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

Wednesday, 11 October 2017

Denver-Area Retail Property Backing Troubled CMBS Loan Sells for $48Mln

Hutensky Capital Partners has paid $48 million, or just less than $110/sf, for the Northglenn Marketplace, a 439,063-square-foot retail center in the Denver suburb of Northglenn, Colo. The sale, orchestrated by Faris Lee Investments, finally resolves a $50.9 million loan against the property. The loan had been in special servicing since 2011.

Commercial Real Estate Direct Staff Report

Hutensky Capital Partners has paid $48 million, or just less than $110/sf, for the Northglenn Marketplace, a 439,063-square-foot retail center in the Denver suburb of Northglenn, Colo.

The Hartford, Conn., investment manager bought the property, at 10578 Melody Drive, from C-III Asset Management. The special servicer was overseeing it on behalf of Morgan Stanley Capital I Inc., 2006-HQ8, which had held a $50.9 million mortgage against it. Faris Lee Investments represented C-III in the transaction.

Hutensky bought the property on behalf of its Hutensky Capital Partners III fund, a nearly $200 million investment vehicle that it had raised three years ago.

C-III had started overseeing the loan, which had an original balance of $64.5 million, in 2011 because it was expected to default. At the time, the property was owned by the former Excelsior LaSalle Property Fund, a commingled investment vehicle that was turned into a non-traded REIT, JLL Income Property Trust, in 2011.

Excelsior had purchased the property for $91.2 million in 2005. The following year, it operated at a 96-percent occupancy rate and generated $5.6 million of net cash flow, according to servicer data compiled by Trepp LLC. That was more than half again as much as needed to fully service...





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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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