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

Thursday, 20 February 2020

Arbor Realty's Private-Label Multifamily Lending Effort Gains Traction

Arbor Realty Trust, among the country's most active providers of Fannie Mae and Freddie Mac multifamily loans, last year launched a private-label lending effort to supplement its agency activity. It's originated $400 million of loans under the program and hopes to fund up to another $300 million in the coming months. It plans to securitize them later this year.

Commercial Real Estate Direct Staff Report

Arbor Realty Trust, among the country's most active providers of Fannie Mae and Freddie Mac multifamily loans, last year launched a private-label lending effort to supplement its agency activity. The program has gotten traction.

The Uniondale, N.Y., mortgage REIT late last year took advantage of an opportunity created by the temporary pullback by Fannie and Freddie to fund permanent loans against apartment properties using its balance sheet. It funded a total of about $400 million of loans and is aiming to fund another $200 million to $300 million in the coming months. Its aim is to securitize the loans under a private-label CMBS transaction. It will keep the deal's B-piece and maintain servicing rights.

Fannie and Freddie had become less aggressive in originating loans in anticipation of their regulator, the Federal Housing Finance Agency, imposing more restrictive lending caps on them.

The regulator in September revamped the way it limited Fannie's and Freddie's lending activity by eliminating exclusions to its caps. It set a $100 billion cap for each agency through the end of this year, but made loans written under their respective "green" programs subject to those...





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  • Breaking mortgage, CMBS, and REIT news

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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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  • 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
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