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

Friday, 22 November 2019

JPMorgan Seen Lending $430Mln Against Philly's Centre Square

JPMorgan Chase Bank is said to be close to providing up to $430 million of mortgage financing against the 1.8 million-square-foot Centre Square office property at 1500 Market St. in Philadelphia. The loan would take out roughly $300 million of financing against the two-building property, including a $240 million CMBS loan that's been in special servicing since July.

Commercial Real Estate Direct Staff Report

JPMorgan Chase Bank is said to be close to providing up to $430 million of mortgage financing against the 1.8 million-square-foot Centre Square office property at 1500 Market St. in Philadelphia.

The loan would take out roughly $300 million of financing against the two-building property, including a $240 million mortgage that was securitized through Citigroup Commercial Mortgage Trust, 2017-1500, and has been in special servicing since July. The remainder of the debt, comprised of a mezzanine loan, is said to be held by Oaktree Capital Management.

That debt had helped fund the property's $328 million purchase by a venture of Nightingale Properties and Wafra Group from Equity Commonwealth. At the time, it was 91.2 percent occupied and during the 12 months through April 2017 had generated $17.1 million of net operating income. However, the property was underwritten to generate $26.4 million of NOI, as Radian Guaranty Inc. at the time had just taken occupancy of the 173,405 sf it occupies and contractual rent steps were...





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  • Breaking mortgage, CMBS, and REIT news

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

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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 - 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

 

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CMBS 2.0 Spreads

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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
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