See GRAPEVINE on Back Page

12 SCORECARD FOR CMBS SPREADS

2 Debt Sought for SF Apartment Portfolio

2 HFF Writes Big Freddie Debt Package

2 Wells Shops 4th Conduit Deal of Year

4 RBC to Sell Down Big Industrial Loan

4 Starwood Inks $175 Million Mortgage

6 Tishman Aims to Refi Complex in Va.

6 Blackstone Seeks Loan on SF Offices

6 Brokerage Ramps Up CMBS Trading

8 Alexandria Taps Into REIT-Bond Rally

8 CMBS Auctions Frustrate Bond Pros

9 Rockpoint Eyes Loan for Boston Deal

9 Buyer of LA Offices Taps MetLife

14 INITIAL PRICINGS

Veteran originator Aaron Welsh resigned from Ladder Capital this month. Welsh, a managing director, joined Ladder three years ago after serving as a co-head of the real estate structured finance group at Bank of America. He previously worked at Barclays, Lehman Brothers and JLL. Meanwhile, originator Marc Waldman joined Ladder this week as a managing director. He moved over from Deutsche Bank, where he had worked for three years. Waldman put in earlier stints at UBS and GMAC. Welsh’s departure and Waldman’s arrival were unrelated, sources said.

After 14 years on Citigroup’s trading desk in New York, Mihail Nikolov left the bank within the last two weeks. There’s no word on his plans. Nikolov had been in

Barings Enters B-Piece Market, Circles DealThe B-piece investment market has a new competitor: Barings.The Charlotte investment manager has circled the junior classes of an upcoming

conduit deal led by Deutsche Bank and J.P. Morgan.Barings, an investment-management affiliate of MassMutual, last year hinted at

its intention to enter the sector when it hired Doug Cooper, who has extensive expe-rience as a B-piece buyer. But the firm has been tight-lipped about its plans.

Cooper worked at Bank of America for eight years, through 1995. He spent the next nine years in stints at two shops that were active buyers of B-pieces: Criimi Mae of Rockville, Md., and Allied Capital of Washington. In 2005, he started a commer-cial real estate operation at American Capital, a private equity shop in Bethesda, Md. Cooper was a managing director and head of commercial real estate when he left last March. He joined Barings predecessor Cornerstone Real Estate in June.

MassMutual formed Barings last September by merging four units, includingSee BARINGS on Page 8

Starwood, China Life Seeking Big Hotel LoanA Starwood Capital team is looking for a fixed-rate mortgage of up to $600 mil-

lion on 66 select-service hotels.The properties are part of a 280-hotel portfolio that Starwood owns with China

Life Insurance, a group of sovereign wealth funds and other investors.The Starwood team’s advisor, Hodges Ward Elliott, is pitching the assignment to a

mix of lender types. But given the size of the loan and the concentrated hotel expo-sure, the loan is likely to go to one or more commercial MBS shops. Proposals are being sought for varying maturities. Lenders can submit a single bid on the entire 66-property package or bids on sub-portfolios divided into six regions.

The broader 280-hotel portfolio was valued at about $2 billion last October, when Starwood announced that China Life had entered the ownership group. Starwood, an investment shop in Greenwich, Conn., didn’t specify the stake acquired by China Life, but described the company as the portfolio’s “anchor and leading investor.”

Argentic Commits to Hold ‘Tradable’ B-PieceIn its first outing as a B-piece buyer, Silverpeak Argentic is taking an unusual step

apparently aimed at demonstrating its commitment to the sector.A Silverpeak unit, Argentic Real Estate Finance, has agreed to buy most of the

below-investment-grade portion of a $634.9 million conduit offering (WFCM 2017-RC1) that is on track to price next week (see article on Page 2).

The bulk of the underlying loans is being contributed by Rialto Capital (30.8%), Wells Fargo (29.9%) and Argentic (27.1%). Wells is the bookrunner and will fulfill the risk-retention requirement by holding 5% of each class.

Argentic is taking down the remaining 95% of the below-investment-grade classes. Because Wells is the risk-retention party, Argentic’s B-piece isn’t subject to any trading restrictions. But in a twist, Argentic is voluntarily committing to retain the B-piece for five years.

B-piece investors often flip the double-B portions of their purchases, while retaining the higher-yielding unrated and single-B components. That allows them

See ARGENTIC on Page 8

THE GRAPEVINE

FEBRUARY 24, 2017

Debt Sought for SF Apartment PortfolioAn Ivanhoe Cambridge partnership is in the market for $240

million of debt on a San Francisco apartment portfolio.The mortgage would be backed by 27 properties around the

city with a combined 788 units. Ivanhoe and its local partner, Veritas Investments, are entertaining proposals for both fixed- and floating-rate debt with a term of 5-7 years. Eastdil Secured is pitching the assignment to lenders.

The loan-to-value ratio would be in the neighborhood of 60%, which pegs the value of the portfolio at about $400 mil-lion.

The specific properties in the collateral pool haven’t been identified in preliminary information distributed to lenders. However, they are described as a mix of older Class-B proper-ties and some that have been renovated fairly recently. There is about 33,000 square feet of street-level retail space in various buildings, along with the opportunity to develop some 70 addi-tional units. It’s unclear whether that refers to apartments that could be added to one property or several.

The buildings are scattered throughout San Francisco, in neighborhoods that include Hayes Valley, the Marina, Nob Hill, Noe Valley and Russian Hill.

Rents across the portfolio are described as being about 70% below market averages, a factor that lenders are likely to view favorably. That provides potential to increase revenue by conducting renovations and raising rents — as well as some insulation from the risk of a cashflow shortfall in the event of a downturn that causes market rents to fall.

Ivanhoe, the real estate investment unit of Canadian pen-sion fund advisor Caisse de Depot et Placement du Quebec, formed its joint venture with Veritas in 2014 to capitalize on rising property values in San Francisco. The duo started off by acquiring a nine-property portfolio with 159 units. At the beginning of 2016, the team owned 45 properties, averaging 30 units per building, across the city.

