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

Wednesday, 30 August 2017

Morgan Properties Pays $509Mln for 2,664 Apartment Units in Alexandria, Va.

Morgan Properties has paid $509 million for a portfolio of six apartment properties with 2,664 units and 63,320 square feet of retail space in Alexandria, Va., marking its second largest purchase ever. The purchase was funded in part with Fannie Mae debt written by Berkadia.

Commercial Real Estate Direct Staff Report

Morgan Properties has paid $509 million for a portfolio of six apartment properties with 2,664 units and 63,320 square feet of retail space in Alexandria, Va., marking its second largest purchase ever.

The acquisition, from JBG Cos., which was represented by CBRE, gives Morgan 21,500 units in the Maryland-Washington, D.C., corridor. Five years ago, the King of Prussia, Pa., investor owned 4,300 units in the area. Its overall portfolio now totals 146 properties with more than 40,000 units in 10 states, mostly in the mid-Atlantic and northeast.

Its largest investment ever took place in 2007 when it had teamed with American International Group to pay $1.9 billion for a portfolio of 16,800 units in New Jersey, Pennsylvania, Delaware and New York.

Its latest purchase pushes Morgan's acquisitions volume for the year to $800 million. It earlier set a target of making $1 billion of investments this year, a level that Jonathan Morgan, president of the company's investment venture, said would be easily attained.

Its latest deal was done in partnership with an institutional investor and financed...





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 - 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

 

RCA CPPI

 

cppichart FP

 

 

CMBS 2.0 Spreads

AAAspreads

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

  • 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