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

Wednesday, 08 October 2014

NorthStar Lends $144Mln Against Long Island, N.Y., Portfolio

The New York REIT has provided financing against a portfolio of office properties in Woodbury, N.Y., allowing for the refinancing of a pair of modified CMBS loans whose A-notes totaled $128.7 million. The portfolio is owned by RXR Realty, which previously had held mezzanine debt against it.

Commercial Real Estate Direct Staff Report

An affiliate of NorthStar Realty Finance Corp. has provided $144 million of financing against a portfolio of 28 office and industrial properties in Woodbury, N.Y., owned by RXR Realty.

The financing allows RXR, a Uniondale, N.Y., real estate company that is part owned by NorthStar, to refinance a pair of CMBS loans, securitized through LB-UBS Commercial Mortgage Trust, 2005-C2, that were modified three years ago.

The two loans, commonly referred to as the Woodbury Office Portfolio, originally had a balance of $219.4 million and were backed by 32 properties totaling 1.5 million square feet. The portfolio previously was owned by a group of tenant-in-common investors that had been organized by Houlihan-Parnes of White Plains, N.Y., and CLK Management Inc. of Woodbury, N.Y. The group had purchased the portfolio for $355 million.

RXR, then known as Reckson Associates Realty Corp., had provided $28.4 million of mezzanine debt against the portfolio.

When the CMBS financing was originated, the portfolio, which is comprised largely of class-A and -B office buildings, was underwritten to generate $18.6 million of net cash flow. The properties, many of which are in the Woodbury Corporate Park, just off the Long Island Expressway and its junction with Woodbury Road and Jericho Turnpike, were better...





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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

 

 

 

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