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

Monday, 18 November 2019

$680Mln CMBS Loan Against 4 Starwood Malls Reaches Final Maturity

The final maturity of a $680 million CMBS loan against a portfolio of four shopping malls owned by a Starwood Property Trust-led venture has passed, prompting the transfer of the loan to special servicing. The loan is securitized through a single-borrower transaction, Starwood Retail Property Trust, 2014-STAR.

Commercial Real Estate Direct Staff Report

The final maturity of a $680 million CMBS loan against a portfolio of four shopping malls owned by a Starwood Property Trust-led venture has passed, prompting the transfer of the loan to special servicing.

The loan is securitized through a single-borrower transaction, Starwood Retail Property Trust, 2014-STAR. It originally had a three-year term, placing its initial maturity in October 2017. But it was written so its term could be extended by up to two additional years if the four collateral malls met certain financial benchmarks.

For instance, the loan had to have a debt yield of at least 10 percent in order to get its initial extension. It failed that test, but the Starwood venture ironed out an agreement that called for it to pay down the loan's principal by $25 million from its original $725 million. It also had to pay down principal by $800,000 monthly and any excess cash flow that the properties...





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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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