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

Tuesday, 31 July 2018

$91Mln CMBS Loan on Houston Office with Tenant Issues Moves to Special Servicing

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Commercial Real Estate Direct Staff Report

The $91 million CMBS loan against Two Westlake Park, a 454,843-square-foot office building in Houston has transferred to special servicer Rialto Capital Advisors because it's expected to default.

The transfer, highlighted this morning in an e-mail alert by Kroll Bond Rating Agency, might not have been a surprise since the 17-story building, which includes an adjacent seven-story parking garage, has been hit by potential vacancy issues.

Its largest tenant is ConocoPhillips, which leases 207,000 sf under an agreement that runs through November 2019. The space had been occupied by Phillips 66, the company's former refining division that was spun off six years ago. But it's been moving out of its space and subleasing what it can. Meanwhile, servicer notes...





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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Houston
  • States: Texas
  • Sector: Office
  • Subject: Commercial MBS (CMBS)
  • Valuation: Between $50 million and $100 million
  • Private: Yes
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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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