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

Monday, 12 March 2018

Large CMBS Loan Against Chicago Office Moves to Special Servicing

The $275 million CMBS loan against 175 West Jackson Blvd. in downtown Chicago has transferred to special servicing because it's expected to default. The office building was in the process of being sold. It becomes the largest CMBS 2.0 loan - outside of a pair of portfolio loans - to transfer to special servicing.

Commercial Real Estate Direct Staff Report

The $275 million CMBS loan against 175 West Jackson Blvd. in downtown Chicago has transferred to special servicing because it's expected to default.

The loan is securitized through three transactions: COMM, 2013-CCRE12, which holds a $147.4 million piece; COMM, 2013-CCRE13, with an $88.3 million piece, and COMM, 2014-CCRE14, with a $39.2 million piece. Its transfer to special servicer LNR Partners was first highlighted in a TreppWire alert this morning.

The loan is the largest against a single property in the CMBS 2.0 conduit universe to move to special servicing. The 2.0 universe is comprised of loans securitized since 2009.

Two larger loans are in special servicing, but they're backed by portfolios of loans and were securitized through single-borrower transactions. One is the $494.5 million mortgage against a portfolio of 123 Toys R Us stores that was securitized through TRU Commercial Mortgage Securities Corp., 2016-TOYS, and the other is the $280.3 million Tharaldson portfolio loan securitized through COMM, 2013-THL. The Toys loan transferred to special servicer Wells Fargo Bank last September when Toys R Us Inc. filed for...





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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

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