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

Written by 
Rate this item
(0 votes)


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...


“The Weekly”

“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

  • Breaking mortgage, CMBS, and REIT news

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

  • Industry moves and changes in “The Insider“

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
Read 659 times

Data Digest







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




cppichart FP



CMBS 2.0 Spreads


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





  • 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