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

Wednesday, 06 December 2017

JCR Capital Raises $142Mln in Six Months for Value-Add Lending Fund

JCR Capital Investment Corp., which started raising a value-add lending fund in June, already has raised $142 million for the vehicle, JCR Income Plus Fund IV. The fund, which will provide joint venture and preferred equity as well as mezzanine loans, becomes the third leg in the Denver investment manager's capital offerings. It already operates in the core and opportunistic sectors.

JCR Capital Investment Corp., which started raising a value-add lending fund in June, already has raised $142 million for the vehicle, JCR Income Plus Fund IV.

The Denver investment manager, which provides a variety of capital for middle-market properties, meaning those valued at up to $50 million, will use the fund to originate preferred equity and joint-venture investments as well as mezzanine loans. It's designed to provide its investors - insurance companies, endowments, foundations and mid-sized pension funds - with value-add returns, meaning roughly 12 percent.

While the fund was designed with a $200 million capital-raising target, it's very likely to exceed that and approach $300 million in capital when all is said and done.

JCR already operates in the core-investing business. It funds bridge loans under a separate account with Standard Insurance, and its opportunistic fund, JCR Capital Commercial Real Estate Finance Fund III, which provides what could be described as hard-money loans. That means those with very short terms and...





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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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  • 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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