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

Top News - Free

Top News - Free (8640)

Children categories

Top News - Subscriber

Top News - Subscriber (8241)

Feature articles written by the CreNews staff.

View items...

Investment-sales activity in the commercial real estate sector totaled $105.2 billion during the second quarter, a drop of 8 percent from the first quarter and 14 percent from the same period a year ago, according to Real Capital Analytics. For the first half, sales volume totaled $219.2 billion, down 16 percent from the same period a year ago. The drop in volume is largely due to the volatility that had plagued the capital markets during the period.

Stockbridge Capital has struck a deal to pay about $160 million, or $229/sf, for five buildings with 700,000 square feet in the Corporate Centre office park in the Cool Springs area of Nashville, Tenn. It's buying the buildings from JPMCB Strategic Property Fund.

Louis Rogers, a long-time specialist in structuring tax-deferred property exchanges, is aiming to buy more than $100 million of real estate through the rest of the year that would be syndicated through Delaware Statutory Trusts, or DSTs. He's also eyeing the launch of a fund and REIT as part of an effort to increase his Capital Square 1031's assets under management to $1 billion.

Metropolitan Life Insurance Co. has provided $110 million of floating-rate financing against 200 West 57th St., 158,607-square-foot office building in midtown Manhattan. Proceeds of the loan were used to retire $108 million of existing debt, including a $91 million mortgage that was securitized in 2007 and was coming due next February.

Equity Commonwealth is offering for sale a portfolio of four office properties with 1.4 million square feet in Baltimore and the Maryland suburbs of Washington, D.C. While it'll take offers for individual properties, the Chicago REIT has a preference to sell the portfolio as a whole. Cushman & Wakefield has been tapped to market the portfolio.

KBS Legacy Partners Apartment REIT Inc. has hired HFF to market its 11-property apartment portfolio for sale. The properties have a total of 3,039 units in seven states and are 95 percent occupied. The Newport Beach, Calif., REIT had acquired them over the past five years for a combined $417.3 million.

The $50 million B-note that resulted from the modification of the $210 million CMBS loan against the 1,800-unit Savoy Park apartment complex in Harlem, N.Y., has been paid off in full. That's unusual. Most B-notes typically generate substantial losses when they're resolved.

Metropolitan Life Insurance Co. has provided a $190 million loan against the 302-room Ritz-Carlton Key Biscayne, just off the coast of Miami. The loan was used to defease, or replace with government securities, $164 million of debt, $160 million of which was securitized.

AXA Equitable Life Insurance Co. has provided a $295 million loan against One Seaport Plaza, a 1.4 million-square-foot office property in lower Manhattan. The financing, arranged by Singer & Bassuk Organization, pays a fixed coupon of 3.35 percent and was used to retire $240 million of existing debt that included a $225 million component that was securitized.

Bank of America has provided $450 million of financing against International Square in Washington, D.C., allowing the property's owner to retire $270 million of CMBS financing that was slated to mature next January.

Page 1 of 618

Data Digest

 

CMBS DELINQUENCY VOLUME

dqdataFP1

 

CMBS SPECIAL SERVICING VOLUME

sschartfp

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

 

cppichart FP

 

 

CMBS 2.0 Spreads

AAAspreads

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
warehouse-backstage