HFF Writes Big Freddie Debt PackageHFF has originated $388.4 million of Freddie Mac loans on

seven properties in California and Colorado.The borrower, Lyon Living of Newport Beach, Calif., used

the proceeds to retire existing debt. The fixed-rate loans, which closed on Feb. 10, carry 10-year terms and require no inter-est payments for at least five years. Freddie will securitize the loans.

The properties, which encompass 2,152 units, account for more than one-quarter of Lyon’s total portfolio.

Six properties are in California’s Orange County: Monarch Coast (418 units), at 32400 Crown Valley Parkway in Dana Point; The Arbors (328 units), at 26356 Vintage Woods Road in Lake Forest; The Vineyards (304 units), at 5691 East Oran-gethorpe Avenue in Anaheim; Capistrano Pointe (274 units), at 26451 Camino De Vista in San Juan Capistrano; Sedona (240 units), at 1630 Orchard Drive in Placentia; and Trabuco

Highlands (184 units), at 31872 Joshua Drive in Trabuco Can-yon.

The remaining property is the 404-unit Autumn Chase, at 8305 South Harvest Lane in Highlands Ranch, Colo.

Wells Shops 4th Conduit Deal of YearCommercial MBS dealers this week began marketing a

$634.9 million multi-borrower offering led by Wells Fargo, only the fourth conduit deal to be floated this year.

Wells contributed 29.9% of the collateral balance. The rest came from Rialto Capital (30.8%), Silverpeak Argentic (27.1%), NCB (7.8%) and C-III Commercial Mortgage (4.5%).

Market pros will pay close attention to the transaction (WFCM 2017-RC1) as they try to get a handle on prevailing new-issue spreads amid light issuance and thin secondary-market trading.

Initial price guidance was unavailable yesterday. Early “whisper” talk circulated by Wells indicated the benchmark bonds could be shopped with a projected spread of 90-bp area over swaps. That’s down from 94 bp on the equivalent notes in the previous conduit issue, an $855.7 million offering by Barclays, UBS and Rialto that priced Feb. 16 (BBCMS 2017-C1).

Traders and investors said the BBCMS deal wasn’t a good indicator of price trends, largely because of buy-side concerns about the bonds’ future liquidity in the secondary market. The bookrunners, Barclays and UBS, aren’t considered to be mar-ket-makers on the same level as Wells and the other banks that led this year’s first two conduit offerings. The benchmark spread was 90 bp in the deal that priced Jan. 27 (CD 2017-CD3), and 88 bp in the one that priced Feb. 2 (BACM 2017-BNK3). Both were down sharply from the 114-bp average in December (see “Scorecard for CMBS Spreads” on Page 12).

At the other end of the investment-grade capital stack, the whisper talk was 415-bp area on the triple-B-minus class of the WFCM offering. That’s down sharply from the compara-ble 450-bp spread for the BBCMS issue and the correspond-ing range of 565-575 bp in December. But it’s well above the 380-bp spread in the CD deal and 350-bp level in the BACM transaction.

The WCFM offering is the fourth conduit issue under new risk-retention rules. Wells has committed to hold a “vertical” risk-retention strip equivalent to 5% of every class, effectively for the life of the deal. Silverpeak is taking the B-piece — and has volunteered to hold it for five years, even though that isn’t required (see article on Page 1). Industry pros are wondering whether that move will boost pricing.

The deal is rated by Moody’s, S&P, Fitch and DBRS. It’s only the fourth conduit deal rated by S&P since its one-year SEC sus-pension from that sector ended just over a year ago.

Elsewhere in the new-issue market this week, Goldman Sachs unveiled preliminary marketing materials for a $1.1 billion conduit offering to be collateralized entirely by its own loan originations (GSMS 2017-GS5). It’s expected to price in early March.

February 24, 2017 2Commercial Mortgage ALERT

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$53 billion originated since 2010. $56 billion loans serviced as of December 31, 2016.California loans will be made or arranged pursuant to a Finance Lenders Law License.

February 24, 2017 4Commercial Mortgage ALERT

RBC to Sell Down Big Industrial LoanRoyal Bank of Canada could syndicate more than half of a

$739 million debt package it originated for the buyer of a big industrial portfolio.

The five-year floater helped finance DRA Advisors’ acquisi-tion of some 18.5 million square feet of warehouses from Cabot Properties for almost $1.1 billion. The word is that RBC, which closed the loan a few weeks ago, will retain about $300 million and pass off the rest to syndication partners. A number of other banks had competed for the mortgage, sources said, including Wells Fargo.

It’s one of two mammoth loans RBC has sewed up recently. As previously reported, the bank originated a $799 million floater at the end of January that helped finance Blackstone’s $1.7 billion acquisition of a U.S. property portfolio from Swed-ish pension fund manager Alecta.

DRA, a New York fund operator, struck its deal with Boston-based Cabot in the fall and tapped Eastdil Secured to advise it on the debt. The word then was that DRA preferred to close by yearend, but the transaction ultimately rolled over into Janu-ary.

The financing assignment was viewed by some lenders as challenging, because it required underwriting some 178 prop-erties with more than 500 tenants in a relatively short time

frame. That gave the edge to big banks with the resources to handle that process.

The properties are in 21 states. The largest concentrations are in and around Dallas (2.7 million sf), Columbus, Ohio (2.6 million sf), Atlanta (2.1 million sf) and Chicago (2 million sf). Other large market presences include Cincinnati, Houston, Indianapolis, Jacksonville, Memphis and Nashville.

Occupancy averaged 94% across the pool near yearend. Cabot had acquired most of the properties between 2005 and 2008.

