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

Tuesday, 29 October 2019

Taconic Buys CMBS Loans Against 2 Conn. Offices via Fair-Value Option

A venture led by Taconic Capital Partners has exercised its controlling-class rights and purchased what originally had been $71 million of CMBS debt against 50 and 64 Danbury Road, a pair of office buildings with a total of 265,142 square feet in Wilton, Conn. The trust holding the debt recovered $34.5 million in the sale, which resulted in a $35.8 million loss.

 

 

 

Commercial Real Estate Direct Staff Report

A venture led by Taconic Capital Partners has exercised its controlling-class rights and purchased what originally had been $71 million of CMBS debt against 50 and 64 Danbury Road, a pair of office buildings with a total of 265,142 square feet in Wilton, Conn.

The venture, which includes Marcus Partners and Davis Cos., both of Boston, purchased the two cross-collateralized loans for a total of $34.5 million. That resulted in a total of $35.8 million of losses to LB Commercial Mortgage Trust, 2007-C3, which had owned the two loans. Taconic effectively exercised an option it held, as a result of it holding the CMBS deal's controlling class, of buying the loan at its fair value.

The price that the Taconic team paid compares with the properties' combined appraised value of $27.4 million, which was set in July. That took into account a 10-year lease that ASML, a supplier to the semiconductor industry, had signed for 99,000 sf at the 50 Danbury building, which has 219,041 sf. That ought to bring the building's occupancy to 69 percent, as Cotivity, a healthcare...





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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
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  • 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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