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

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  • JLL Income Property Sees Making Up to $400Mln of Investments in 2019

    JLL Income Property Trust Inc.'s exposure to the office sector shrunk to 13 percent of its total portfolio from 19 percent as a result of its recent sale of 111 Sutter St. in San Francisco. It plans to bring that exposure back up, but will likely target medical offices instead of conventional office properties. It also expects to continue buying apartment properties, particularly those in suburban markets with top schools.

    Written on Thursday, 21 February 2019 15:19 Read more...
  • JCR Seen Raising Core/Core-Plus Fund; Targets $350Mln Raise

    The Denver investment manager is said to be looking to raise $350 million of equity commitments for a fund that would make preferred equity and mezzanine loan investments against class-B and -C apartment properties. The vehicle would round out the company's debt fund strategies.

    Written on Wednesday, 20 February 2019 17:03 Read more...
  • Freddie Mac Seen Fine-Tuning Rent-Restricted Mezz-Lending Program

    Freddie Mac is planning to fine tune a program that it had launched last year through which it would provide mezzanine loans to property owners who agreed to keep rents at collateral properties affordable. The agency funded roughly $100 million of such loans, a volume it was disappointed with. So, it's working on ways to make the loans more attractive for borrowers.

    Written on Tuesday, 19 February 2019 16:54 Read more...
  • Tier REIT Venture Looks to Sell Austin, Texas, Office; Record Price Seen

    A venture of Tier REIT Inc., Invesco Real Estate and Cielo Property Group is offering for sale Third + Shoal, the 345,000-square-foot office building at 208 Nueces St. in downtown Austin, Texas. HFF has been hired to market the property, which could fetch $700/sf, setting a record for the area.

    Written on Friday, 15 February 2019 16:41 Read more...
  • Artemis Real Estate Raises $950Mln for Latest Value-Add Fund

    Artemis Real Estate Partners has raised $950 million of equity commitments for its latest value-add investment vehicle, exceeding the capital raised by its predecessor fund by two-thirds. It had raised $580 million for that fund in 2014.

    Written on Friday, 08 February 2019 15:53 Read more...
  • KKR Edges Out Rialto in B-Piece Buyer Crown; Takes Top Honors Among Retainers of Risk

    KKR Real Estate Credit Opportunity Partners was the most active retainer of risk in the CMBS market last year, as a result of its dominance in the conduit market. A ranking of investors that retained the horizontal risk-retention strips of conduit deals had KKR buying $770.2 million of bonds from 10 transactions, or 30 percent of all the horizontal strips from conduits during the year. Argentic Real Estate Finance, meanwhile, accounted for nearly 21 percent of conduits' horizontal risk pieces.

    Written on Thursday, 07 February 2019 14:58 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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