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  • Morgan Properties Gets $661Mln of Freddie Mac Debt Against 22 Properties

    Morgan Properties has lined up $661 million of fresh mortgage financing from Freddie Mac, allowing it to take out $374.4 million of debt against 22 apartment properties with 4,670 units in Delaware, Maryland, New Jersey and Pennsylvania. The collateral properties collectively have seen a more than 21 percent increase in net cash flow over the past seven years.

    Written on Tuesday, 26 May 2020 16:48 Read more...
  • PREIT Warns of Remaining Going Concern; Continues Talks to Modify Debt Covenants

    Pennsylvania REIT, which in recent years has been repositioning its portfolio by selling lower-performing properties and focusing on a relatively small number of premier properties, primarily in the northeastern United States, has warned that it had "substantial doubt" about its ability to remain a going concern.

    Written on Friday, 22 May 2020 17:07 Read more...
  • More than 2,400 CMBS Borrowers Have Gotten or In Process of Getting Payment Relief

    So far, more than 2,400 CMBS loans with a balance of $53.9 billion, or 10.6 percent of the universe, have received or are in the process of receiving payment deferrals or other modifications to tide them over during the coronavirus-related shutdown. The volume of borrowers seeking payment deferrals or other accommodations is sure to increase.

    Written on Thursday, 21 May 2020 17:34 Read more...
  • Ashford Hospitality Stops Paying Mortgages; 2 Loans Get Accelerated

    Ashford Hospitality Trust Inc. last month stopped making principal and interest payments on most of its $4.1 billion of mortgage debt. That's resulted in two CMBS loans, totaling $133.5 million and backed by hotels in Manhattan's Times Square area and Santa Cruz, Calif., getting accelerated.

    Written on Wednesday, 20 May 2020 16:41 Read more...
  • New York City Apartment Sales Flat in 1Q, Expected to Decline Sharply in 2Q

    First-quarter apartment property sales in New York City totaled $1.71 billion, up a fraction from a year ago, according to Ariel Property Advisors. Since then, however, nearly all transactions have been halted as a result of the coronavirus pandemic. The second quarter could see the lowest sales volume since the New York investment-sales and research firm started tracking such data in 2010.

    Written on Tuesday, 19 May 2020 11:13 Read more...
  • Wells Fargo: Coronavirus Could Lead to 34 Percent Drop in Property Prices

    Prices for commercial properties could drop by nearly 34 percent this year as a result of the efforts undertaken to stem the coronavirus pandemic, according to Wells Fargo Securities. That would be in line with the 31 percent decline over the first two years after the Global Financial Crisis. But prices, this time around, should recover more quickly.

    Written on Monday, 18 May 2020 15:37 Read more...
  • Essential Properties Provided Rent Deferrals to Tenants Accounting for 33 Percent of April Rents

    Essential Properties Realty Trust, a Princeton, N.J., REIT that owns 1,050 retail properties that are net leased to their tenants, said its rent collections last month amounted to 61 percent of what it was owed. It arranged rental deferrals with tenants representing 33 percent of its April rent.

    Written on Friday, 15 May 2020 14:36 Read more...
  • Macerich Aims to Extend Maturity Dates of Loans Coming Due Soon

    Macerich Co. wants to extend the maturities of mortgages that are coming due this year and early next year, which would allow it to ride out the current mortgage market dislocation. It might also look to place loans on two previously unencumbered properties. The deals could involve more than $1 billion of loans.

    Written on Thursday, 14 May 2020 16:46 Read more...
  • Coronavirus Pandemic Could Reverse Trend of Shrinking Office Spaces

    The steady decline in the amount of office space that companies allocate per employee over recent years could very well be halted, and reversed, as a result of the coronavirus pandemic as companies make efforts to adopt social distancing protocols.

    Written on Wednesday, 13 May 2020 16:46 Read more...
  • Simon Malls See Increased Sales; Company Builds Up Cash Position

    Inline store sales at Simon Property Group's retail centers during the 12 months through the end of February were up 6.5 percent to $703/sf, when compared with the same period a year ago. But for the same period through the end of March, sales were $673/sf, up just 2.1 percent from a year ago, a reflection of the company's decision to close all its properties on March 18.

    Written on Tuesday, 12 May 2020 17:59 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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  • 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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