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Tuesday, 07 January 2020

Greystone Seen Buying C-III Asset Management

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Greystone & Co. is said to be in talks to buy C-III Asset Management, which would instantly give it the chops needed to meet a target it set last year: the pursuit of CMBS B-piece investments and special servicing assignments.

Commercial Real Estate Direct Staff Report

Greystone & Co. is said to be in talks to buy C-III Asset Management, which would instantly give it the chops needed to meet a target it set last year: the pursuit of CMBS B-piece investments and special servicing assignments.

The New York lender specializes in the multifamily sector and originates under various Federal Housing Administration, Freddie Mac and Fannie Mae programs. But while multifamily is its specialty, it often finds that its borrower clients also own other property types. So, it's also quite active originating loans against other property types that end up getting securitized through the CMBS market. It also funds bridge and mezzanine loans.

Last year, it was expected to have originated nearly $13 billion of loans in total and had been aiming to originate $500 million of conduit loans. Whether it reached that target couldn't be learned immediately.

C-III Asset Management would give the ability to provide a similar level of service to all its clients, even those who don't borrow against apartment properties.

Meanwhile, the thinking is that conduit lenders will continue to make inroads in the multifamily lending business as the lending caps imposed on Fannie and Freddie become more restrictive. Late last year, for instance, the Federal Housing Finance Agency revamped its caps, keeping the dollar the two agencies can lend unchanged, but eliminating any exclusions, meaning a greater volume of loans the two write would be subject to the caps.

Last year, $7.4 billion, or 15 percent of all CMBS conduit loans were backed by...





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“The Weekly”

“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

  • Breaking mortgage, CMBS, and REIT news

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

  • Industry moves and changes in “The Insider“

Additional Info

  • Syndicate to Realpoint: No
  • Subject: CMBS - non-deal specific (CMBS-G), Commercial MBS (CMBS), Mergers & Acquisitions (M&A)
  • Private: Yes
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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

 

 

 

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