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

Tuesday, 06 November 2018

Torchlight Pays More Than $140Mln for 2 Large Apartments Near Grand Rapids, Mich.

Torchlight Investors is said to have paid more than $140 million, or $81,871/unit, for the Woodlake and Ramblewood Apartments, with a total of 1,710 units just outside of downtown Grand Rapids, Mich. The transaction, brokered by HFF, is believed to be among the largest property deals in Michigan.

Commercial Real Estate Direct Staff Report

Torchlight Investors is said to have paid more than $140 million, or $81,871/unit, for the Woodlake and Ramblewood Apartments, with a total of 1,710 units just outside of downtown Grand Rapids, Mich.

The acquisition very well could be the largest property transaction in Michigan this year. At the very least, it's the largest apartment sale in the state in at least a year, easily topping last year's $57 million sale of the 237-unit Ridges of Cascade, also in Grand Rapids, to Investors Equity Group of Lansing, Mich.

Torchlight bought the two...





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“The Weekly”

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  • Breaking mortgage, CMBS, and REIT news

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

  • Industry moves and changes in “The Insider“

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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