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A pair of non-traded REITs sponsored by Realty Mogul has acquired a pair of apartment properties with 550 units in El Paso, Texas. MogulREIT I Inc., which was launched in 2016, bought the 240-unit La Privada Apartments, while MogulREIT II Inc., which was launched a year later, acquired the 310-unit Terrace Hill Apartments.

Developer Buccini/Pollin Creates Investment Manager; Eyes $250Mln Fund

Saturday, 22 June 2019 Written by

The Buccini/Pollin Group, a national investor and developer, has formed an investment management arm to centralize the company's value-add investment activities in existing assets. The unit, Corten Real Estate Partners, which is led by P.J. Yeatman, is aiming to raise a $250 million fund that it would use to invest in middle-market office, multifamily and hotel properties throughout the Mid-Atlantic region.

Deutsche, Goldman, Wells Lend $1.43Bln Against 30 Hudson Yards

Thursday, 20 June 2019 Written by

Lenders led by Deutsche Bank have provided $1.43 billion of fixed-rate financing against some 1.5 million square feet of office space on 26 floors of the 55-story 30 Hudson Yards in Manhattan.

Former Heads of Laurus Corp. Launch Investment Management Operation

Wednesday, 19 June 2019 Written by

Andres and Jean Paul Szita, who relinquished control of real estate investment firm Laurus Corp. last year, have formed a new company, WealthStone LLC, that will pursue office, retail and apartment investments throughout the United States. They're looking to raise $300 million that would be invested in core and core-plus properties in major markets throughout the country.

Equity Residential Prices $600Mln of Notes Carrying 3 Percent Coupon

Tuesday, 18 June 2019 Written by

Equity Residential yesterday priced $600 million of unsecured notes with a coupon of 3 percent. It was one of eight REITs to float a total of $6 billion of unsecured paper over the past 10 days as issuers took advantage of super-low Treasury rates and healthy investor demand.

Hong Kong Investor Launches Effort to Buy U.S., Canadian Lab Buildings

Monday, 17 June 2019 Written by

Pyrinas Real Estate Management, the real estate investment arm of Hong Kong pharmaceutical company Aptorum Group, has launched a fund that will invest in research and development and laboratory buildings in the United States and Canada. It aims to raise $120 million of equity that could be leveraged into $240 million of capital that would be invested in properties in the Boston and San Francisco areas.

Known Quantities: A Look at Repeat Loans in CMBS

Friday, 14 June 2019 Written by

The leverage characteristics and other financial metrics of repeat loans provide insights into refinance opportunities and enables the CMBS sector to use those insights to push new issuance and maintain borrower relationships.

The CMBS market is among the most sophisticated and transparent markets around. That's why it's important to understand the role it plays in commercial real estate, as well as its similarities—and differences—from other investment options.

CLO-Funded Loan Against Williamsburg Hotel in Brooklyn, N.Y., Getting Taken Out

Friday, 14 June 2019 Written by

The largest loan in a year-old collateralized loan obligation issued by Benefit Street Partners is about to get retired. The loan, with a balance of $57.1 million, is the largest in the collateral pool for BSPRT Ltd., 2018-FL3. It is backed by the 147-room Williamsburg Hotel in Brooklyn, N.Y.

Last CMBS Loan Against Former Bristol-Myers N.J. Complex Gets Resolved

Thursday, 13 June 2019 Written by

Third Point LLC is said to have acquired the distressed $59.15 million loan against Building 1 of the 777 Scudders Mill Road office complex in Plainsboro, N.J. The New York investment manager bought the loan from Bear Stearns Commercial Mortgage Securities Corp., 2007-PWR15, the CMBS trust that had held it. The deal suffered a $47.7 million loss as a result the loan's sale.

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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

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    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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