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

Tuesday, 10 September 2019

NAI Florida Affiliate Launches Fund Targeting Core-Plus Properties in Southeast

NAI/Merin Hunter Codman has raised its first real estate investment fund. The West Palm Beach, Fla., affiliate of NAI Global, has been investing on a one-off basis since 2012. Its fund, which has the capacity to make up to $200 million of investments, will target properties in the Southeast, primarily Florida.

Commercial Real Estate Direct Staff Report

NAI/Merin Hunter Codman has raised its first real estate investment fund.

The West Palm Beach, Fla., affiliate of NAI Global, has been investing in real estate as a principal since 2011, but it's capitalized those deals on a one-off basis and often has partnered with other investors. For instance, last year, it partnered with PCCP LLC on the $108.5 million purchase of the 351,705-square-foot 1 East Broward Blvd. office building in Fort Lauderdale, Fla.

It'll continue to partner with others in order to leverage its equity, but it's now armed with discretionary capital that it will use to pursue core-plus and value-add investments in the office and retail sector in the Southeastern United States, primarily Florida.

The company's investing operation is run by a team led by Jordan Paul, a long-time industry veteran who previously ran his own investment shop and during the savings and loan crisis had formed Ocwen Financial Corp.'s commercial real estate acquisitions operation. He runs the fund with Dung Lam, who had joined in 2012 and also...





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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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  • 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
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