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

Tuesday, 02 July 2019

NexPoint Selling Apartment Portfolio for $289.9Mln, Buying 2 Properties for $100Mln

The Dallas REIT has agreed to sell six apartment properties with 2,218 units in five Sunbelt states for $289.9 million, or $130,703/unit. Meanwhile, it is buying two properties with 702 units in Florida and Tennessee for $100 million, or $142,450/unit. It's also negotiating to buy three additional properties, but those deals are not under contract.

Commercial Real Estate Direct Staff Report

NexPoint Residential Trust has agreed to sell six apartment properties with 2,218 units in five Sunbelt states for $289.9 million, or $130,703/unit.

The Dallas REIT plans on using some of the proceeds from the sale to acquire properties as part of tax-deferred exchanges. So far, it has agreed to purchase two properties with 702 units in Florida and Tennessee for $100 million, or $142,450/unit. Also, it is in talks to buy three additional properties with 2,378 units in Miami, Nashville, Tenn., and Phoenix for about $475 million, although those deals are not yet under contract.

The properties NexPoint is selling serve as collateral for $144.9 million of Freddie Mac debt that is part of four CMBS deals: $101.3 million is securitized through FREMF, 2017-K36; $17.8 million is in FREMF, 2018-KF49; $16.9 million is securitized through FREMF, 2018-KF53; and $8.9 million is in FREMF, 2017-KF35.

The properties and their debt consist of:

- Edgewater at Sandy Springs, with 760 units at 7600 Roswell Road in the Atlanta suburb of...





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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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