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...


“The Weekly”

“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

  • Breaking mortgage, CMBS, and REIT news

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

  • Industry moves and changes in “The Insider“

Data Digest







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




cppichart FP



CMBS 2.0 Spreads


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





  • Challenging Retail Environment Weights on REITs
    Mixed economic news is weighing on retail markets, pushing REIT performance down in 2015. This week, the National Retail Federation announced that back-to-school spending is expected to be down 9.3% in 2015. This news came on the heels of a report from the Commerce Department stating that retail sales declined 0.3%...
  • 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