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

Thursday, 03 August 2017

Knighthead Funding Raising $250Mln for Latest Lending Fund

Knighthead Funding is well on its way to raising its second fund, which it uses to fund bridge loans to facilitate property acquisitions, repositionings and recapitalizations. The investment manager so far has raised roughly $135 million of its $250 million target for its Knighthead Special Situations Real Estate Fund II.

Commercial Real Estate Direct Staff Report

Knighthead Funding is well on its way to raising its second fund, which it uses to fund bridge loans to facilitate property acquisitions, repositionings and recapitalizations.

The Greenwich, Conn., lender is a unit of Knighthead Capital Management of New York, which has some $4 billion of assets under management and specializes in event-driven credit opportunities. Three years ago, it raised $155 million for Knighthead Special Situations Real Estate Fund, which because of its ability to recycle capital as loans are paid off, ended up funding some $200 million of loans.

It's aiming to raise $250 million for Special Situations Fund II and so far has raised some $135 million, according to a regulatory filing. Given its ability to recycle funds, it very well could fund $325 million of loans. The vehicle, which does not rely on...





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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

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  • 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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