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

Thursday, 27 September 2018

North Carolina Firm Turns to Crowdfunding to Expand Self-Storage Portfolio

When it was founded in 2010, 10 Federal of Raleigh, N.C., focused on acquiring apartment properties. But in the last two years it's purchased a number of self-storage properties in the Carolinas. Through the CrowdStreet online platform, it hopes to buy more properties in that sector.

Commercial Real Estate Direct Staff Report

10 Federal, a company formed in 2010 to invest in apartment properties, has turned to crowdfunding to grow its self-storage portfolio in the southeastern United States.

The Raleigh, N.C., company was founded by brothers Brad and Clifton Minsley, who previously worked at Phillips Development & Realty, a Tampa, Fla., multifamily developer. Between 2010 and 2016, 10 Federal purchased a number of apartment properties in North Carolina. It then shifted gears to self-storage because it found rates for apartment properties to be too high and, it felt, it could buy and renovate self-storage facilities at more attractive prices.

In May 2017, 10 Federal began raising equity for a self-storage fund through the CrowdStreet online platform. CrowdStreet, a Portland, Ore., crowdfunding company, was launched in 2014 as a way for accredited investors to invest directly in equity offerings that sponsors post on the website. Accredited investors are defined as those with a net worth of at least $1 million,...





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  • Breaking mortgage, CMBS, and REIT news

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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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