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

Tuesday, 09 July 2019

CWCapital Moves to Sell Loan Against Gateway One in St. Louis

CWCapital Asset Management has placed the $43.8 million CMBS loan against the 409,920-square-foot Gateway One office building in St. Louis on the sales block. The loan is the largest of nine remaining in the collateral pool for Merrill Lynch Mortgage Trust, 2006-C1, and represents 44 percent of the deal's $99.5 million remaining balance. The building earlier this year was appraised at a value of $26 million.

Commercial Real Estate Direct Staff Report

CWCapital Asset Management has placed the $43.8 million CMBS loan against the 409,920-square-foot Gateway One office building in St. Louis on the sales block.

The loan is the largest of nine remaining in the collateral pool for Merrill Lynch Mortgage Trust, 2006-C1, and represents 44 percent of the deal's $99.5 million remaining balance.

CWCapital took over as the loan's special servicer only last month from LNR Partners. Presumably that was at the behest of the CMBS deal's controlling-class holder, but details of that transaction, nor the identity of the holder could be learned. CWCapital immediately tapped Mission Capital Advisors to help with the loan's disposition. Mission Capital is slated to take bids later this month on the RealInsight Marketplace online auction platform. A $10 million minimum starting bid has been set.

The 15-story building, also known as Peabody Plaza, was constructed in 1986 at 701 Market St., four blocks from the Mississippi River, in what during the early 1900s was to be the...





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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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    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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