Starwood Inks $175 Million MortgageStarwood Property originated a $175 million floating-rate

loan this week for the buyer of an office complex in Tysons, Va.The borrower, Meridian Group of Bethesda, Md., purchased

the 742,000-square-foot Tysons Metro Center from Beacon Capital for about $228 million, or $307/sf.

The loan has a three-year term and two one-year extension options. HFF advised Meridian and brokered the sale for Bos-ton-based Beacon.

The four-building Tysons Metro Center, at 8251-8285 Greensboro Drive, is next to the Greensboro Metro Station and The Boro, a mixed-use complex slated for completion next year that will include a Whole Foods supermarket.

It is with heavy hearts we mourn the loss of our long-time friend, colleague and industry leader John D’Amico who passed away after a courageous battle with cancer.

For over 35 years, John was not only a visionary in the commercial real estate industry, he was a beloved mentor with extraordinary drive and seemingly limitless capacity to create new directions and engage colleagues to push the frontiers of CRE.

Real Estate Finance Council, was a member of its Board of Governors/Executive Committee and past chair/co-founder of the High Yield and Distressed Realty Forum, and recipient of the CREFC Founders Award in 2016.

We will deeply miss his passion, knowledge, laughter and most of all, his friendship.

March 14, 1952 - February 18, 2017

In Memoriam

John D’Amico

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February 24, 2017 6Commercial Mortgage ALERT

Tishman Aims to Refi Complex in Va.A Tishman Speyer partnership wants to put a $70 million

mortgage on an office complex it owns in Northern Virginia.The New York investment firm and its unidentified partners

are seeking a floating-rate loan with a term of 5-7 years, to be backed by the 332,000-square-foot Reston Crossing in Reston, about 20 miles west of Washington. Tishman is pitching the loan directly to lenders, without a broker.

The proposal includes a future-funding component, but its size is unknown. The property is currently unencumbered by debt, one source said.

The two-building complex is at 2001 and 2003 Edmund Hal-ley Drive, just off the Dulles Toll Road a few miles from Dulles International Airport. It’s close to the site of the Reston Town Center Metrorail station, expected to open by 2020.

The Tishman group acquired the property in 2006. It had been among the holdings of CarrAmerica Realty, a Washington REIT that was bought by Blackstone that year in a deal worth around $5.6 billion. Blackstone flipped some of the properties, including 23 in the Washington area encompassing about 6.6 million sf, that the Tishman team purchased for $2.8 billion.

Eight of the properties in that pool, including Reston Cross-ing, were used as collateral for a $400 million commercial MBS loan the Tishman partnership obtained at the end of 2006 from Lehman Brothers. It was securitized via a $3.6 billion pooled offering in early 2007 (LBUBS 2007-C2).

The portfolio struggled during the economic downturn, and the Tishman group wound up defaulting on some of its debt. In 2010, special servicer LNR Partners began foreclosure pro-ceedings on the properties backing the Lehman loan, but the owners retained control after injecting $700 million of capital across the larger portfolio.

Last August, the partnership refinanced the 2007 loan with a $400 million mortgage from TH Real Estate, a division of TIAA Global Asset Management. In the process, many of the collateral properties were swapped out. Reston Crossing was one of those that was pulled from the pool.

Reston is one of the stronger submarkets in Washington’s Virginia suburbs. Its 18.2 million sf of office space was 87.5% occupied as of the fourth quarter, according to CBRE.

Blackstone Seeks Loan on SF OfficesBlackstone is looking to line up a mortgage of about $152

million to finance its acquisition of a San Francisco office build-ing.

The fund operator has agreed to buy the 417,000-square-foot property, at 211 Main Street, from CIM Group of Los Angeles for about $293 million. HFF is brokering the sale and pitching the debt request to a variety of lenders.

CIM put the building on the block in October, immediately after nailing down a renewal of Charles Schwab’s lease. The investment bank occupies about 97% of the space as its head-quarters. It had considered moving out next year when its lease

was to expire, but ultimately decided to remain, signing a new 10-year lease.

The 17-story building, known as Charles Schwab Plaza, was developed in 1973. It’s in the South Financial District, two blocks from the Embarcadero and the San Francisco-Oakland Bay Bridge. CIM bought it from the Booth family in 2010, for $112 million. In the years since, San Francisco property val-ues exploded as technology companies snatched up space and average rents in the city rose to become the most expensive in the U.S.

Brokerage Ramps Up CMBS TradingA recently formed securitized-product group at broker-

dealer INTL FCStone Financial is aiming to expand its commer-cial MBS inventory, and is considering going beyond its current focus on guaranteed agency paper.

Looking to become a regular market-maker in the sector, the New York shop has amassed more than $75 million of Freddie Mac and Fannie Mae bonds backed by mortgages on multi-family properties — most of that acquired in the past two months.

Currently, the firm concentrates on secondary-market trad-ing of triple-A bonds from Freddie’s “K” series of structured notes and single-loan securities tied to mortgages originated by Fannie’s Delegated Underwriting and Servicing lenders.

“As with any product, we will take a measured approach to growing our balance sheet further, while also looking at other opportunities that exist beneath the CMBS umbrella,” said senior managing director Anthony Di Ciollo, who oversees trad-ing of securitized products.

For example, he added, the firm is exploring the possibil-ity of trading guaranteed mezzanine bonds and nonguaranteed junior paper from Freddie deals, securities tied to Ginnie Mae project loans — and non-agency CMBS.

The firm’s CMBS book is managed by vice president Nick Sferrazza, who came aboard in July from Deutsche Asset Management. Until last year, the firm only handled small “odd lots” of agency CMBS in order to provide liquidity support for clients.

INTL FCStone’s core business is making markets in com-modity and financial futures, with a client roster that includes some 600 corporations, banks, brokerages, asset managers and institutional investors. In early 2015 it added a fixed-income component by purchasing G.X. Clarke, a Jersey City, N.J., bro-kerage.

