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Volume 15 | Issue 50 | Thursday, December 14, 2017

The Lede


MBA: 3Q Commercial/Multifamily Mortgage Debt Rises to $3.11 Trillion; CMBS Debt Outstanding Reverses Years-Long Decline

Commercial/multifamily mortgage debt outstanding increased by $45.4 billion, or 1.5 percent, to $3.11 trillion in the third quarter as all four major investor groups increased their holdings over the second quarter, the Mortgage Bankers Association reported.


Top National News

Commercial Debt Hits $3.11 Trillion

Scotsman Guide, Dec. 12, 2017--Victor Whitman
Commercial mortgage debt rose across all major investor classes to $3.11 trillion in the third quarter, the Mortgage Bankers Association reported.

MBA: Significant Turning Point for CMBS Market

Mortgage Professional America, Dec. 13, 2017--Steve Randall
The third quarter saw a resurgence of commercial/multifamily mortgage debt outstanding with a $45.4 billion increase to $3.11 trillion, the Mortgage Bankers Association reported.

Shopping Mall Giant Westfield is Sold to French Real Estate Firm in $16 Billion Deal

Los Angeles Times, Dec. 12, 2017--Jim Puzzanghera
Westfield Corp., operator of upscale shopping malls in Los Angeles and dozens of other U.S. locations, is being sold to French commercial real estate giant Unibail-Rodamco in a $16 billion deal, the two companies announced Tuesday.

Office Rents on Fifth Avenue Rank No. 2 For Most Expensive

Wall Street Journal, Dec. 11, 2017--Keiko Morris (subscription)
Fifth Avenue came in second behind California's Sand Hill Road in Menlo Park, recording an average asking rent of $116.04 a square foot, and top asking rents as high as $185 a square foot, according to JLL's 2017 Most Expensive Streets. Sand Hill Road's average asking rent reached $119.38 a square foot.

Drivers of Investment Success for 2018

Commercial Property Executive, Dec. 6, 2017--IvyLee Rosario
The commercial real estate industry has had an evolving year. From sustainability and increases in interest rates to the effects of a changing administration, the market has experienced a mix of positive and negative moments.

Breaking Down Hensarling's GSE Reform Overture

National Mortgage News, Dec. 6, 2017--Rob Blackwell, Ian McKendry (subscription)
House Financial Services Committee Jeb Hensarling shifted tactics on housing finance reform Wednesday, acknowledging that a bill he's pushed for years to virtually eliminate the government's role in the mortgage market lacks the support to become law.

Agency Lenders Still Rule the Multifamily Loan Market

National Real Estate Investor, Dec. 12, 2017--Bendix Anderson
Apartment property owners still look to the lending programs of Fannie Mae and Freddie Mac when they need permanent financing.

News and Trends

MBA Chart of the Week: Multifamily Lending By Banks; Net Change in Bank Multifamily Mortgage Holdings

One of the key puzzle pieces in sizing the multifamily lending market is assessing the level of multifamily lending taking place for bank balance sheets in real time.

CREF Highlights

Commercial and multifamily developments and activities relevant to your business and our industry.

MBA Retains Spencer Stuart for President/CEO Search

The Mortgage Bankers Association yesterday announced it has retained Spencer Stuart, a leading global executive search and leadership advisory firm, to assist with the search for the Association's next President and CEO.

Expectations for Institutional Returns Slip

Institutional investors have increased their expectation for 2018 commercial real estate returns, the Pension Real Estate Association Consensus Forecast Survey said.

Tech Firms' 'Outsized' Effect on Premium Office Space

Though traditional occupiers such as finance and law firms occupy many of America's most desired office addresses, technology firms are quickly disrupting this status quo, reported JLL, Chicago.

Ten-X: CRE Investment Activity Down 9.6%

Commercial real estate investment activity fell 9.6 percent from a year ago, reported Ten-X, Irvine, Calif. 

Wells Fargo Securities: CRE Remains in 'Good Shape'

Commercial real estate remains in very good shape--particularly at this late stage of the business cycle--reported Wells Fargo Securities, Charlotte, N.C.

Commercial Property Prices Rise Slightly, Volume Moderates

Commercial property price indexes rose slightly in October while transaction volume moderated, analysts reported.

People in the News

RED Mortgage Capital Names Brooks President, National Head of Production

RED Mortgage Capital LLC, Columbus, Ohio, named Trent Brooks it new President and National Head of Production.

Dealmaker of the Week

Dealmaker: Meridian Capital Group Arranges $20M for Mixed-Use, Hotel Assets

Meridian Capital Group, New York, arranged $20 million for two mixed-use properties in New York's East Village neighborhood and a Brooklyn, N.Y., hotel.

MBA News

MBA C/MF Diversity and Inclusion Leadership Awards: Application Deadline Jan. 10

The Mortgage Bankers Association is accepting applications until Jan. 10 for the second annual Commercial/Multifamily Diversity and Inclusion Leadership Awards.

MBA CREF18 in San Diego Feb. 11-14

The Mortgage Bankers Association's Commercial Real Estate Finance/Multifamily Housing Convention & Expo 2018 returns to San Diego Feb. 11-14.

MBA Education Multifamily Property Inspection Workshop in Atlanta, Mar. 21-22

MBA Education presents its popular Multifamily Property Inspection Workshop in Atlanta March 21 and 22, 2018.

MBA Education Webinar: Excel for Commercial Real Estate Professionals, Jan. 17

The MBA Education Excel for Commercial Real Estate Finance Professionals webinar will explore how to create a useful and powerful spreadsheet when analyzing commercial real estate.

About MBA Newslink

President and CEO: Robert Broeksmit, CMB

Publisher: Marcia Davies, Chief Operating Officer

Vice President of Public Affairs: John Mechem

Editor: Mike Sorohan 202/557-2855 

Editorial Director: Michael Tucker 202/557-2851 

Senior Editorial/Advertising Specialist: Lesley Hall 202/557-2856

Advertising Opportunities: Bill Farmakis 203/834-8832

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