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  • Ashford Eyes Recap, Capital Raising in Face of 'Gut-Wrenching' Revenue Drop

    Ashford Hospitality Trust Inc., which last April ceased making payments on its $4.1 billion of mortgage debt as it braced for the repercussions of the coronavirus lockdowns, has warned of its ability to remain a going concern. It's planning to slash its preferred dividend outlay, along with other ways of preserving cash as it steers unchartered waters. It's also willing to give up on properties.

    Written on Monday, 03 August 2020 16:09 Read more...
  • PCCP Buys $99.3Mln Loan Against Houston Mixed-Use Property from TPG

    PCCP LLC has purchased a $99.3 million performing loan against The Star, a mixed-use property at 1111 Rusk St. in downtown Houston. The Los Angeles investment manager bought the loan from TPG Real Estate Finance Trust, which suffered a loss of $13.8 million from the transaction

    Written on Friday, 31 July 2020 15:49 Read more...
  • Monday, Goldman Venture Puts Up $102Mln to Extend Term of Office Loan

     

    A venture of Monday Properties and a Goldman Sachs fund that owns seven office properties with 2 million square feet in Arlington, Va., has ponied up roughly $102 million of fresh equity in order to qualify for a one-year extension of the portfolio's $752.6 million mortgage. A $426.6 million senior piece of that debt is securitized and the rest is held by Blackstone Mortgage Trust.

    Written on Friday, 31 July 2020 11:14 Read more...
  • Hudson Pacific Eyes $900Mln Loan for Calif. Production Studios, Offices

    Hudson Pacific Properties Inc. and Blackstone Property Partners, which are forming a venture to own a portfolio of three production studios and five adjacent office properties with 2.2 million square feet in Hollywood, Calif., will place $900 million of debt against the properties. The floating-rate loan likely would end up being securitized.

    Written on Thursday, 30 July 2020 16:40 Read more...
  • Watermark Lodging Gets Capital Infusion from Oaktree, Ascendant

    Watermark Lodging Trust Inc., which last month had warned about its ability to remain a "going concern," has raised $200 million from Oaktree Capital Management and Ascendant Capital Partners, allowing it to stabilize its balance sheet and possibly pursue opportunistic investments. Oaktree and Ascendant could invest up to another $250 million, giving Watermark a lifeline as most of its properties have had their cash flow trapped by lenders.

    Written on Wednesday, 29 July 2020 12:48 Read more...
  • Apartment Rents Drop 0.4 Percent in 2Q; First Quarterly Drop Since GFC

    Effective rents at apartment properties, which had climbed steadily for nearly 12 straight years, dropped in the second quarter by 0.4 percent from the previous quarter, according to preliminary data from Moody's Analytics REIS. It marked the first quarterly decline in effective rents since the Global Financial Crisis. The vacancy rate was unchanged at 4.8 percent, thanks to government largesse.

    Written on Tuesday, 28 July 2020 15:20 Read more...
  • New York City Apartment Property Sales Decline by 69 Percent in 2Q

    The volume of apartment sales in New York City totaled $628.5 million during the second quarter, down 69 percent from the same period a year ago, according to Ariel Property Advisors. That was the third-lowest quarterly volume since 2010. In terms of deal volume, the 39 that took place during the latest period is the lowest recorded by the New York brokerage.

    Written on Monday, 27 July 2020 16:53 Read more...
  • Ashford Gets Payment Deferral on $907Mln of Debt, But Faces Loss of 9 Hotels to Mezz Lenders

    Ashford Hospitality Trust Inc. has negotiated the modification of $907 million of financing against a portfolio of 19 hotels with 4,900 rooms. A large chunk of that financing was securitized two years ago. But the Dallas REIT is losing nine other hotels to mezzanine lenders. It stopped making interest payments on its $4.1 billion of mortgage debt in April.

    Written on Friday, 24 July 2020 16:51 Read more...
  • Benchmark Real Estate Launches Blank-Check Company

    Benchmark Real Estate Group, a New York investment manager, is looking to raise up to $200 million for what's commonly referred to as a blank-check company, or special-purpose acquisition company, which is designed to buy an existing operating company. An acquisition effectively would allow any target to go public more cheaply than the traditional initial public offering of common shares route.

    Written on Thursday, 23 July 2020 07:45 Read more...
  • Colony Capital Makes Another Big Move Toward Digital Real Estate

    Colony Capital Inc., which last year started its shift to the digital real estate sector by selling its industrial platform, has made another major move in its new direction. It's formed a venture that will pay $1.21 billion for an 80 percent stake in a portfolio of 12 data centers owned by Vantage Data Centers of Denver. The deal values the portfolio at $3.5 billion.

    Written on Wednesday, 22 July 2020 15:42 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

 

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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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