Since then, INTL FCStone has moved to increase its trading of securitized products. It built up a roughly $1 billion inven-tory of senior bonds from private-label asset-backed transac-tions and securitizations of agency mortgages — primarily residential before the recent push into CMBS.

As previously reported by sister publication Asset-Backed Alert, the firm has now set up a standalone securitized-prod-uct unit, led by Di Ciollo and senior managing director Robert LaForte, who oversees sales.

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February 24, 2017 8Commercial Mortgage ALERT

Alexandria Taps Into REIT-Bond RallyThe recent REIT-bond rally continued this week amid a still-

thin supply of fresh paper, enabling Alexandria Real Estate to boost the size of its latest offering while achieving more-favor-able pricing.

The Pasadena, Calif., REIT, which owns office/laboratory properties leased to life-science companies, sold $425 million of 11-year bonds with a 3.95% coupon. That was $25 million more than originally planned.

Rated Baa2/BBB by Moody’s and S&P, the bonds priced Wednesday with a 3.967% yield, or 155 bp over 10-year Trea-surys. That was after being shopped with initial spread guid-ance of 180-bp area from bookrunners Goldman Sachs, Mizuho, Scotiabank, Evercore and TD Securities.

Industry pros said that Alexandria, which typically floats one REIT-bond offering per year, benefited from a recent slow-down in issuance by coming to market a few months earlier than usual. Including this week’s deal, seven REITs have floated just $3.2 billion of unsecured bonds so far in 2017. That’s down sharply from $7.9 billion at the same point a year ago.

As previously reported, the supply-demand imbalance also helped Highwoods Properties reap a similar pricing advantage when the Raleigh office REIT priced a $300 million offering of 10-year bonds on Feb. 13. Like Highwoods, Alexandria curried favor with investors by bringing out a deal soon after releasing a yearend earnings report that indicated it had reduced lever-age and shown improvement in other key measures of perfor-mance last year, the bond pros said.

Alexandria plans to use some proceeds from this week’s bond issue to pay down its $1.7 billion unsecured senior credit line, which had only a $28 million balance at yearend. The rest will go for general corporate purposes, which could include retiring other debt, redeeming preferred stock and funding development projects.

CMBS Auctions Frustrate Bond ProsTwo batches of triple-B-minus conduit bonds went up for

sale in the secondary market on Wednesday, but much of the paper failed to trade.

The bonds, offered separately by two undisclosed bondhold-ers, had an aggregate balance of roughly $36 million.

One batch encompassed about $26 million of notes from five deals floated in 2014, 2015 and 2016. The other “bid list” offering, totaling just over $10 million, consisted of bonds from two transactions floated last year.

CMBS traders and investors hoped the two auctions, which came amid thin secondary-market trading, would provide guidance on prevailing bond prices. But they ended up frus-trated because few bonds changed hands and dealers, contrary to custom, provided little detail about the bidding levels.

The most-likely scenario, according to market pros, is that most of the bids came in below the level of recent trades and that the sellers restricted their dealers from disclosing infor-mation that might contribute to an ongoing slide in triple-B-

minus prices, further devaluing their paper.Dealers generally provide indications of pricing levels,

sometimes even when bonds don’t trade. “When people put out lists and they don’t give any color, that’s always frustrating,” one trader said.

The only pricing details that circulated following Wednes-day’s auctions were connected to the smaller bid list. Some bonds from a conduit issue that priced last May (WFCM 2016-C34) didn’t trade, after fetching bids pegged to spreads ranging from just over 600 bp to about 650 bp over swaps.

On one batch of bonds in that bid list that traded, the sec-ond-highest, or “cover,” bid was 630 bp. That paper was from a deal issued last July (SGCMS 2016-C5).

As for the other auction, the largest group of bonds from one transaction (WFCM 2015-LC22) totaled $11 million. But only an unspecified portion of those bonds sold this week, along with $6.4 million of paper from another deal (JPMBB 2014 -C21). The remaining bonds, from three other deals, didn’t trade.

Argentic ... From Page 1

to potentially boost their returns and also recycle capital for other investments.

So why would Argentic give up that option?“I think they want people to see that their intent is to build

a long-term platform,” said one source familiar with the firm’s strategy. “They don’t want it to look like they’re in it for the trade. They’re in it for the long haul.”

Argentic could also benefit another way. If investors react positively to a deal that has roughly double the minimum 5% retention level, they might be willing to pay more for the investment-grade portion of the offering. As a leading loan contributor, Argentic would share in the higher prices.

Argentic provided its commitment to Wells, the transac-tion’s depositor, and agreed not to finance or hedge the B-piece.

Sources suggested Argentic might do the “elective retention” again if investors pay up, and that other shops could try it as well.

When a B-piece buyer officially serves as the risk-retention party on conduit deals, it must hold the bonds for at least five years. But the risk regulations make any subsequent trade hard to pull off, so buyers effectively have to retain the bonds for the full 10-year life of a transaction.

In an item in The Grapevine on Feb. 10, Commercial Mort-gage Alert incorrectly reported that the WFCM deal would be structured with an L-shape retention strip and that Silverpeak would retain the horizontal portion of the strip. The item also misstated the deal’s “RC1” series number as “C38.”

Barings ... From Page 1

Cornerstone and Babson Capital.For the upcoming conduit deal, Deutsche and J.P. Morgan

asked high-yield investors to provide three bids, one for each of the structuring options under risk-retention rules. It’s unclear if the banks have settled on a structure, but Barings was awarded the B-piece regardless of the final choice.

February 24, 2017 9Commercial Mortgage ALERT

Rockpoint Eyes Loan for Boston DealRockpoint Group is shopping for roughly $108 million of

financing for its pending acquisition of a Boston office tower from Beacon Capital.

The fund shop is seeking a fixed-rate mortgage on the 366,000-square-foot Landmark Building, at 160 Federal Street. It’s pitching the 10-year assignment to banks, insurers and commercial MBS lenders via Eastdil Secured, which is also bro-kering the sale for Beacon.

