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

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  • Sheraton Park Hotel in Anaheim, Calif., Sells for $52.5Mln

    The Sheraton Park Hotel in Anaheim, Calif., whose $65 million CMBS loan had soured in 2012, was sold at auction, generating $52.5 million of proceeds for Wachovia Bank Commercial Mortgage Trust, 2007-C34, which had held the loan. The CMBS trust has only three loans left in its collateral pool. All mature in 2024.

    Written on Wednesday, 22 January 2020 16:37 Read more...
  • Capital-Raising in Structured Tax-Deferred Exchange Market Nears Pre-Recession Levels

    Capital-raising in the structured tax-deferred exchange market last year hit $3.49 billion, the highest it's been since 2006, when it hit a record $3.65 billion, according to Mountain Dell Consulting LLC. Driving the volume is the continued increase in property pricing, which has allowed investors to reap gains from their holdings, which they've increasingly chosen to shelter from taxes.

    Written on Tuesday, 21 January 2020 16:42 Read more...
  • Freddie, Fannie Funded $148Bln of Multifamily Loans in 2019

    Freddie Mac funded about $78 billion of loans, while Fannie Mae funded $70 billion, giving the two a collective 41 percent share of the $364 billion of projected multifamily lending for the year. The expectation is that each would handle comparable volumes this year, when multifamily lending volumes are expected to climb by nearly 9 percent.

    Written on Friday, 17 January 2020 16:31 Read more...
  • Blackstone's Non-Traded REIT Raised $8.7Bln in 2019, Up 201 Percent From 2018

    Blackstone Group's entry in the non-traded REIT sector continues to hit home runs. The company, Blackstone Real Estate Income Trust, which was launched in 2016, raised $8.7 billion of equity capital last year, according to Blue Vault. That was up from the $2.9 billion it had raised in 2018.

    Written on Thursday, 16 January 2020 17:02 Read more...
  • The Next Big Thing in Real Estate: Blockchain?

    The likely benefits of the commercial real estate industry adopting blockchain - a decentralized, irrefutable ledger - would be cost reduction and time savings, as well as cleaner and more standardized data.

    Written on Wednesday, 15 January 2020 08:35 Read more...
  • CRE Not Done Growing (Quite) Yet

    It's been said that 2020 would usher in upward pressure on capitalization rates and downward pressure on property values. However, that does not appear to be the case.

    Written on Tuesday, 14 January 2020 10:13 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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