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

Tuesday, 27 November 2018

Torchlight Investors on Track to Raise $1.5Bln for Latest Debt Opportunity Fund

Torchlight Investors has raised more than half of the $1.5 billion it's aiming to raise for Torchlight Debt Opportunity Fund VI LP, which would pursue an investment strategy similar to that of its $1.4 billion predecessor. It will make potentially high-yielding investments in a variety of commercial real estate debt instruments, including senior and mezzanine loans, preferred equity and CMBS, backed by properties in the United States.

Commercial Real Estate Direct Staff Report

Torchlight Investors has raised more than half of the $1.5 billion it's aiming to raise for its latest opportunistic debt-investment fund.

The vehicle, Torchlight Debt Opportunity Fund VI LP, would be a follow-up to Fund V, through which the New York real estate investment manager had raised $1.4 billion of equity commitments three years ago. Like that fund, the latest will pursue opportunistic investments in a variety of commercial real estate debt instruments, including senior and mezzanine loans, preferred equity and CMBS backed by properties in the United States.

The loans it writes typically will be between $5 million and $75 million and carry rates pegged to Libor plus 500 to 1,400 basis points. They can take properties' leverage levels up to 90 percent and would have fully extended terms of three to seven years. Torchlight's borrowers typically pay origination, exit and extension fees.

In CMBS market - both the...





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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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