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

Tuesday, 26 May 2020

Morgan Properties Gets $661Mln of Freddie Mac Debt Against 22 Properties

Morgan Properties has lined up $661 million of fresh mortgage financing from Freddie Mac, allowing it to take out $374.4 million of debt against 22 apartment properties with 4,670 units in Delaware, Maryland, New Jersey and Pennsylvania. The collateral properties collectively have seen a more than 21 percent increase in net cash flow over the past seven years.

Commercial Real Estate Direct Staff Report

Morgan Properties has lined up $661 million of fresh mortgage financing from Freddie Mac, allowing it to take out $374.4 million of debt against 22 apartment properties with 4,670 units in Delaware, Maryland, New Jersey and Pennsylvania.

The latest financing, which consists of 22 10-year loans with fixed coupons, values the portfolio at roughly $825 million. It was arranged by Berkadia's Philadelphia office. The transaction was completed on April 8, well into the coronavirus lockdown.

"We were able to secure the debt terms prior to the market volatility and Freddie Mac once again did an outstanding job to ensure the transaction closed in a timely manner," explained TJ Piper, a Berkadia director who with Robert Falese originated the financing.

Nearly every collateral property has seen an increase in net cash flow since 2013, when the previous loans were originated. In total, cash flow has increased by more than 21 percent over the past seven years, according to servicer data compiled by Trepp LLC.

But cash flow increases at certain properties were substantially greater than the average. For instance, The Landings, with 416 units in Absecon, N.J., saw cash...





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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

 

 

 

REITCafe

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