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

Tuesday, 25 June 2019

Mill Creek Residential Offers Recently Completed N.J. Apartments for Sale

Modera Parsippany, a recently completed apartment property in the New York suburb of Parsippany, N.J., has been put on the sales block by its developer, Mill Creek Residential. The Dallas developer has hired HFF's New Jersey office to market the 212-unit property, which should benefit from recent area rental increases.

Commercial Real Estate Direct Staff Report

Modera Parsippany, a recently completed apartment property in the New York suburb of Parsippany, N.J., has been put on the sales block by its developer, Mill Creek Residential.

The Dallas developer has hired HFF's New Jersey office to market the 212-unit property, which is being pitched as a value-add play because of the recent increase in area rental rates. The expected sales price: $85 million, or roughly $400,000/unit.

Mill Creek had built the complex, one of the few apartment properties to be built in the area over the past decade, on just more than five acres off U.S. 46, near Morristown, N.J., and a number of corporate business parks. The property is also close to State Route 10, a major retail corridor that's chock full of big-box stores that include BJ's Wholesale Club, Costco, Target, Home Depot and Dick's Sporting Goods. The area also soon will get a Whole Foods Market-anchored shopping center.

Modera Parsippany...





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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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  • 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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