Debt Financing in a Challenging Regulatory and Market Environment
|
|
- Roy Palmer
- 6 years ago
- Views:
Transcription
1 Debt Financing in a Challenging Regulatory and Market Environment
2 Panelists and Deals Mindy Berman JLL Managing Director Boston, MA Erik Tellefson CapitalOne Healthcare Managing Director, Medical Facilities Chicago, IL Winston Abbott Siemens Financial Services, Healthcare VP / National Sales Manager Dallas, TX Moderator Mokena MOB Acquisition Financing Chicagoland, IL $11,900,000 Dignity Neighborhood Hospital Construction/Permanent Loan Las Vegas, NV $16,100,000 Brion Haist JLL Executive Vice President, Capital Markets New York, NY Aurora MOB Credit Tenant Lease Waukesha, WI $17,500,000
3 Agenda Debt Market Conditions Case Studies Panel Discussion Q&A
4 Debt Market Conditions
5 Benchmark Treasury Yields Interest rates and government debt yields continue to decline and remain near historic lows The 10-Year Treasury yield is currently 43 basis points lower than the five-year historical average 6.0% 5.0% As of 4/14/2016, the 5- and 7-Year Treasury yields are 1.23% and 1.54%, respectively. Meanwhile, the 10-Year Treasury yield is at 1.77%. 4.0% 3.0% 2.0% 1.0% 0.0% Apr-06 Apr-07 Apr-08 Apr-09 Apr-10 Apr-11 Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 Source: JLL Research, Federal Reserve 10-Yr Tr 7-Yr Tr 5-Yr Tr April
6 Historical 10-Year Treasury Rates 18.0% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% Apr-66 Apr-76 Apr-86 Apr-96 Apr-06 Apr-16 Averages 40 Year : 6.56% 50 Year : 6.56% 30 Year : 5.23% 20 Year : 4.07% 10 Year : 3.00% 5 Year : 2.20% 4/14/16 : 1.77% Source: JLL Research, Federal Reserve April
7 Overall Real Estate Debt Summary Commercial and multifamily real estate debt outstanding: $2.76 trillion as of 3Q2015 Bank and Thrift CMBS, CDO and other ABS issues Agency and GSE portfolios and MBS Life insurance companies State and local government Federal government REITs Finance companies Nonfarm noncorporate business Household sector Private pension funds Nonfinancial corporate business Other insurance companies State and local government retirement funds 37.5% 18.8% 16.0% 13.8% $ % $ % $ % $ % $ % $ % $ % $ % $ % $ % $380.2 $442.7 $519.9 $1,036.9 (in billions / % of total) Source: Mortgage Bankers Association; data available thru 3Q2015 April
8 Real Estate Debt Conditions Life Companies Banks CMBS Agency Alternative Market Snapshot Focused on high quality transactions and institutional real estate Pricing has increased bps over the past 90 days due to spread widening in bond market (offset by a reduction in Treasury rates) Regulatory environment continues to impact pricing with slightly widening spreads Willing to go longer term (7+ years) for select, small to medium size deals Trying to originate more cash flowing loans Construction loan terms are getting more conservative Spreads have recently widened nearly 100 basis points over past 5 months with rates ~5% Choppy market with nearly every new securization pricing wider than previous securitization Currently lending full term I/O on modest leverage deals and not shying away from equity "cash-outs" Primary source of liquidity for assets in secondary markets plus hotels Primary source of medium and higher leverage multifamily financing Freddie & Fannie portfolio limitations pushing to focus on more Class B / C properties Bridge loan pricing has increased bps over past 60 days. Increased appetite in mezz loans from investors (equity investors seeking safety versus debt investors seeking yield, which we saw 12 months ago) Abundance of capital in mezz debt space New regulations taking effect at YE 2016 creating uncertainty over pricing and year-end origination Leverage 50-65% 50-65% 65-75% Up to 80% Up to 95% Outlook Steady to slightly increased volume going in to 2016, though several lenders may reduce goals due to concerns about "relative value" compared to corporate bonds. Will continue to focus on current key client relationships Volume in 2015 was $101 billion. Significant maturities from 2006 maturities should sustain market, despite choppy pricing. Other sources of financing have and will continue to pick up the slack from the reduction of agency originations Steady volume going in to 2016 as development pipeline remains strong April
9 CMBS issuance (billions of $US) Historical U.S. CMBS Issuance In 2015, U.S. CMBS issuance hit a post-recession high with full year issuance of $101 billion, compared to $94 billion in Issuance in 2016 is off to a slow start relative to 2015, with $19.4 billion originated as of April 6, compared to $32.6 billion at this time last year. $260 $240 $229 $220 $200 $198 $180 $160 $167 $140 $120 $100 $80 $60 $40 $20 $0 $101 $93 $94 $86 $74 $78 $67 $57 $52 $47 $48 $37 $33 $26 $16 $19 $12 $12 $ YTD 2016 Source: JLL Research, Bloomberg, Commercial Mortgage Alert Data through April 6, 2016 April
10 Maturities (billions of $US) CRE Debt Maturities Approximately $268 billion of CRE loans are scheduled to mature in 2016 and $295 billion in 2017 $350 $300 $ $200 $ $100 $50 $ CMBS Banks Life Companies Source: JLL Research, Trepp LLC April