Rockpoint last month agreed to pay about $190 million, or $520/sf, for the 24-story building. LaSalle Investment of Chi-cago had previously struck an agreement at the same price, but that deal fell through.

The Landmark Building was constructed in 1930. Boston-based Beacon acquired it in two steps, starting in 2015, from Taurus Investment of Boston and Invesco Real Estate of Dal-las. The transactions valued the building at about $140 million. Beacon spent some $10 million on renovations, positioning the building to attract high-end tenants and command higher rents as leases expired. The occupancy rate is 95%.

Rockpoint separately has agreed to buy the 546,000-sf office building next door, at 100 High Street, for roughly $370 mil-lion. Newmark Grubb is brokering that sale for CBRE Global Investors of Los Angeles.

The two Class-A buildings are connected by a glass atrium and occupy most of the block from Congress Street to Federal Street in the Financial District submarket.

Buyer of LA Offices Taps MetLifeMetLife has originated an $89.2 million floating-rate loan for

a LaSalle Investment partnership that acquired three West Los Angeles office buildings.

The LaSalle team bought the 215,000-square-foot portfolio on Jan. 24 from a Calpers team for $168 million, or $781/sf. The five-year mortgage, brokered by CBRE, has a loan-to-value ratio of 53%.

The portfolio encompasses two buildings in Playa Vista and one in Malibu. The Playa Vista properties, which were recently renovated, are The Annex, at 5340 Alla Road, and the build-ing at 12901 West Jefferson Boulevard. The Malibu building, now under renovation, is The Enclave, at 22619 Pacific Coast Highway.

Calpers teamed up with Pacshore Partners to buy The Annex in 2013 and the other two properties in 2015 for a combined $71.8 million. Calpers operated via Canyon Catalyst Fund, a separate account managed by Canyon Partners Real Estate of Los Angeles. In the just-completed sale, Los Angeles-based Pacshore retained a stake in the portfolio.

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February 24, 2017 11Commercial Mortgage ALERT

CALENDAR Main Events Dates Event Location Organizer Information May 21-24 Commercial/Multifamily Servicing & Technology Conf. Phoenix MBA www.mba.org

June 5-7 CREFC Annual Conference 2017 Washington CREFC www.crefc.org

Sept. 6-8 Western States CREF Conference Las Vegas CMBA www.cmba.com

Events in US Dates Event Location Organizer Information Feb. 28 Balance Sheet Lending-Navigating the Market New York MBA of NY www.mbany.org

March 1 Lenders Panel Roseland, N.J. RELA www.rela.org

March 8-9 High Yield & Distressed Realty Assets Summit New York CREFC www.crefc.org

March 9 Young Members Winter Networking Event New York RELA www.rela.org

March 14 Breakfast Meeting New York RELA www.rela.org

March 14-15 Bank Special Asset Forum: Real Est., C&I & SBA Loans Fort Lauderdale, Fla. IMN www.imn.org

March 16 Young Professionals 2017 Kick-Off Event New York CREFC www.crefc.org

March 23 Women’s Network Los Angeles Speed Mentoring Los Angeles CREFC www.crefc.org

March 29 Women’s Network Speed Mentoring New York CREFC www.crefc.org

March 29-31 Real Estate Lending Conference Orlando ABA www.aba.com

March 30 Women’s Network Speed Mentoring Atlanta CREFC www.crefc.org

March 30 Women’s Network Speed Mentoring Dallas CREFC www.crefc.org

April 4-5 Forum on Land, Homebuilding & Condo Dev. Miami IMN www.imn.org

April 6 REITS in the New World Order New York NYU Schack www.scps.nyu.edu

April 6 CREFC Women’s Network Symposium New York CREFC www.crefc.org

April 6-7 Commercial Real Estate Financing 2017 Chicago PLI www.pli.edu

April 11 Breakfast Meeting New York RELA www.rela.org

April 11-12 Commercial Real Estate Financing 2017 New York PLI www.pli.edu

April 19-20 Trigild Spring Conference Dallas Trigild www.trigild.com

April 26-27 Real Estate Investment Summit 2017 Boca Raton, Fla. Opal Financial www.opalgroup.org

April 30-May 5 National Commercial Lending School Dallas ABA www.abal.com

May 1-3 Single Family Rental Investment Forum Miami IMN www.imn.org

May 9-10 Commercial Real Estate Finance Summit-West Santa Monica, Calif. CREFC www.crefc.org

May 15 Credit Risk Transfer Symposium New York IMN www.imn.org

May 16-17 Real Estate CFO & COO Forum San Diego IMN www.imn.org

May 18-19 Middle-Market Multifamily Forum Huntington Beach, Calif. IMN www.imn.org

May 24-25 Investors’ Conference on CLOs & Leveraged Loans New York IMN www.imn.org

June 8-9 Mortgage Notes, Non- & Re-Performing Loans Dana Point, Calif. IMN www.imn.org

June 15 Strategic Real Estate & Lending Summit 2017 New York MBA of NY www.mbany.org

Sept. 17-19 ABS East Miami IMN www.imn.org

Events Outside US Dates Event Location Organizer Information March 9-10 CMBS: Credit Risk Workshop London Fitch Learning www.fitchlearning.com

March 28 YPREF Breakfast Seminar London CREFC Europe www.crefceurope.org

April 5, 2017 Conference on European CLOs & Leveraged Loans London IMN www.imn.org

April 20-21 CMBS: Credit Risk Workshop Frankfurt Fitch Learning www.fitchlearning.com

May 10-11 Spring Conference 2017 London CREFC Europe www.crefceurope.org

June 6-8 Global ABS 2017 Barcelona IMN & AFME www.imn.org

June 26-27 SFIG Canada 2017 Toronto IMN & SFIG www.imn.org

June 29-30 CMBS: Credit Risk Workshop London Fitch Learning www.fitchlearning.com

