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

Friday, 08 March 2019

Apartment Specialist Electra America Nears Finish Line for Second Fund, Aims for Third

Electra America is close to raising a total of $400 million of equity commitments for its second apartment-investment fund and already has set its sights on a follow-up vehicle through which it would like to raise 50 percent more. The Tampa, Fla., company pursues value-add properties in the Southeastern United States and Texas.

Commercial Real Estate Direct Staff Report

Electra America is close to raising a total of $400 million of equity commitments for its second apartment-investment fund and already has set its sights on a follow-up vehicle through which it would like to raise 50 percent more.

The Tampa, Fla., company, an affiliate of Israeli conglomerate Elco Holdings, also has raised $200 million of co-investment capital that would invest alongside its second fund, Electra Multifamily Investments Fund II. It would be a follow-up to the company's first fund, through which it had raised $212 million two years ago. That fund made about $1 billion of investments.

The company owns more than 25,000 apartment units in the southeastern United States and Texas.

It's already raised $340 million of commitments for Fund II and expects to raise the remaining $60 million by the end of next month. With debt and the co-investment capital, the fund would have an investment capacity of about $2 billion.

Meanwhile, it would be targeting $600 million of commitments for Fund III, which would pursue strategies similar to its predecessors. The funds acquire garden-style apartment...





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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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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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