11 Implications for Borrowers Uncertainty and risk aversion is creeping into the real estate finance market none of it is driven by concerns about real estate fundamentals. It is driven by the junk bond market, risk aversion in emerging markets, broader macro-economic concerns and regulatory changes. Less competition from CMBS lenders and higher demand for bank and life company money. Life companies will likely get through most of their allocations by late summer New CMBS regulations for risk retention go into effect December 24,, 2016 Expected pricing increase of bps Lenders likely to limit new loans in November/December until pricing and execution is understood Secondary market liquidity for CMBS bonds is thinning due to regulations preventing Wall Street from making markets for their bonds CMBS pricing approximately 5% for 10-year loans Interest rate up 1% over past 6 months Rate is still lower than the $100B+ of 2006 maturities where rates were % Remain the primary source of liquidity for secondary markets and hotels Loan economics are not final until the day of closing Banks are continuing to figure out new regulatory framework Different lenders view the same transaction with a different view on its impact on capital requirements and profitability Clarity should start to develop over the next months Recommendations/Implications Secure loan commitment by August as allocations may utilized by Q4 (consider forwards) Liquidity in primary markets and Class A transactions will be less impacted than secondary markets and lower quality assets Institutional borrowers will be less impacted than local/regional investors Expect volatility and higher rates to impact asset pricing April
12 Hospital Bond Issuance Tax-Exempt Healthcare Issuance ($B) $7 $6 $8 $ $2 $4 $3 $3 $4 $ Q1 Q2 Q3 Q YTD Source: Barclays April
13 Tax-exempt Bond Rates Relative to U.S. Treasury Rates 30-Year MMD 4.50% 4.00% 4.20% 3.50% 3.00% 2.50% 2.61% 2.00% Jan- 14 Jun- 14 Nov- 14 May- 15 Oc t- 15 Apr Y M M D 2.61% 30-Year UST 4.50% 4.00% 3.98% 3.50% 3.00% 2.71% 2.50% 2.00% Jan- 14 Jun- 14 Dec- 14 May- 15 Nov- 15 Apr Year UST Source: Barclays April
14 Current Lending Parameters Bank Life Company 3 Years 5 Years 10 Years Leverage 50 65% 50 65% N/A Debt Yield 9 12% 9 12% N/A Pricing LIBOR* LIBOR* N/A Current Rates % % N/A 3 Years 5 Years 10 Years N/A 50 65% 50 65% N/A 8 12% 8 12% N/A T T N/A % % CMBS Agency 3 Years 5 Years 10 Years Leverage N/A 65 75% 70 75% Debt Yield N/A 8 12% 8 12% Pricing N/A S/T S/T Current Rates N/A % % 3 Years 5 Years 10 Years N/A Up to 80% Up to 80% N/A 1.25x x DSCR 1.25x 1.55x DSCR N/A T T N/A % % *Current Rates based on April 14, 2016 interest rates. Floating rate debt assumes swapped all-in rate. April
15 Case Studies
16 Mokena MOB Acquisition Financing Lender: Borrower: Type of Loan: Property Type: Location: Loan Amount: Loan-to-Value: 70% Size: Term/Amortization: CapitalOne Healthcare MedProperties Holdings Affiliate, Dallas Term Loan Medical Office / Surgery Center / Post Acute Chicago, IL (Suburbs) $11.9MM 29,000 SF 5 years - 30 Mos. I/O then 30 yr Amort Borrower Dallas-based MedProperties Holdings, (large legacy borrower with strong relationship) was seeking a loan to finance its acquisition of a 29,000 SF MOB / Surgery Center property in the Chicago Suburbs. The asset is a mix of MOB space, surgery center and post acute usage with doctors offices, a 4 OR ASC and the post acute portion including a recovery center with 5 overnight beds. The borrower s concern was finding a lender that understood the asset and would provide an appropriate loan. Property details 100% leased by a JV between the doctor group and its operating partner. 15 year Lease Term NOI of $1.3MM Relatively high $/SF for an MOB / Surgery Center of $590/SF value related to the space usage. Solution CapitalOne was able to utilize its healthcare expertise and compare across the various components of the asset to illustrate a blended basis that made sense with respect to the $/SF. Aligning the debt to the borrowers business plan, Capital One structured a loan that met the borrower needs.
17 Dignity Neighborhood Hospital Construction/Permanent Lender: Borrower: Type of Loan: Property Type: Location: Siemens Financial Services, Inc. Rose Rock Capital Construction and Permanent Neighborhood Hospital Las Vegas, Nevada Loan Amount: $16,100,000 Loan-to-Value: 75% Size: Term/Amortization: 60,000 square feet 24 months interest only with escalators and extension options Borrower Rose Rock Capital (Bryan, Texas) solicited construction and permanent financing for a 60K sq. ft neighborhood hospital to be built in the metro Las Vegas, Nevada area. The asset is part of Dignity Health s overall hub and spoke market strategy - to serve the community and capture market share. Rose Rock Capital was seeking an experienced lender with platform knowledge and the capacity to replicate the financing. Property Details 100% pre-leased to a JV tenant partially owned by Dignity Health. 15 year triple net (NNN) lease with escalators and renewal options. 1 st year NOI of $1.7 MM. Eight (8) treatment and inpatient beds and auxiliary hospital services on first floor. Physician offices and specialty services on second and third floors. Solution Siemens Financial Services, Inc. was able to underwrite a start up tenant under a non-recourse loan structure with market terms. In addition, provide any TI, Capex or equipment financing needed by the tenant as both JV partners are existing Siemens clients.