To view the complete conference calendar, visit The Marketplace section of CMAlert.com

CALENDAR

February 24, 2017 12Commercial Mortgage ALERT

Spreads to swaps Size Jr. AAA AAA AAA Jr. AAADeal ($Mil.) Date Ratings Sub. % (5 yr) (10 yr) (10 yr) AA A BBB-WFCM 2016-C33 $712.2 3/18/16 MD/FI/DB 22.50 +86 +138 +170 +245 +400 +700CGCMT 2016-P3 771.0 3/29/16 MD/FI/KR 24.75 +85 +132 +157 +225 +345 +600DBJPM 2016-C1 818.0 3/31/16 MD/FI/DB 22.13 +85 +129 +155 +220 +340 +600CGCMT 2016-GC37 694.7 4/13/16 MD/FI/KR 24.25 +85 +134 +160 +225 +375 +700MSBAM 2016-C29 809.5 4/22/16 MD/FI/DB 23.25 +83 +125 +152 +195 +330 +660CFCRE 2016-C4 840.0 5/4/16 MD/FI/KR 22.50 +85 +130 +170 +215 +360 JPMDB 2016-C2 892.8 5/4/16 MD/FI/KR 21.50 +81 +117 +150 +200 +315 +625WFCM 2016-C34 702.8 5/10/16 MD/FI/DB 25.00 +80 +117 +155 +215 +370 +720CSAIL 2016-C6 767.5 5/17/16 MD/FI/MR 22.50 +76 +113 +138 +195 +300 GSMS 2016-GS2 750.6 5/17/16 MD/FI/KR 24.00 +75 +110 +134 +180 +275 +565CGCMT 2016-C1 755.7 5/17/16 MD/FI/KR 24.88 +80 +125 +155 +215 +375 BACM 2016-UBS10 876.3 5/20/16 MD/FI/DB/KR 25.00 +75 +114 +135 +175 +325 +660SGCMS 2016-C5 736.8 7/1/16 MD/FI/KR 23.13 +87 +138 +170 +225 +410 +760JPMCC 2016-JP2 939.2 7/8/16 MD/FI/DB 21.75 +85 +122 +145 +185 +300 +600CGCMT 2016-P4 721.2 7/14/16 MD/FI/KR 23.25 +73 +118 +135 +165 +275 WFCM 2016-C35 1,022.9 7/15/16 MD/FI/KR 23.25 +72 +115 +140 +165 +275 +600DBJPM 2016-C3 893.7 7/26/16 MD/FI/KR 21.63 +108 +123 +145 +240 WFCM 2016-BNK1 870.6 8/4/16 MD/SP/FI/KR 21.88 (None) +94 +110 +125 +170 +425CD 2016-CD1 703.2 8/10/16 MD/FI/DB 19.50 +70 +100 +120 +135 +190 +485CGCMT 2016-C2 609.2 8/11/16 MD/FI/DB 25.00 +106 +120 +140 +225 +515MSC 2016-UBS11 719.8 8/12/16 MD/SP/FI/KR 21.63 +65 +105 +125 +140 +195 +485WFCM 2016-LC24 1,045.4 9/14/16 MD/FI/KR 21.00 +62 +108 +150 +175 +285 +625JPMCC 2016-JP3 1,217.5 9/22/16 MD/FI/KR 20.25 +60 +108 +135 +160 +240 GSMS 2016-GS3 1,122.5 9/22/16 MD/SP/FI/KR 21.25 +60 +106 +135 +160 +235 +520MSBAM 2016-C30 885.2 9/26/16 MD/FI/KR 21.00 +85 +111 +142 +155 +260 +560WFCM 2016-NXS6 757.1 9/29/16 MD/FI/MR 23.63 +60 +117 +162 +205 +300 +630CGCMT 2016-P5 917.4 9/30/16 MD/FI/KR 21.50 +58 +115 +160 +190 +290 +615COMM 2016-COR1 890.7 10/7/16 MD/FI/KR 24.00 +58 +120 +160 +200 +310 WFCM 2016-C36 858.2 10/21/16 MD/FI/MR 21.00 +58 +115 +150 +175 +285 +600MSBAM 2016-C31 953.2 10/25/16 MD/FI/KR 23.13 +58 +118 +160 +195 +300 +615JPMDB 2016-C4 1,124.4 10/31/16 MD/FI/KR 21.75 (None) +111 +135 +160 +270 +525CFCRE 2016-C6 787.5 11/1/16 MD/FI/MR 22.50 (None) +117 +145 +175 +285 +610CGCMT 2016-C3 756.5 11/3/16 MD/FI/DB 21.63 +56 +114 +135 +165 +280 +565MSC 2016-BNK2 725.6 11/4/16 MD/SP/FI 22.38 +53 +107 +130 +150 +225 +480CSAIL 2016-C7 767.6 11/10/16 MD/FI/DB 23.13 +60 +120 +165 +215 +345 +700GSMS 2016-GS4 1,241.1 11/16/16 MD/SP/FI/KR 21.00 +55 +102 +122 +140 +220 +490CD 2016-CD2 975.4 11/18/16 MD/FI/KR 26.00 +60 +100 +114 +135 +200 MSC 2016-UBS12 824.4 11/22/16 MD/FI/KR 23.88 +53 +112 +130 +155 +265 +605WFCM 2016-LC25 955.0 11/22/16 MD/FI/DB/MR 22.50 +58 +116 +150 +210 +320 +700JPMCC 2016-JP4 997.6 12/5/16 MD/FI/KR 24.00 +53 +110 +132 +150 +260 +575CGCMT 2016-P6 913.4 12/6/16 MD/FI/KR 25.00 +56 +114 +145 +170 +255 +570MSBAM 2016-C32 907.0 12/6/16 MD/FI/DB 22.75 +80 +113 +140 +150 +250 +565CFCRE 2016-C7 652.9 12/9/16 MD/FI/KR 23.50 (None) +118 +150 +175 +270 +565WFCM 2016-C37 750.5 12/9/16 MD/FI/DB 22.25 +56 +112 +140 +170 +265 +565CSMC 2016-NSXR 606.8 12/14/16 MD/FI/KR 25.00 +56 +115 +140 +160 +260 CD 2017-CD3 1,327.5 1/27/17 MD/FI/KR 24.00 +50 +90 +110 +125 +190 +380BACM 2017-BNK3 977.1 2/2/17 MD/FI/DB 20.00 +49 +88 +105 +118 +165 +350BBCMS 2017-C1 855.7 2/16/17 MD/FI/DB 22.25 +50 +94 +116 +135 +220 +450

