Instead, the thinking among many industry observers is that deals eventually will be structured using the so-called L structure. And that structure would be a keeper.

Defeasance Activity Falls Short of Expectations

Thursday, 12 January 2017 Written by

A total of 1,013 CMBS loans were defeased last year, compared to 1,332 loans a year earlier. The latest year's numbers will grow as additional data are tallied. But total figures for the year will still fall short of the $22.5 billion of loans that were defeased in 2015, according to Moody's Investors Service.

A venture of North American Properties and CBRE Global Investors is once again offering for sale the BB&T Tower, a 541,789-square-foot office property in Atlanta's midtown area. The buzz is that the venture is looking to sell the 25-story property for about $190 million, or $351/sf.

Real Capital Analytics has developed a measure of property quality, its Q-Score. It found CMBS lenders have, indeed, moved up the quality scale with the loans they write.

Wall of Maturities Becomes Low Hurdle; Bridge Lenders Chomp at the Bit

Wednesday, 11 January 2017 Written by

As a large number of loans face refinancing challenges, bridge lenders are anxious to lend a hand.

Houston's Marathon Oil Tower Returns to the Sales Market

Tuesday, 10 January 2017 Written by

CBRE Global Investors is offering for sale the 1.2 million-square-foot Marathon Oil Tower in Houston's Galleria submarket. It had brought the 41-story building to the sales market two years ago, but ultimately pulled it after bids came in lower than expected.

Investor Interest in Apartments Sees No Signs of Slowing

Tuesday, 10 January 2017 Written by

A total of 6,121 apartment properties were sold for $124.4 billion through last October, according to Real Capital Analytics. That compares with the 6,549 properties that sold for $119 million during the same period a year earlier.

Growth in Supply Impacts Hotel Sector

Tuesday, 10 January 2017 Written by

A spike in hotel construction over the past two years has resulted in a softening of the market's fundamentals.

Office Sector Ends Year with Haves and Have-Nots

Tuesday, 10 January 2017 Written by

As prices for properties in major office markets continue to climb, investors are looking in secondary and tertiary markets in their quest for yield.

Retail Property Sector Stabilizes Despite Onslaught of Challenges

Tuesday, 10 January 2017 Written by

Rising vacancies from mall anchor tenants are forcing retail property owners to get creative in their attempt to improve the in-store shopping experience.

Page 1 of 628

Data Digest

 

CMBS DELINQUENCY VOLUME

dqdataFP1

 

CMBS SPECIAL SERVICING VOLUME

sschartfp

Top Bookrunners Domestic, Private-Label CMBS - 2016
Investment Bank #Deals Vol$mln MktShr%
JPMorgan Securities 14.94 10,350.16 15.14
Deutsche Bank 14.21 9,926.60 14.52
Wells Fargo Securities 13.36 9,513.96 13.92
Citigroup 10.87 8,061.79 11.80
Goldman Sachs 10.05 7,563.72 11.07

 

MOODY'S/RCA CPPI

 

cppichart FP

 

 

CMBS 2.0 Spreads

AAAspreads

Top CMBS Loan Contributors - 2016
Lender #Loans Vol$mln MktShr%
JPMorgan Chase Bank 133.67 8,670.33 13.34
Goldman Sachs 156.20 7,418.37 11.41
Deutsche Bank 178.17 6,510.75 10.02
Citigroup 184.41 5,512.20 8.48
Morgan Stanley 113.18 4,130.53 6.35

 

 

 

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
warehouse-backstage