Maiden Lane III supply pushed AJ prices down as much as 5 points. The collateral includes two CDOs that are primarily collateralized by at least $2.8 billion of AJs and $2.6mm in AMs. Someone commented that it was more like $8 billion of AJs, but I honestly haven't looked yet. Both are big numbers. (DB, comments, news)
DB took a look at 1Q 2012 performance and made a few conclusions that were interesting.
- Approximately 50% of loans maturing in the 1Q paid off with a <2% loss.
- Smaller loans (<$10mm) had more success paying off with a 45% refi rate, compared to a 27% refi rate on >$50mm balance loans.
- Hotels and MF had the highest refi rates, of approximately 42% and 40%, respectively.
- CWCapital continues to exhibit the slowest liquidation rates and longest disposal timelines
$1.3 billion Ala Moana refied - CD 2007-CD4, CD 2006-CD3, CWCI 2006-C1, CGCMT 2007-C6, CWCI 2007-C2 E, CGCMT 2006-C5 (CREDirect)
Office Rents were up 5.6% in Midtown South on Tech Demand (Bloomberg)
$117mm Nashville Multifamily Portfolio's (LBUBS 2007-C7) 4 properties are listed for sale. Owned by Lehman/Apogee New Dawn partnership. No loss expected. (Barclays)
Lincoln Properties won 1000 Wilshire Boulevard (LBFRC 2007-LLFA)
Oaktree raised $1billion (Oaktree RE Opportunity Fund V) to buy both hard assets and debt domestically and internationally (as much as a 35% allocation overseas) (CREDirect)
701 Gateway Boulevard ($46.9mm loan LBUBS 2007-C3) was sold to DivocWest. (CREDirect)
Additional loan sales are circulating:
- 801 North Brand ($70.5mm, MPG, GSMS 2005-GG4)
- 700 North Central ($27.46mm, MPG, GSMS 2005-GG4)
- Sacramento Corporate Center ($40.75mm, Chase Merritt, GCCFC 2007-GG9)
- Hookston Square ($30.5mm, Griffin Capital, GCCFC 2005-GG5)