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February 24, 2017 14Commercial Mortgage ALERT

INITIAL PRICINGSINITIAL PRICINGS

Freddie Mac Structured Pass-Through Certificates, K-062 FREMF Mortgage Trust, 2017-K62 Pricing date: Feb. 17

Property types: Multi-family (97.1%) and manufactured housing (2.9%). Concentrations: Texas (16.5%), Colorado (12.6%) and Washington (11.1%). Loan originators: CBRE (30.2%), Berkadia (14.8%), HFF (12.5%), Wells Fargo (11%), NorthMarq (9.3%), KeyBank (5.9%), JLL (5.1%), Walker & Dunlop (3.2%), Berkeley Point Capital (2.5%), Grandbridge Real Estate (2.4%), Bellwether Enterprise (1.9%) and M&T Realty Capital (1.1%). Largest loans: A $103.1 million loan on the 959-unit Pembrooke on the Green Apart-ments in Denver; a $94.1 million loan on the 470-unit Abbey Woods in Danbury, Conn.; a $52 million loan on the 309-unit Arcadia Townhomes in Federal Way, Wash.; a $47 million loan on the 384-unit Santana Ridge Apartments in Denver; and a $44.3 million loan on the 870-unit Avenue at Orono in Orono, Maine. Notes: Freddie securitized 67 fixed-rate multi-family mortgages recently originated by 12 of its pre-approved lenders. One loan has an 11-year term and the others have 10-year terms. Freddie guaranteed Classes A-1, A-2 and A-M and floated them via a Freddie shelf. Classes B-D, which are unguaranteed, were placed privately. Cyrus Capital is acquiring Class D. Deals: FHMS K-062/FREMF 2017-K62. CMA codes: 20170024/20170025.

Closing date: Feb. 27

Amount: $1,444.1 million

Seller/borrower: Freddie Mac

Lead managers: Goldman Sachs,

J.P. Morgan

Co-managers:

Academy Securities,

Barclays,

Morgan Stanley,

PNC

Master servicer: KeyBank

Special servicer: Midland Loan Services

Trustee: U.S. Bank

Certificate administrator: U.S. Bank

Offering type: Fannie/Freddie/Ginnie

Amount Rating Rating Subord. Coupon Dollar Yield Maturity Avg. Life Spread Note Class ($Mil.) (Fitch) (Kroll) (%) (%) Price (%) (Date) (Years) (bp) Type A-1 145.471 AAA AAA 19.50 3.032 101.994 2.674 1/25/50 6.48 S+46 Fixed A-2 1,016.993 AAA AAA 19.50 3.413 102.998 3.051 1/25/50 9.78 S+63 Fixed A-M 79.423 A A+ 14.00 3.505 102.999 3.143 1/25/50 9.83 S+72 Fixed B 57.762 BBB BBB+ 10.00 3.875 93.094 4.826 1/25/50 9.88 S+240 Fixed C 36.101 BBB- BBB- 7.50 3.875 84.981 5.977 1/25/50 9.91 S+355 Fixed D 108.305 NR NR 0.00 1/25/50 9.91 Fixed X-1(IO) 1,162.464* AAA AAA 0.310 2.682 4.015 1/25/50 9.15 T+165 Fixed X-AM(IO) 79.423* A AAA 1/25/50 9.58 Fixed X-3(IO) 202.168* NR NR 2.076 15.303 6.048 1/25/50 9.65 T+365 Fixed

*Notional amount

February 24, 2017 15Commercial Mortgage ALERT

WORLDWIDE CMBS

US CMBS

LOAN SPREADS

ASKING SPREADS OVER TREASURYS ASKING OFFICE SPREADS

REIT BOND ISSUANCE

UNSECURED NOTES, MTNs ($Bil.) MONTHLY ISSUANCE ($Bil.)

Data points for all charts can be found in The Marketplace section of CMAlert.com

0

10

20

30

40

50

60

70

80

J F M A M J J A S O N D

2017

2016

MONTHLY ISSUANCE ($Bil.)

0

3

6

9

12

15

D J F M A M J J A S O N D J F

Spread (bp) New Issue

Fixed Rate Avg. Week 52-wk (Conduit) Life 2/22 Earlier Avg.

AAA 5.0

10.0 S+47

S+95 S+45 S+93

71 117

AA 10.0 S+131 S+127 184

A 10.0 S+193 S+191 292

BBB- 10.0 S+475 S+469 605 Dollar Price Week 52-wk Markit CMBX 6 2/22 Earlier Avg.

