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

Friday, 10 May 2019

Va. Investor Teams with New York Life to Acquire $1Bln of Apartments by 2022

Jefferson Apartment Group, a McLean, Va., investor, is teaming with New York Life Real Estate Investors to buy apartment properties in major and secondary markets in the Eastern United States. The venture, which already is under contract to buy its first property, expects to invest about $1 billion in the multifamily sector by 2022.

Commercial Real Estate Direct Staff Report

Jefferson Apartment Group has formed a venture with New York Life Real Estate Investors to acquire apartment properties in major and secondary markets in the Eastern United States.

The venture is under contract to buy its first property, in Boston. The deal is expected to close this month. It plans to invest $50,000/unit renovating the property, which was not identified, changing the electrical systems while updating the unit interiors and common areas.

New York Life has committed $90 million to the venture, while Jefferson has committed $10 million. The companies will partner with pension funds and other institutional investors and obtain debt from banks and agency lenders.

All told, the venture expects to invest about $1 billion and acquire 4,000 units by 2022. It is targeting cities where it expects the employment rate to remain...





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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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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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