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

Tuesday, 07 May 2019

New York REIT Lines Up $1.04Bln of Financing Against Hotel Portfolio

Hospitality Investors Trust Inc. has lined up $1.04 billion of financing against a portfolio of 92 hotels. The financing, which matures in November 2021, but has three extension options, is locked out from prepayment until May 2020. Proceeds were used to repay maturing debt against the portfolio, as well as reduce the balance of an existing term loan.

Commercial Real Estate Direct Staff Report

Hospitality Investors Trust Inc. has secured $1.04 billion of financing against a portfolio of 92 hotels.

Morgan Stanley, Citigroup, Deutsche Bank, Goldman Sachs and JPMorgan provided the debt, which is comprised of an $870 million mortgage that pays a rate pegged to Libor plus 214 basis points; a $100 million senior mezzanine loan that pays a coupon of Libor plus 560 bps; and a $70 million junior mezzanine piece that pays a rate pegged to Libor plus 850 bps.

The financing requires only interest payments until its maturity in November 2021, but comes with three one-year extension options. It is locked out from prepayment until May 7, 2020. After that, Hospitality Investors can prepay the debt without...





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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?
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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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