18 Aurora Health Care Credit Tenant Lease Lender: U.S. Bank National Association Borrower: Mayfair Medical Properties, LLC Type of Loan: Credit Tenant Lease Financing Property Type: Medical Office Location: Wauwatosa, WI Loan Amount: $17.5 mm LTV: 93% Size: 60,800 SF Term/Amortization: 25 years / 25 years Borrower: Mayfair Medical Properties LLC desired a long-term, fixed rate, non-recourse financing corresponding to the term of the underlying lease that would refinance the existing floating-rate construction loan. Property: 100% leased to Aurora Health Care, Inc. (Investment grade, A3 rating) 25-year Absolute Net Lease $18,800,000 Development Cost Solution: JLL placed the Credit Tenant Lease bonds with a major foreign fixed income investor. Over 10 investors competed to purchase the bonds which resulted in competitive pricing and successful closing on behalf of Mayfair. Coincidentally, Aurora issued tax-exempt bonds the same day as the CTL at exactly the same coupon as the CTL bonds.
19 Deal Volume in Millions Private Placement Volume Large, liquid market to tap for private debt for investment grade borrowers served by life companies and pension funds Credit tenant lease is a subset of private placements $70,000 $60,000 $50,000 $40,000 $30,000 US Domestic Foreign Issuance $20,000 $10,000 $ YTD Year Total Private Placement Issuance (in millions) YTD $ 28,121 $ 41,822 $ 44,897 $ 54,257 $ 58,250 $ 58,843 $ 60,484 $ 9,743 CTL Issuance (in millions) $125 $ 1,489 $ 1,262 $ 1,951 $ 2,584 $1,234 $ 1,128 $ 42 CTL Percent of Total PP 0.4% 3.6% 2.8% 3.6% 4.4% 2.1% 1.9% 0.4%
20 Panel Discussion
21 Thank you! Mindy Berman Erik Tellefson Winston Abbott G. Brion Haist
A Brief History of CMBS
Issuance ($BB) A Brief History of CMBS 250 Agency and Private-Label CM BS New Issue Volum es 228 Private-Label CMBS Agency CMBS 198 167 150 50-16 2 2 26 7 74 2 57 1 47 5 68 6 51 8 78 6 9 5 7 16 4 9 4 27
More informationCapital Markets Update
Capital Markets Update The Forces Transforming Markets November 2007 The Past December 2006 April 2007 The Height of the Market November 2007 Changes in Risk Tolerance Spring 2007 Rating Agencies Tighten
More informationToday's Self-Storage Finance Options: Locking In Low Rates and Unlocking Equity Potential. Presented by: Shawn Hill, Principal The BSC Group LLC
Today's Self-Storage Finance Options: Locking In Low Rates and Unlocking Equity Potential Presented by: Shawn Hill, Principal The BSC Group LLC Overview Current state of affairs Debt markets extremely
More informationThe ABCs of CDOs The Buzz from the MBA Conference
The ABCs of CDOs The Buzz from the MBA Conference Real Estate Finance Association Members Only Luncheon March 15 th, 2007 CDO 101 Dan Walsh Collateralized Debt Obligations 3 What Is A CDO? Commercial Real
More informationMultifamily Debt Market
H U N T M O R T G A G E G R O U P Multifamily Debt Market Hayley Suminski Originator, Boston Office Multifamily Debt Market Asset Types 1. Conventional & Coop 2. Manufactured Housing 3. Seniors Housing
More informationFreddie Mac Multifamily Securitization Small Balance Loan (FRESB) as of June 30, 2016
Freddie Mac Multifamily Securitization Small Balance Loan (FRESB) as of June 30, 2016 Table of Contents Freddie Mac Multifamily Business Key Facts 2016 YTD Multifamily Review Small Balance Loan (SBL) Business
More informationFinancial Highlights
November 3, 21 Financial Highlights Federal Reserve Balance Sheet 1 European Debt Bond Spreads 2 CDS Spreads 2 Securitization Markets CMBS Yields and Issuance 3 ABX and CMBX 4 Mortgage Rates 5 Broad Financial
More informationCRE Capital Markets Update Amid Renewed Financial Instability and Fear of a Global Recession
CRE Capital Markets Update Amid Renewed Financial Instability and Fear of a Global Recession presented to: Center for Real Estate and Urban Economic Studies Jim Clayton, Ph.D. Vice President Research Cornerstone
More informationFisher Center-Real Estate & Economics Symposium. November 19 th, 2018
Fisher Center-Real Estate & Economics Symposium November 19 th, 2018 SALES VOLUME AND PRIMARY MARKET CAP RATES 12-MONTHTOTALS Demand for product in major markets has driven cap rate compression, and forced
More informationAngel Oak Capital Advisors, LLC
Angel Oak Capital Advisors, LLC Angel Oak Multi-Strategy Income Fund Quarterly Review March 31, 2018 Quarter in Review Risk assets were weaker in the first quarter driven primarily by rising rates, expectations
More informationFinancial Highlights
December 1, 2010 Financial Highlights Federal Reserve Balance Sheet 1 European Debt Bond Spreads 2 CDS Spreads 2 Securitization Markets CMBS Yields and Issuance 3 CMBS Delinquency Rates 4 Senior Loan Officer
More informationThe Credit Crisis in Commercial Real Estate
The Credit Crisis in Commercial Real Estate 1 Summary Commercial real estate accounts for a meaningful 6.5% of GDP Commercial real estate entered the recession in reasonable balance The credit crisis creates
