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

Tuesday, 11 July 2017

Big CMBS Hotel Loan Matures, Moves to Special Servicing

The $702.5 million of CMBS financing against a portfolio of hotels owned by Goldman Sachs' Whitehall Street Real Estate Fund wasn't extended at its maturity, prompting its transfer to special servicing. The loan, which is senior to another $560 million of mezzanine debt, has the ability to be extended for another year, but it needed to pass a series of tests.

Commercial Real Estate Direct Staff Report

The $702.5 million of CMBS financing against a portfolio of hotels owned by Goldman Sachs' Whitehall Street Real Estate Fund wasn't extended at its maturity, prompting its transfer to special servicing.

The loan is securitized through COMM, 2013-THL. It originally had a balance of $775 million, but as five properties in the collateral pool of what originally was 153 hotels were sold, its balance was paid down. The remaining 148 properties total some 14,000 rooms.

Whitehall had acquired the collateral properties - part of what then was a 168-hotel portfolio - from the Tharaldson family of Fargo, N.D., in 2006 in a deal valued at $1.2 billion. It financed its purchase with $1.1 billion of financing provided by Credit Suisse and Barclays Capital. A chunk of that financing was securitized through Credit Suisse Mortgage Securities Corp., 2006-TFL1.

That loan, which long has been retired, also found its way to special servicing in 2011 as it became evident it wouldn't be able to get refinanced by...





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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 - 2016
Investment Bank #Deals Vol$mln MktShr%
JPMorgan Securities 14.94 10,350.16 15.14
Deutsche Bank 14.21 9,926.60 14.52
Wells Fargo Securities 13.36 9,513.96 13.92
Citigroup 10.87 8,061.79 11.80
Goldman Sachs 10.05 7,563.72 11.07

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2016
Lender #Loans Vol$mln MktShr%
JPMorgan Chase Bank 133.67 8,670.33 13.34
Goldman Sachs 156.20 7,418.37 11.41
Deutsche Bank 178.17 6,510.75 10.02
Citigroup 184.41 5,512.20 8.48
Morgan Stanley 113.18 4,130.53 6.35

 

 

 

REITCafe

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