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

Tuesday, 04 June 2019

Preferred Apartment to Sell Student-Housing Portfolio for $475.4Mln

The Atlanta REIT is selling the portfolio, which consists of eight properties with a total of 6,095 beds, to GMH Capital Partners of Newtown Square, Pa. Properties in the portfolio serve as collateral for $292.8 million of debt, $81.7 million of which is securitized.

Commercial Real Estate Direct Staff Report

Preferred Apartment Communities Inc. has agreed to sell a portfolio of eight student-housing properties for $475.4 million, or $77,908/bed.

The Atlanta REIT is selling the portfolio to GMH Capital Partners, a Newtown Square, Pa., real estate investor and developer. The deal is expected to close in September.

Preferred Apartment assembled the 6,095-bed portfolio between 2016 and this year. The properties, which were built between 2010 and 2018 and are within walking distance of major universities, are encumbered by $292.8 million of debt, $81.7 million of which is securitized.

The portfolio consists of

- SoL, with 639 beds at 1949 East University Drive in Tempe, Ariz., near Arizona State University. The property backs $36 million of Freddie Mac debt that's securitized through FREMF, 2019-K87;

- the 792-bed Stadium Village, at 3044 Hidden Forest Court in Marietta, Ga., near Kennesaw State University. The property serves as collateral for $45.7 million of Freddie debt that's securitized through FREMF, 2018-K732;

- North by...





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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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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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