CAPITAL MARKETS RETURN?
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|In the past 90 days, originations have picked up dramatically, and the capital markets are back, Situs Cos. CEO Ralph Howard tells our Houston reporter. Ralph says Situs has about 70 active originations totaling over $750M and is seeing more due diligence, underwriting (it's done $1B in the past 30 days), and loan sizing (250 in the last month). Most of the activity is refinancing. And loan size is increasing, too: The financial intermediary is working on its first large loan portfolio in three years. The top US CMBS bookrunners are securitizing loans again but with low leverage (around 60% LTV). The top seven companies closed 12 deals totaling $4.5B year-to-date, up 706% from last year (two deals totaling $559M), Ralph notes. JP Morgan is taking the lion?s share (43%) of the market, closing seven deals totaling $1.9B. In distant second is Citigroup (14.8%), with three deals totaling $667M.|