More informationFourth Quarter 2014 Financial Results Supplement
Fourth Quarter 20 Financial Results Supplement February 19, 2015 Table of contents Financial Results Segment Business Information 2 - Annual Financial Results 12 - Single-Family New Funding Volume 3 -
More informationWall Street and Commercial Real Estate
Wall Street and Commercial Real Estate Everett Allen Greer March 16, 2011 Los Angeles Los Angeles 213.985.3800 New York 646.867.1600 San Francisco 415.233.6300 Dallas 214.347.7500 Greer Miami Advisors,
More informationRiverPark Floating Rate CMBS Fund (RCRIX)
RiverPark Floating Rate CMBS Fund (RCRIX) First Quarter 2017 Commentary and Outlook This is our second quarterly letter since launching the RiverPark Floating Rate CMBS Fund (the Fund ), as the successor
More informationAngel Oak Capital Advisors, LLC
Angel Oak Capital Advisors, LLC Angel Oak Flexible Income Fund Quarterly Review March 31, 2018 Quarter in Review Risk assets were weaker in the first quarter driven primarily by rising rates, expectations
More informationequity advisory services
CAPABILITIES equity advisory services YOUR SINGLE POINT OF CONTACT FOR THE ENTIRE CAPITAL STACK Better relationships. Better results. EQUITY VOLUME BY PROPERTY TYPE Our close relationships with debt providers
More informationSouth Florida Capital Markets A-Z
South Florida Capital Markets A-Z Current Landscape, Challenges and Opportunities for 2019 2019 CCIM Commercial Real Estate Outlook Conference January 16, 2019 Capital Sources and the Capital Stack Four
More informationThe Credit Crisis in Commercial Real Estate
The Credit Crisis in Commercial Real Estate 1 Summary Commercial real estate accounts for a meaningful 6% of GDP Commercial real estate entered the downturn reasonably well balanced However, $400 billion
More informationStrategic Mortgage Income Fund 3Q 2015 Presentation
Strategic Mortgage Income Fund 3Q 2015 Presentation October 22 nd, 2015 Nothing presented herein is intended to constitute investment advice and no investment decision should be made based on any information
More informationCommercial Mortgage Loans
Market Overview and Analysis Not FDIC Insured May Lose Value No Bank Guarantee For Not financial FDIC Insured professional May Lose use Value only. Not Bank for inspection Guaranteeby, distribution or
More informationTHE ECONOMICS OF REAL ESTATE DEBT MARKETS CAPITAL MARKETS
NAIOP National Forums Symposium April 2013 Chicago!! Outlook for the Real Estate Economy!! Sam Chandan PhD FRICS! President & Chief Economist Chandan Economics! Associated Faculty of Real Estate The Wharton
More informationequity advisory services
CAPABILITIES equity advisory services YOUR SINGLE POINT OF CONTACT FOR THE ENTIRE CAPITAL STACK Better relationships. Better results. EQUITY VOLUME BY PROPERTY TYPE Our close relationships with debt providers
More informationU.S. CAPITAL MARKETS MARKETVIEW FIGURES Q1 2016
U.S. CAPITAL MARKETS MARKETVIEW FIGURES Q1 2016 FIGURE 1 U.S. COMMERCIAL REAL ESTATE ACQUISITIONS VOLUME Four themes characterize current U.S. real estate capital markets. Pace of acquisitions has moderated
More informationRiverPark Floating Rate CMBS Fund (RCRIX)
RiverPark Floating Rate CMBS Fund (RCRIX) Fourth Quarter 2017 Commentary and Outlook Thank you for investing in the RiverPark Floating Rate CMBS Fund (the Fund ) that we launched in October 2016. We have
More informationBlackstone Mortgage Trust Reports Third Quarter 2018 Results
Blackstone Mortgage Trust, Inc. 345 Park Avenue New York, New York 10154 T 212 655 0220 Blackstone Mortgage Trust Reports Third Quarter 2018 Results New York, October 23, 2018: Blackstone Mortgage Trust,
More informationMultifamily Securitization Small Balance Loan Program (SB-Deals) As of September 30, 2017
Multifamily Securitization Small Balance Loan Program (SB-Deals) As of September 30, 2017 Table of Contents Freddie Mac Multifamily SB-Deals Business Introduction... Freddie Mac Multifamily Small Balance
More informationRiverPark Floating Rate CMBS Fund (RCRIX)
RiverPark Floating Rate CMBS Fund (RCRIX) Second Quarter 2017 Commentary and Outlook The RiverPark Floating Rate CMBS Fund (the Fund ) was launched in October 2016 and is the successor to a private fund
More informationU.S. Economic & Market Commentary
Quadrant Real Estate Advisors LLC U.S. Economic & Market Commentary 2nd Quarter 2017 Atlanta, Georgia London, England Kurt Wright, CFA Chief Executive Officer (770) 752 6713 kwright@quadrantrea.com Table
More informationI N V E S TO R P R E S E N TAT I O N M AY
I N V E S TO R P R E S E N TAT I O N M AY 2 0 1 5 Forward Looking Statements This presentation contains certain forward-looking statements, including without limitation, statements concerning our operations,
More informationU.S. Commercial Real Estate Valuation Trends
The NAIC s Capital Markets Bureau monitors developments in the capital markets globally and analyzes their potential impact on the investment portfolios of U.S. insurance companies. A list of archived
