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

Thursday, 05 July 2018

JPMorgan Tops Loan Contributors to CMBS During 1H

JPMorgan Chase Bank, the most active bookrunner of private-label CMBS deals during the first half of the year, also was the most active contributor of loans to transactions. The banking giant contributed 80.8 loans with a balance of $5.8 billion to 18 transactions, or more than one of every four deals that were issued, for a 14.6 percent share of the market.

Commercial Real Estate Direct Staff Report

JPMorgan Chase Bank, the most active bookrunner of private-label CMBS deals during the first half of the year, also was the most active contributor of loans to transactions.

The banking giant contributed 80.8 loans with a balance of $5.8 billion to 18 transactions, or more than one of every four deals that were issued, for a 14.6 percent share of the market. It contributed 71.7 loans with a balance of $2 billion, to six conduit deals and 9.2 loans, with a balance of $3.8 billion, to single-borrower deals. And as is now common practice, some loans it originated were divvied up among both single-borrower and conduit deals. Those included the $1.75 billion loan package, which it originated with Deutsche Bank, Morgan Stanley and Wells Fargo Bank, against the Aventura Mall in south Florida.

A $750 million piece of the loan was securitized through Aventura Mall Trust, 2018-AVM, while a $115 million piece was securitized through Benchmark Mortgage Trust, 2018-B4, with JPMorgan and Deutsche receiving equal credit for the contribution. Remaining pieces of the loan likely will end up in additional conduit deals.

Top Loan Contributors
Domestic Private-Label CMBS

 

1H2018

1H2017

Lender

#Loans

Vol
$mln

Mkt
Shr%

Vol
$mln

Mkt
Shr%

JPMorgan Chase Bank

80.84

5,791.70

14.42

3,284.32

9.75

Deutsche Bank

97.65

5,540.75

13.80

4,318.01

12.82

Goldman Sachs

42.18

3,850.18

9.59

5,496.07

16.23

Wells Fargo Bank

143.39

3,061.88

7.62

2,439.68

7.24

Citigroup

103.72

3,038.91

7.57

2,948.81

8.79

Morgan Stanley

73.17

2,724.75

6.78

2,911.31

8.64

Natixis

35.88

2,320.40

5.78

1,120.57

3.33

Barclays Bank

45.65

2,309.93

5.75

1,546.26

4.59

Credit Suisse

7.43

1,798.10

4.48

1,386.90

4.12

Bank of America

54.60

1,690.06

4.21

1,849.06

5.49

UBS

64.00

1,021.85

2.54

944.48

2.80

Societe Generale

23.43

994.73

2.48

250.02

0.74

Ladder Capital

67.00

837.50

2.09

625.70

1.86

Cantor Commercial Real Estate

31.00

756.39

1.88

304.92

0.91

Silverpeak Argentic

46.00

677.15

1.69

430.01

1.28

LoanCore Capital Markets

25.00

643.72

1.60

-

-

Starwood Mortgage Funding

49.00

628.52

1.56

440.60

1.31

Blackstone Mortgage Trust

0.50

517.50

1.29

100.00

0.30

Rialto Mortgage Finance

31.00

491.87

1.22

941.92

2.80

KeyBank

22.50

455.58

1.13

203.75

0.60

Benefit Street Partners

17.00

230.59

0.57

411.88

1.22

NCB FSB

51.00

216.82

0.54

139.23

0.41

C-III Commercial Mortgage

39.00

179.86

0.45

145.07

0.43

CIBC

18.00

176.23

0.44

109.41

0.58

ReadyCap

50.00

164.96

0.41

-

-

Bank of China

0.07

43.80

0.11

-

-

RAIT Financial

-

-

-

342.37

1.02

Principal Commercial Capital

-

-

-

219.44

0.65

TOTAL

1,219.00

39,614.75

 

33,678.55

 

Deutsche, meanwhile, ranked second among loan contributors during the half, with 97.7 loans with a balance of $5.5 billion, or a 12.8 percent share of all loans contributed to CMBS deals. It contributed 7.3 loans with a balance of $3.2 billion to 11 single-borrower deals and 90.4 loans with a balance of $2.3 billion to six conduit deals.

Goldman Sachs, meanwhile, was well behind JPMorgan and Deutsche, having contributed 43.2 loans with a balance of $3.9 billion to CMBS deals. Its contributions also were heavily weighted toward single-borrower deals.

It contributed 38 loans totaling $932.13 million to two conduit deals, with its remaining 5.2 loans with a balance of $4 billion going to nine single-borrower deals.

Commercial Real Estate Direct gives credit to lenders based on actual contributions to CMBS deals and includes only loans that were funded prior to securitization. Data are gleaned from offering material and deal prospectuses.

A total of 26 lenders contributed to CMBS transactions during the half - the same number as last year. The average size of loans contributed to deals grew by 13 percent to $32.5 million. But that's largely a function of the large number of single-borrower deals that were issued.

The average conduit loan actually got smaller - $18.4 million versus $18.8 million last year.

Comments? E-mail Orest Mandzy, or call him at (267) 327-4281.





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