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

Wednesday, 15 March 2017

JPMorgan Lent $91Mln for Recap of Ariz. Shopping Mall-Turned-Office

JPMorgan Chase Bank has provided $91 million of financing against the Galleria Corporate Centre, facilitating a recapitalization of the 537,110-square-foot office property in Scottsdale, Ariz., that started life as a shopping mall. As part of the recap, Jasper Ridge Partners bought out Oaktree Capital Management. Stockdale Capital Partners retained its stake.

Commercial Real Estate Direct Staff Report

JPMorgan Chase Bank has provided $91 million of financing against the Galleria Corporate Centre, facilitating a recapitalization of the 537,110-square-foot office property in Scottsdale, Ariz.

The property, a former shopping mall at 4343 North Scottsdale Road, was acquired four years ago for $68.7 million by a venture of Stockdale Capital Partners and Oaktree Capital Management. The latest recap involved Oaktree selling its 80 percent stake in the property to Jasper Ridge Partners, a Menlo Park, Calif., investment manager affiliated with Robert M. Bass, in a deal that now values the property at $142.5 million, or nearly 110 percent more than its 2013 purchase price. That's before taking into account a $55 million loan that had encumbered it.

The property is the cornerstone of Stockdale's Scottsdale investment strategy. The company, which grew out of Triyar Cos., a family office led by brothers Steven and Shawn Yari, had over the years purchased a number of empty lots across from what is now the Scottsdale Fashion Square Mall, the area's dominant retail property. The area since has been revitalized and is now known as the Entertainment district for its restaurants...





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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

 

MOODY'S/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

  • 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
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