AAA 99.9 99.9 99.0

AS 100.6 100.8 99.1

AA 98.6 98.9 97.8

A 95.9 97.2 95.9

BBB- 88.5 90.7 92.9

BB 80.2 83.0 86.3 Sources: Trepp, Markit

Month 2/17 Earlier

Office 157 155

Retail 155 153

Multi-family 148 147

Industrial 153 152 Source: Trepp 130

140

150

160

170

180

190

200

M A M J J A S O N D J F

10-year loans with 50-59% LTV

CMBS TOTAL RETURNS

CMBS INDEX

Total Return (%)

Avg. Month Year Since As of 2/22 Life to Date to Date 1/1/97

Inv.-grade 6.1 0.0 0.7 222.3

AAA 5.9 0.0 0.5 206.0

AA 7.5 0.1 1.1 97.7

A 6.9 0.4 1.9 85.7

BBB 7.0 -0.7 2.8 95.4 Source: Barclays

05

10152025303540

J F M A M J J A S O N D

2017

2016

01234567

D J F M A M J J A S O N D J F

50

60

70

80

90

100

110

120

130

140

150

160

170

180

190

200

M A M J J A S O N D J F

NEW-ISSUE SPREAD OVER SWAPS

CMBS SPREADS

10-Year AAA

WORLDWIDE CMBS ISSUANCE ($Bil.)2016 2017

01/06/00 J 0.0 0.0 Year-to-date volume ($Bil.)

01/13/00 0.1 0.2 2017 2016

01/20/00 0.2 0.4 US 5.6 10.3

01/27/00 0.9 2.1 Non-US 0.0 0.0

02/03/00 F 3.3 3.4 TOTAL 5.6 10.3

02/10/00 6.1 3.602/17/00 7.4 5.602/24/00 10.3 5.603/02/00 M 11.403/09/00 13.203/16/00 14.603/23/00 16.003/30/00 17.804/06/00 A 19.804/13/00 20.104/20/00 20.904/27/00 22.405/04/00 22.405/11/00 M 24.305/18/00 26.205/25/00 29.906/01/00 30.106/08/00 30.206/15/00 J 31.106/22/00 31.306/29/00 31.807/06/00 32.607/13/00 J 33.507/20/00 35.807/27/00 36.308/03/00 38.008/10/00 A 39.508/17/00 42.408/24/00 42.408/31/00 42.409/07/00 42.409/14/00 S 42.809/21/00 45.909/28/00 48.810/05/00 51.310/12/00 52.310/19/00 O 53.310/26/00 54.411/02/00 58.211/09/00 63.511/16/00 65.211/23/00 N 67.911/30/00 71.312/07/00 71.912/14/00 76.5

MARKET MONITOR

xxx 1Commercial Mortgage ALERT

AGENCY CMBS SPREADS

FREDDIE K SERIES Spread (bp)

Avg. Week 52-wk Life 2/23 Earlier Avg.

A1 5.5 S+49 S+49 58

A2 10.0 S+62 S+62 73

B 10.0 S+240 S+240 307

C 10.0 S+350 S+355 508

X1 9.0 T+160 T+160 229

X3 10.0 T+365 T+375 593

Freddie K Floater L+42 L+44 Week 52-wk 2/23 Earlier Avg.

10/9.5 TBA (60-day settle) S+70 S+70 81

Fannie SARM L+43 L+44 Source: J.P. Morgan

FANNIE DUS

Spread (bp)

Avg. Week 52-wk Life 2/23 Earlier Avg.

A1 5.5 S+49 S+49 58

A2 10.0 S+62 S+62 73

B 10.0 S+240 S+240 307

C 10.0 S+350 S+355 508

X1 9.0 T+160 T+160 229

X3 10.0 T+365 T+375 593

Freddie K Floater L+42 L+44 Week 52-wk 2/23 Earlier Avg.

10/9.5 TBA (60-day settle) S+70 S+70 81

Fannie SARM L+43 L+44 Source: J.P. Morgan

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February 24, 2017 16Commercial Mortgage ALERT

charge of trading commercial MBS in the secondary market since mid-2011, when he switched from a focus on commercial real estate CDOs. The new co-heads of CMBS trading are Bryan Chao, who has worked at the bank since 2007, and Ganesh Karunakaran, who came aboard from Torchlight Investors in 2014.

The word is that the massive $2.5 billion development loan for the office build-ing at 50 Hudson Yards could contain a sizable chunk of mezzanine debt. Large banks are still discussing the makeup of the lead-lender group and the loan’s structure. Sources said the talks point to a slug of junior debt as big as $700 million. A Related Cos. partnership is building the 2.9 million-square-foot tower as the next phase of the Hudson Yards development on Manhattan’s West Side.

Hunt Mortgage hired Zach Casale late last month to open a lending office in Buffalo. As a director of mortgage

banking, Casale originates loans in upstate New York and other markets via all of Hunt’s platforms. He reports to managing director Steven Cox. Casale spent the last six years as a managing director for originations at Largo Real Estate in Buffalo.

The Mortgage Bankers Association’s 27th annual convention for commercial real estate and multi-family finance professionals drew a 10% bigger crowd this year than last. Some 3,300 industry pros turned out for the trade group’s gathering at the Manchester Grand Hyatt in San Diego this week. That was up from 3,000 last year, when the con-ference was held in Orlando, and bested the post-crash high of 3,096 set in San Diego in 2015. Attendance peaked at 4,858 in 2007.

M&T Realty Capital is looking for an experienced originator to work out of its Washington office. Candidates should have a minimum of 10 years of experience, with a track record of at least $100 million in Fannie Mae, Freddie Mac and/or HUD loan production. Contact Tari Flannery,

president of the M&T Bank subsidiary, at tflannery@mtb.com.

Goldman Sachs will securitize a $465 million loan it has agreed to write on the Greenway Plaza office complex in Houston via a stand-alone deal that will probably surface in April. Goldman’s commitment for the five-year loan was announced this week by the borrower, a joint venture led by Parkway Properties of Orlando.

American Family Mutual Insurance wants to hire a structured-product analyst to work in its Madison, Wis., headquarters. Candidates need at least two years of experience with agency, conduit and single-borrower CMBS. Contact portfolio manager Neil Zamansky at neil.zamansky@amfam.com.

Armada Analytics is recruiting underwriters with Fannie Mae, Freddie Mac and/or FHA experience to join its teams in Dallas and Greenville, S.C. Armada provides contract underwriting and other services to clients that include agency, CMBS and balance-sheet lenders.