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

Wednesday, 26 December 2018

CMBS Loan Against Morgan-Owned Apartments Near Buffalo, N.Y., Transfers to Special Servicer

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Commercial Real Estate Direct Staff Report

The $25.8 million CMBS loan against the 504-unit Raintree Apartments in Tonawanda, N.Y., which is just north of Buffalo, N.Y., has transferred to special servicer Midland Loan Services because it's expected to default.

The loan is in the collateral pool for COMM, 2013-CCRE9, and its transfer was highlighted in a recent TreppWire report. The transfer evidently is the result of a foreclosure filing by SteepRock Capital, which holds a $2.7 million mezzanine loan against the property.

The apartment property that secures the CMBS and mezzanine loans is at 103 Raintree Island and is owned by an affiliate of Robert C. Morgan, who heads Morgan Communities.

Morgan is subject to an FBI investigation into the possibility that fraudulent rental information had been provided to prospective lenders.

That investigation has led to a recent guilty plea by Kevin Morgan, nephew of Robert Morgan, of conspiracy to commit bank fraud. He, along with three other Morgan executives, had been charged last May with providing false information to prospective lenders that allowed Morgan to obtain $167.5 million of financing against properties it owns.

The company owns more than 140...





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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Buffalo
  • States: New York
  • Sector: Multifamily
  • Subject: Bankruptcy/Foreclosure (BKRPT), Mortgages/Financing (MOR)
  • Deal Name: COMM, 2013-CCRE10
  • Private: Yes
  • bloombergDealName: COMM 2013-CR9
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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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