Monday, April 9, 2012

While you were out...

Can I not take a few days off without the entire market shifting more than it has the prior 3 months?

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.
  1. Approximately 50% of loans maturing in the 1Q paid off with a <2% loss.
  2. Smaller loans (<$10mm) had more success paying off with a 45% refi rate, compared to a 27% refi rate on >$50mm balance loans.
  3. Hotels and MF had the highest refi rates, of approximately 42% and 40%, respectively.
  4. CWCapital continues to exhibit the slowest liquidation rates and longest disposal timelines
$103.8mm Transbourne Center and Arrowhead Crossing loans pay down in MSC 2005-HQ6

$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:
  1. 801 North Brand ($70.5mm, MPG, GSMS 2005-GG4)
  2. 700 North Central ($27.46mm, MPG, GSMS 2005-GG4)
  3. Sacramento Corporate Center ($40.75mm, Chase Merritt, GCCFC 2007-GG9)
  4. Hookston Square ($30.5mm, Griffin Capital, GCCFC 2005-GG5)


Concrete Jungle said...

Maiden Lane III - total face $47billion (est. value=$17.5b). MAX 2007-1 ($2.1b) & MAX 2008-1 ($5.4b) with collateral including SS, AJ, and AM. Debate as to whether will sell as the two CDO tranches or if they'll distribute the collateral individually.

crabsofsteel said...

apparently there are also the WAVE deals to add to the ton of supply