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

Tuesday, 04 December 2018

Somera, Taconic Team Buys $75.2Mln of CMBS Debt on Pittsburgh's Southside Works

A venture of Somera Road Inc. and Taconic Capital has acquired $75.2 million of soured CMBS debt against the Southside Works retail property in Pittsburgh. The debt, which was purchased for $44.1 million, was securitized through JPMorgan Chase Commercial Mortgage Securities Corp., 2007-CIBC18, and Credit Suisse Commercial Mortgage Securities Corp., 2008-C1.

Commercial Real Estate Direct Staff Report

A venture of Somera Road Inc. and Taconic Capital Advisors has acquired $75.2 million of soured CMBS debt against the Southside Works retail property in Pittsburgh.

The venture bought the debt from JPMorgan Chase Commercial Mortgage Securities Corp., 2007-CIBC18, which had held a $44.6 million piece and Credit Suisse Commercial Mortgage Securities Corp., 2008-C1, which held a $30.6 million piece.

The Somera/Taconic team paid a total of $44.1 million for the debt, with the JPMCC deal receiving a $28.6 million payment in its resolution, and suffered only a nominal loss. The Credit Suisse deal received $15.5 million and suffered a $15.1 million loss.

The piece of the property backing the loan piece in the JPMCC deal was appraised in July at a value of $27.5 million, while the collateral for the Credit Suisse loan piece was appraised last March at a value of $28 million.

The Somera/Taconic venture bought the debt through a loan offering conducted by C-III Asset Management that was managed by HFF. The two often invest in CMBS deals' controlling classes - the most subordinate extant classes of deals - which typically gives them the right to purchase underlying assets at their fair market...





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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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