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

Tuesday, 04 February 2020

Electra America Raising Third Apartment Fund; Planning Follow-Up

Electra America has raised about $400 million of a targeted $600 million of equity commitments for its third apartment investment fund and already has set plans in place to launch a follow-up vehicle.

Commercial Real Estate Direct Staff Report

Electra America has raised about $400 million of a targeted $600 million of equity commitments for its third apartment investment fund and is setting plans in place to launch a follow-up vehicle.

The thinking is the Tampa, Fla., company would raise the remaining $200 million for the third fund, Multifamily Fund III, within the next few months. It so far has invested roughly $200 million of the fund's equity in the $466 million purchase of 10 properties with 2,870 units.

Electra America is also looking to raise up to $400 million of co-investment capital that would invest alongside the fund. With debt, the vehicle could make about $2.8 billion of investments.

It expects to deploy the fund's remaining capital by the end of the year, when it would launch a follow-up fund, which would have a similar fund-raising target as the current vehicle.

In December, it paid Starwood Capital Group $400 million for a portfolio of nine properties with 2,578 units in Florida, Georgia and Texas. A month earlier, it paid $66 million, or $200,608/unit, for the 292-unit Alta Brighton Park in the...





weekly-call-to-action

“The Weekly”

“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

  • Breaking mortgage, CMBS, and REIT news

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

  • Industry moves and changes in “The Insider“

Data Digest

 

CMBS DELINQUENCY VOLUME

dqdataFP1

 

CMBS SPECIAL SERVICING VOLUME

sschartfp

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

 

cppichart FP

 

 

CMBS 2.0 Spreads

AAAspreads

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
warehouse-backstage