More information10 th Annual GIOA Conference. Las Vegas, NV March 27, 2014
1 th Annual GIOA Conference Las Vegas, NV March 27, 214 This is not an offer to sell. FHLBank debt is not an obligation of or guaranteed by the United States and may not be offered or sold in any jurisdiction
More informationBlackstone Mortgage Trust Reports Second Quarter 2017 Results
Blackstone Mortgage Trust, Inc. 345 Park Avenue New York, New York 10154 T 212 655 0220 Blackstone Mortgage Trust Reports Second Quarter 2017 Results New York, July 25, 2017: Blackstone Mortgage Trust,
More informationWelcome to the GSE Multifamily Forum Session Monday, June 8, :00am 12:30pm Astor Ballroom 7 th Floor, Marriott Marquis
Welcome to the GSE Multifamily Forum Session Monday, June 8, 15 11:am 12:pm Astor Ballroom 7 th Floor, Marriott Marquis Incoming Chair: Eric Draeger, Berkshire Property Advisors Incoming Chair-Elect: Mitchell
More informationDEBT CAPITAL MARKETS EXECUTIVE SUMMARY MIDDLE MARKET
MARKET INSIGHTS 4Q 2017 DEBT CAPITAL MARKETS EXECUTIVE SUMMARY In the middle market, bank loan capital is available at attractive levels. For leveraged middle market companies, non-bank lenders are driving
More informationThe US Housing Market Crisis and Its Aftermath
The US Housing Market Crisis and Its Aftermath Asian Development Bank November 16, 2009 Table of Contents Section I II III IV V US Economy and the Housing Market Freddie Mac Overview Business Activities
More informationNational Housing & Rehabilitation Association Spring Developers Forum. Sponsors:
National Housing & Rehabilitation Association Spring Developers Forum May 7-8, 2018 Marina del Rey, CA Sponsors: NORRIS GEORGE & OSTROW PLLC ATTORNEYS AT LAW THE ARMY NAVY OFFICE BUILDING 1627 EYE STREET,
More informationThe Mortgage and Housing Market Outlook
The Mortgage and Housing Market Outlook National Economists Club Washington, DC March 27, 2008 Frank E. Nothaft Chief Economist Recession Risk, Housing Contraction Worsen 1-in-2 chance of recession in
More informationSTATE OF THE MARKET TODAY AND WHAT TO EXPECT TOMORROW
STATE OF THE MARKET TODAY AND WHAT TO EXPECT TOMORROW Thomson Reuters LPC s Second Annual Middle Market Loan Conference Ioana Barza Director of Analysis ioana.barza@thomsonreuters.com OVERVIEW From 40,000
More informationNCHMA Spring Meeting 1.5 Exploring Fannie Mae & Freddie Mac Executions & Underwriting
NCHMA Spring Meeting 1.5 Exploring Fannie Mae & Freddie Mac Executions & Underwriting April 19, 2016 2011 Fannie Mae. Trademarks of Fannie Mae. 2016 Fannie Mae. Trademarks of Fannie Mae. 1 Fannie Mae is
More informationHotels & Hospitality Group
Hotels & Hospitality Group January 2018 Q1 2018 Hospitality Debt Market Commentary 2 Market Overview Over the past 24 months, JLL s Hotel Investment Banking team, which is dedicated exclusively to hospitality
More informationHousing Recovery is Underway, But Not for Everyone
Housing Recovery is Underway, But Not for Everyone Eric Belsky August 2013 Dallas, TX Housing Markets Have Corrected In Significant Ways Both price and quantity reductions have occurred Even after price
More informationReal Estate Investment and Capital Market Perspectives An evolving and different recovery continues
Real Estate Investment and Capital Market Perspectives An evolving and different recovery continues presented to: NCREIF Valuation Committee Jim Clayton, Ph.D. Vice President Research Cornerstone Real
More informationDEBT CAPITAL MARKETS EXECUTIVE SUMMARY MIDDLE MARKET
MARKET INSIGHTS 2Q 2018 DEBT CAPITAL MARKETS EXECUTIVE SUMMARY Middle market clients have a unique borrowing opportunity, with banks competing to originate new loans for clients. In the leveraged loan
More informationPRESENTERS. Alexandra R. Cole Partner, Perkins Coie LLP
PRESENTERS Alexandra R. Cole Partner, Perkins Coie LLP Alex Cole focuses her real estate practice in the areas of real estate transactions and development, hospitality, international real estate, project
More informationInvestor Presentation
Investor Presentation February 2017 Disclosure Notices This presentation may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and
More information2015 Market Outlook Survey. FPL Associates L.P.
CRE Finance Council 2015 Market Outlook Survey FPL Associates L.P. Introduction The CRE Finance Council (CREFC) and FPL Associates L.P. are pleased to present the 2015 CRE Finance Council Market Outlook
More informationCMBS 2.0 Monday, August 15th
CMBS 2.0 Monday, August 15th CRE Finance Council Overview CRE Finance Council (formerly CMSA) includes all segments of commercial real estate finance IG Bondholders Issuers Multifamily Lenders Portfolio
More informationARBOR REALTY TRUST INVESTOR PRESENTATION. May 2018
ARBOR REALTY TRUST INVESTOR PRESENTATION May 2018 FORWARD-LOOKING STATEMENTS Certain items in this presentation may constitute forward-looking statements within the meaning of the safe harbor provisions
More informationKKR Real Estate Finance Trust Inc.
