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  • Solid Issuance in January, February Pushes 1Q CMBS Deal Volume to $21.55Bln

    Thanks to the relatively hefty volume in January and February, CMBS issuance for the first quarter totaled $21.55 billion, up nearly 31 percent from last year's anemic total. Citigroup took top honors among bookrunners, while taking second place in a ranking of loan contributors. JPMorgan Chase Bank took first place in that ranking.

    Written on Wednesday, 01 April 2020 17:47 Read more...
  • PGIM Lends $130Mln Against Manhattan Apartment Property

    PGIM Real Estate Finance has provided $130 million of financing against the 387-unit Capitol apartment property in Manhattan. The loan allowed the building's owner, JPMorgan Asset Management, to retire a similar amount of debt that HSBC Bank had provided in 2012.

    Written on Tuesday, 31 March 2020 14:32 Read more...
  • New York Coworking Sector Seen Taking Virus-Related Hit; Could Prosper in Recovery

    The New York City coworking industry will be tested by the coronavirus outbreak as tenants decide not to renew their short-term leases, but few expect the sector's demise. The industry very well could come out of the current crisis in good shape as space users look for greater flexibility and allow more of their employees to work from home.

    Written on Monday, 30 March 2020 17:18 Read more...
  • Ashford Hospitality, Braemar Tap Adviser to Seek Modifications of $5.1Bln of Debt

    Ashford Hospitality Trust Inc. and Braemar Hotels & Resorts Inc., which own 130 hotels with 28,664 rooms, are making efforts to modify the terms of $5.1 billion of debt against their properties. The two REITs are managed by Ashford Inc. of Dallas, which also operates Lismore Capital, a debt-placement advisory unit that will handle modification requests.

    Written on Friday, 27 March 2020 17:20 Read more...

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

 

 

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REITCafe

  • Challenging Retail Environment Weights on REITs
    Mixed economic news is weighing on retail markets, pushing REIT performance down in 2015. This week, the National Retail Federation announced that back-to-school spending is expected to be down 9.3% in 2015. This news came on the heels of a report from the Commerce Department stating that retail sales declined 0.3%...
     
  • 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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