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Investor in Value-Add Retail Centers Starts Raising Second Investment Vehicle

Wednesday, 22 March 2017 Written by

Epic Real Estate Partners is in the process of raising what could be $300 million for its second investment vehicle. The Austin, Texas, company was founded five years ago by three retail-property veterans, and pursues value-add grocery-anchored retail and power centers. It so far has raised $50 million for its latest fund.

Morgan Properties Buys Md. Apartment Portfolio; Aims for $1Bln of Buys in 2017

Tuesday, 21 March 2017 Written by

Morgan Properties, which recently completed the $247 million purchase of a portfolio of 1,979 apartment units in the Baltimore suburb of Windsor Mill, Md., has plans to make up to $1 billion of investments in similar class-B properties. Its focus is on the Northeast and Mid-Atlantic regions.

Charleston, S.C., Group Buys Citadel Mall; CMBS Loan Suffers 100 Percent Loss

Monday, 20 March 2017 Written by

A group led by Richard C. Davis, who created a pair of television shows focused on buying, fixing and flipping homes, has paid $17.2 million for the Citadel Mall in Charleston, S.C. The sale resulted in a loss of $62.7 million to the CMBS trust that held a like-sized loan against the property.

Morgan Stanley has agreed to pay $62.5 million to resolve a suit that alleged it had breached the representations and warranties it had provided when it sold a loan against an Ohio retail center to a CMBS trust. The loan was securitized through Morgan Stanley Capital I Inc., 2007-IQ14.

David Bistricer has taken his Clipper Realty Inc. investment operation public, and is earmarking some of the proceeds to fund the $87.5 million, or $543,480/unit, purchase of 107 Columbia Heights, a 161-unit apartment property in Brooklyn, N.Y.,'s exclusive Columbia Heights neighborhood.

JPMorgan Lent $91Mln for Recap of Ariz. Shopping Mall-Turned-Office

Wednesday, 15 March 2017 Written by

JPMorgan Chase Bank has provided $91 million of financing against the Galleria Corporate Centre, facilitating a recapitalization of the 537,110-square-foot office property in Scottsdale, Ariz., that started life as a shopping mall. As part of the recap, Jasper Ridge Partners bought out Oaktree Capital Management. Stockdale Capital Partners retained its stake.

MassMutual Circles First CMBS B-Piece

Tuesday, 14 March 2017 Written by

Massachusetts Mutual Life Insurance Co. is making its first CMBS B-piece investment. It moved into the business last year by hiring Doug Cooper, who previously built out Allied Capital Ltd.'s B-piece business. The insurer has circled the most subordinate classes of JPMDB Commercial Mortgage Securities Trust, 2017-C5, and is shooting for a 13.9 percent return.

Oak Street Capital Raising Latest Net Leased Fund

Tuesday, 14 March 2017 Written by

The Chicago investment manager has raised $380.1 million of a targeted $1.25 billion for its latest fund, which like its predecessors will pursue office, industrial and retail properties that are net leased to their tenants.

BofA Lends $100.5Mln Against Austin, Texas, Office

Monday, 13 March 2017 Written by

Bank of America has provided $100.5 million of financing against Chase Tower, a 389,503-square-foot office property in downtown Austin, Texas, facilitating its purchase by a venture of Lincoln Property Group and Goldman Sachs. The deal resulted in the early pay-off of a $78.9 million CMBS loan. Investors in the CMBS deal got a $10.1 million yield maintenance penalty.

Barclays Bank has provided a $140 million mortgage against 123 William St., a 545,000-square-foot office property in lower Manhattan. The interest-only loan has a 10-year term and pays a coupon of 4.67 percent.

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Data Digest







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




cppichart FP



CMBS 2.0 Spreads


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





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