KKR Real Estate Finance Trust Inc. 3 rd Quarter 2017 Supplemental Information November 7, 2017 Legal Disclosures This presentation has been prepared for KKR Real Estate Finance Trust Inc. (NYSE: KREF)
More informationDEBT CAPITAL MARKETS EXECUTIVE SUMMARY MIDDLE MARKET LOANS
MARKET INSIGHTS 1Q 2019 DEBT CAPITAL MARKETS EXECUTIVE SUMMARY Last year was a strong year for the corporate loan markets, including middle market and ABL, leveraged loans, and investment grade. Strong
More informationREADING THE TEXAS TEA LEAVES: WILL LENDERS ABANDON CMBS REFINANCINGS TIED TO THE ENERGY SECTOR? February 2015
By Andrea Bryan, Managing Director A s oil prices skid to levels not seen since 2009, the prospects for refinancing commercial mortgage-backed securities (CMBS) loans to assets in the oil patch take on
More informationWho Says Financing Has To Be Conventional
Who Says Financing Has To Be Conventional Ohio Hospital Association Annual Conference - Session #2 June 9, 2014 Kass Matt Managing Director Lancaster Pollard & Co. kmatt@lancasterpollard.com Offering Financial
More informationBlackstone Mortgage Trust Reports Fourth Quarter and Full Year 2017 Results
Blackstone Mortgage Trust Reports Fourth Quarter and Full Year 2017 Results New York, February 13, 2018: Blackstone Mortgage Trust, Inc. (NYSE:BXMT) today reported its fourth quarter and full year 2017
More informationInvesco Mortgage Capital Inc Fourth Quarter Earnings Call February 22, 2017
Invesco Mortgage Capital Inc. 2016 Fourth Quarter Earnings Call February 22, 2017 Richard King President & Chief Executive Officer John Anzalone Chief Investment Officer Rob Kuster Chief Operating Officer
More informationAdvanced Asset/Liability Management
Advanced Asset/Liability Management WBA BOLT Summer Leadership Summit June 14, 2018 Presented by: Marc Gall, Vice President mgall@bokf.com 1 Agenda Asset/Liability Management Summary Developing Assumptions
More informationKKR Real Estate Finance Trust Inc.
KKR Real Estate Finance Trust Inc. 1 st Quarter 2018 Supplemental Information May 9, 2018 Legal Disclosures This presentation has been prepared for KKR Real Estate Finance Trust Inc. (NYSE: KREF) for the
More informationAG Mortgage Investment Trust, Inc. Q Earnings Presentation
AG Mortgage Investment Trust, Inc. Q1 2018 Earnings Presentation May 3, 2018 Forward Looking Statements and Non-GAAP Financial Information Forward Looking Statements: This presentation includes "forward-looking
More informationBlackstone Mortgage Trust Reports Fourth Quarter and Full Year 2018 Results
Blackstone Mortgage Trust Reports Fourth Quarter and Full Year 2018 Results New York, February 12, 2019: Blackstone Mortgage Trust, Inc. (NYSE:BXMT) today reported its fourth quarter and full year 2018
More informationAG Mortgage Investment Trust, Inc. Q Earnings Presentation
AG Mortgage Investment Trust, Inc. Q3 2018 Earnings Presentation November 8, 2018 Forward Looking Statements and Non-GAAP Financial Information Forward Looking Statements: This presentation includes "forward-looking
More informationLEVERAGED LOAN MONTHLY
LEVERAGED LOAN MONTHLY THOMSON REUTERS LPC AUGUST 2013 Colm Doherty Director of Analytics colm.doherty@thomsonreuters.com 646-223-6821 Hugo Pereira Senior Market Analyst hugo.pereira@thomsonreuters.com
More informationAG Mortgage Investment Trust, Inc. Q Earnings Presentation. August 7, 2018
AG Mortgage Investment Trust, Inc. Q2 2018 Earnings Presentation August 7, 2018 Forward Looking Statements and Non-GAAP Financial Information Forward Looking Statements: This presentation includes "forward-looking
More informationApartment Financing in Today s Rising Interest Rate Environment
Apartment Financing in Today s Rising Interest Rate Environment Transaction Summary Date: June 2018 Property Description: A 42-unit, 1980s built apartment in average condition. Property located in middle
More informationNational Housing & Rehabilitation Association Spring Developers Forum. Sponsors:
National Housing & Rehabilitation Association Spring Developers Forum May 7-8, 2018 Marina del Rey, CA Sponsors: 1 TAX EXEMPT DEBT EXECUTIONS Private Placements FHA/GNMA/RD Freddie Mac Fannie Mae Tax-Exempt
More informationCONSIDERING A BOND DEAL?... HAVE YOU ASKED YOURSELF WHY?...
Bond Basics 101 CONSIDERING A BOND DEAL?... 9% LIHTCs TEBs 4% LIHTCs Eligible Basis - Rehab $10,000,000 $10,000,000 % Affordable 100.00% 100.00% % Syndicated 99.99% 99.99% LIHTC % 9.00% 3.31% LIHTC Allocation
More informationInsurance Company Investment Trends A Client Survey
Insurance Company Investment Trends A Client Survey Marco Bravo, CFA Principal, Senior Portfolio Manager AAM - Insurance Investment Management Summary of Survey Respondents Company Type Portfolio Size
More informationSenior Housing Properties Trust
11 Fan Pier Boulevard & 50 Northern Avenue, Boston, MA. Biotech Medical Office Buildings. Primary Tenant: Vertex Pharmaceuticals. Square Feet: 1,650,000. Investor Presentation November 2016 Disclaimer.
