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

Monday, 18 March 2019

Credit Suisse, JPMorgan, Morgan Stanley Lend $900Mln for Retail Value Portfolio

The three lenders have provided financing against Retail Value Inc.'s remaining portfolio of 38 retail properties with 14 million square feet in the United States and Puerto Rico. The loan, which pays a coupon pegged to Libor plus 250 basis points, was used to retire a mortgage that was written only last year and paid a rate of Libor plus 315 bps.

Commercial Real Estate Direct Staff Report

Credit Suisse, JPMorgan Chase Bank and Morgan Stanley have provided $900 million of mortgage financing against a portfolio of 36 retail properties with 16.4 million square feet in the United States and Puerto Rico owned by Retail Value Inc.

The loan allowed Retail Value, which was spun off nearly two years ago from DDR Corp., which now is known as SITE Centers, to refinance what had remained from a $1.35 billion debt package that was securitized through RETL, 2018-RVP.

The loan in the 2018-RVP deal, provided by Credit Suisse, JPMorgan and Wells Fargo Bank, wasn't slated to mature until February 2021, at the earliest, and paid a coupon pegged to Libor plus 315 basis points, subject to a 3 percent Libor cap.

The latest loan pays a rate pegged to Libor plus 250 bps. It's expected to be securitized...





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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

  • Challenging Retail Environment Weights on REITs
    Mixed economic news is weighing on retail markets, pushing REIT performance down in 2015. This week, the National Retail Federation announced that back-to-school spending is expected to be down 9.3% in 2015. This news came on the heels of a report from the Commerce Department stating that retail sales declined 0.3%...
     
  • 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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