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

Wednesday, 10 May 2017

First Capital Contributes Assets to Public Entities for Shareholder Liquidity

First Capital Real Estate Trust Inc., which two years ago folded its assets into United Realty Trust Inc., a non-traded REIT with a small portfolio of New York-area properties, has provided liquidity to its shareholders by contributing certain assets to two publicly traded entities. It's aiming to do similar deals in the future.

 

 

 

Commercial Real Estate Direct Staff Report

First Capital Real Estate Trust Inc., which two years ago folded its assets into United Realty Trust Inc., a non-traded REIT with a small portfolio of New York-area properties, has provided liquidity to its shareholders by contributing certain assets to two publicly traded entities.

The New York investment manager contributed certain assets to Presidential Realty Corp., a small New York REIT with visions of becoming a substantial player in the class-B apartment sector. In exchange, First Capital received limited partnership units in Presidential, effectively giving it and its shareholders an ownership stake in the company. Properties contributed included residential lots in New Mexico and a mixed-use development in Sacramento, Calif.

First Capital struck a similar deal with PhotoMedex Inc., which also is publicly traded. It contributed four land sites in California that were expected to be developed into gasoline service stations and single-family lots in New...





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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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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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