More informationWall Street and Real Estate
Wall Street and Real Estate 1 Goals of Presentation CMBS / CDO Industry Risk Rating (MBS Ratings / Basel) REIT Industry Hottest Issue in Commercial Real Estate Investor (Cap Rate) Trends Real Estate Market
More informationRecourse vs. Nonrecourse: Commercial Real Estate Financing Which One Is Right for You?
The following information and opinions are provided courtesy of Wells Fargo Bank, N.A. Recourse vs. Nonrecourse: Commercial Real Estate Financing Which One Is Right for You? 1 2 2 3 3 4 Commercial real
More information20 th Annual LA/OC Market Trends Seminar
20 th Annual LA/OC Market Trends Seminar Everett (Allen) Greer January 24, 2013 Goals of Presentation Disclaimers Market Drivers Economy, Interest Rates Financial Regulations (Dodd-Frank) Capital Market
More informationSenior Housing Properties Trust
11 Fan Pier Boulevard & 50 Northern Avenue, Boston, MA. Biotech Medical Office Buildings. Primary Tenant: Vertex Pharmaceuticals. REITWeek 2017: NAREIT's Investor Forum June 2017 Disclaimer THIS PRESENTATION
More informationInvestor Presentation. Third Quarter 2017
Investor Presentation Third Quarter 2017 Safe Harbor Statement FORWARD LOOKING STATEMENTS This presentation includes forward-looking statements within the meaning of the safe harbor provisions of the United
More informationFirst Quarter 2017 Financial Results Supplement. May 2, 2017
First Quarter 2017 Financial Results Supplement May 2, 2017 Table of contents Financial Results 3 Quarterly Financial Results 4 Market-Related Items 5 Segment Financial Results 6 Portfolio Balances 7 Treasury
More informationStrategy Paper. Commercial Mortgage Lending. Understanding the Current Market Opportunity. July 2016 UNDERSTANDING THE CURRENT MARKET OPPORTUNITY
1 Strategy Paper Commercial Mortgage Lending Understanding the Current Market Opportunity July 2016 2 Commercial Mortgage Lending Understanding the Current Market Opportunity Executive Summary USAA Real
More informationCommercial Real Estate: Is Another Crisis Looming?
Commercial Real Estate: Is Another Crisis Looming? Commercial Real Estate Mortgages and Mortgage-Backed Securities Cornerstone Research specializes in assisting attorneys with the complex business issues
More informationWall Street and Commercial Real Estate
Wall Street and Commercial Real Estate Everett Allen Greer Director of Research October 22, 28 Goals of Presentation Two Fundamentals of Real Estate CMBS / CDO / REIT Industries Size / Impact of Capital
More informationFirst Trust Intermediate Duration Preferred & Income Fund Update
1st Quarter 2015 Fund Performance Review & Current Positioning The First Trust Intermediate Duration Preferred & Income Fund (FPF) produced a total return for the first quarter of 2015 of 3.84% based on
More informationRelationships. Results. COMPANY OVERVIEW COMMERCIAL REAL ESTATE DEBT, EQUITY & SERVICING
Relationships. COMPANY OVERVIEW Results. COMMERCIAL REAL ESTATE DEBT, EQUITY & SERVICING COMMERCIAL REAL ESTATE DEBT, EQUITY & SERVICING Relationships. Results. For more than 50 years, NorthMarq Capital
More informationQ QD C Q DB Q OMMERCIAL / MUL 1 1 B TIFAMILY QUARTERLY DATABOOK Q mba.org/research
QDB QD Q 1 B COMMERCIAL / MULTIFAMILY QUARTERLY DATABOOK Q1 2015 15191 mba.org/research 2015 Mortgage Bankers Association (MBA). All rights reserved, except as explicitly granted. 1919 M Street NW, 5th
More informationCBRE U.S. Healthcare Capital Markets Group
CBRE U.S. Healthcare Capital Markets Group 2018 Healthcare Real Estate Investor & Developer Survey Results 2018 HEALTHCARE REAL ESTATE INVESTOR & DEVELOPER SURVEY RESULTS Dear Healthcare Real Estate Providers,
More informationCDO Market Overview & Outlook. CDOs in the Heartland. Lang Gibson Director of Structured Credit Research March 25, 2004
CDO Market Overview & Outlook CDOs in the Heartland Lang Gibson Director of Structured Credit Research March 25, 24 23 featured record volumes despite diminishing arbitrage Global CDO Growth: 1995-23 $
More informationSCHOOL DISTRICT OF PALM BEACH COUNTY, FLORIDA SERIES 2014 TAN SALE
SCHOOL DISTRICT OF PALM BEACH COUNTY, FLORIDA SERIES 2014 TAN SALE September 10, 2014 Palm Beach County School District TAN Cash flow Tax Anticipation Notes are short-term financings that allow the District
More informationTimbercreek Senior Mortgage Investment Corporation (TSX:MTG)
Timbercreek Senior Mortgage Investment Corporation (TSX:MTG) FORWARD LOOKING STATEMENT Certain statements in this presentation about Timbercreek Senior Mortgage Investment Corporation (the Corporation
More informationFinancial Highlights
