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

Wednesday, 09 December 2015

Safra Lends $130Mln Against Boston's Faneuil Hall Marketplace

Safra National Bank of New York has provided $130 million of financing against Boston's Faneuil Hall Marketplace. The financing, which includes a $55 million subordinate loan, was used to retire an $81.2 million CMBS loan that wasn't coming due for another 10 months.

Commercial Real Estate Direct Staff Report

Safra National Bank of New York has provided $130 million of financing against Boston's Faneuil Hall Marketplace.

The financing, comprised of a $75 million senior note and a $55 million subordinate note, has a 55 percent loan-to-value ratio. That pegs the value of the 371,630-square-foot property, which is comprised largely of retail space but includes a smattering of office tenants, at $236 million.

As part of its loan agreement, the property's owner, Ashkenazy Acquisition Corp. of New York, funded a $20 million reserve account to cover tenant improvement costs and capital expenditures. HFF arranged the latest financing for Ashkenazy.

The financing replaced an $81.2 million CMBS loan that was securitized through Banc of America Commercial Mortgage Inc., 2006-2, and paid a coupon of 5.57 percent.

Ashkenazy had acquired the property in 2011 from General Growth Properties Inc. for $140 million. It consists of three buildings near the Government Center and the Rose Fitzgerald Kennedy Greenway.

As part of its purchase,...





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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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