November 16, 2011 Financial Highlights Federal Reserve Balance Sheet 1 Europe European Bond Spreads 2 Mortgage Markets Mortgage Rates 3 Mortgage Applications Consumer Credit Revolving and Nonrevolving
More informationKBW Mortgage Finance Conference. June 1, 2016
KBW Mortgage Finance Conference June 1, 2016 Safe Harbor Statement F O R W A R D - L O O K I N G S T A T E M ENTS This presentation includes forward-looking statements within the meaning of the safe harbor
More informationCombining FHA Insured Loans with LIHTC
Combining FHA Insured Loans with LIHTC Presented by: Scott Graber Vice President Multifamily & Senior Housing sgraber@gershman.com (720) 507-1422 Bryan C Keller, CPA Partner-in-Charge of Real Estate Service
More informationRecap of 2017: The Best Year in a Decade
NOVEMBER 217 Recap of 217: The Best Year in a Decade Macroeconomic conditions remained favorable for housing and mortgage markets in 217. Despite challenges, the housing markets remain on track for their
More informationThird Quarter 2018 Earnings Presentation. October 31, 2018
Third Quarter 2018 Earnings Presentation October 31, 2018 Safe Harbor Statement NOTE: This presentation contains certain statements that are not historical facts and that constitute forward-looking statements
More informationA Proactive Approach to Self-Storage Financing. Presented by Neal Gussis, Principal CCM Commercial Mortgage
A Proactive Approach to Self-Storage Financing Presented by Neal Gussis, Principal CCM Commercial Mortgage Today s Discussion 1. Capital markets: Brief overview of capital markets, the lending landscape
More informationCredit, Housing, Commodities and the Economy Chartered Financial Analysts Institute Annual Conference
Credit, Housing, Commodities and the Economy Chartered Financial Analysts Institute Annual Conference May 13, 2008 Janet L. Yellen President and CEO Federal Reserve Bank of San Francisco Overview Financial
More informationDear Fellow Stockholders,
Dear Fellow Stockholders, 2013 was a year of significant investment that expanded the breadth of Ares Commercial Real Estate Corporation ( ACRE ) and positioned us for growth in 2014 and beyond. We originated
More informationFirst Quarter 2013 Financial Results Supplement. May 8, 2013
First Quarter 2013 Financial Results Supplement May 8, 2013 Table of contents Business Results Credit Supplement 3 - Quarterly Net Income and Comprehensive Income 21 - National Home Prices 4 - Comprehensive
More informationNovember 2010 NAREIT Conference November th 2010 RELIABLE. ANSWERS.
November 2010 NAREIT Conference November 15-17 th 2010 Strategic Focus 2010 Goals and Objectives Year to Date Performance Operations Strategy Asset Strategy Capital Strategy Lease-up of unstabilized portfolio
More informationMIDDLE MARKET PANEL DISCUSSION LSTA S 18 TH ANNUAL CONFERENCE. Ioana Barza Director of Analytics
MIDDLE MARKET PANEL DISCUSSION LSTA S 18 TH ANNUAL CONFERENCE Ioana Barza Director of Analytics ioana.barza@thomsonreuters.com 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
More informationMajor Tax-Exempt Bond and Loan Executions for Affordable Housing Projects
Major Tax-Exempt Bond and Loan Executions for Affordable Housing Projects May 15, 2017 Presented by: R. WADE NORRIS, ESQ. wnorris@ennbonds.com (202) 973-0100 (o) (202) 744-1888 (c) EICHNER NORRIS & NEUMANN
More informationBlackstone Mortgage Trust Reports Third Quarter 2014 Results
Blackstone Mortgage Trust, Inc. 345 Park Avenue New York, New York 10154 T 212 655 0220 Blackstone Mortgage Trust Reports Third Quarter 2014 Results New York, October 28, 2014: Blackstone Mortgage Trust,
More informationMadison Capital Funding Market Overview
Communicate. Commit. Deliver. Third Quarter 2013 Table of Contents Loan Volume 2 Yields and Debt and Equity Multiples 3 Madison Capital Funding Market Overview Investors, CLO Issuance and 4 Default Rate
More informationDISTRESSED COMMERCIAL REAL ESTATE JOURNAL
DISTRESSED COMMERCIAL REAL ESTATE JOURNAL 500 Montgomery Street, Suite 600 Alexandria, VA 22314 703/836-5700 DeltaAssociates.com U.S. Distressed Commercial Real Estate Volume March 2009 October 2011 0
More informationDEBT CAPITAL MARKETS EXECUTIVE SUMMARY MIDDLE MARKET LOANS
MARKET INSIGHTS 3Q 2018 DEBT CAPITAL MARKETS EXECUTIVE SUMMARY Middle market investors continue to compete on price and less restrictive documentation, prompted by a sentiment change in leveraged lending
More information14:45 16:00 - STREAM 1- Marly. Are Euro Debt Capital Markets a Sustainable Option to Fulfill Funding Requirements in the Current Financial Crisis?
14:45 16:00 - STREAM 1- Marly 1 Are Euro Debt Capital Markets a Sustainable Option to Fulfill Funding Requirements in the Current Financial Crisis? 2 Are Euro Debt Capital Markets a Sustainable Option
More information