JPMorgan dethrones Deutsche as top CMBS bookrunner

Los Angeles /
Dec.December 19, 2016 10:30 AM

From the New York website: For the first time in five years, there’s a new king atop of the CMBS mountain.

JPMorgan was the most active underwriter this year with $12 billion worth of U.S. transactions, edging out Deutsche Bank and ending its five-year reign as the top CMBS bookrunner, according to Commercial Mortgage Alert.

While U.S. CMBS issuance is on track to dip to $76 billion this year – down 25 percent from $101 billion last year – JP Morgan was able to hold relatively steady with just an 8 percent drop in volume. That helped it increase its market share from 13 percent last year to 15.9 percent in 2016.

As reported last week, JPMorgan’s CMBS trading desk has also quietly emerged as a major construction lender in the Greater New York City area, taking a leading role in issuing at least $2.7 billion in loans in recent years. The ramp-up comes as the bank’s commercial banking unit grows more cautious on real estate financing.

Deutsche [TRDataCustom], meanwhile, fell to third place in the rankings, dropping 45 percent from last year to $9.7 billion. Its market share tanked from 17.5 percent to 12.9 percent, partly from its decision to lead fewer multi-contributor conduit deals.

Wells Fargo lapped Deutsche to claim second place, issuing $10.6 billion.

With activity outside the U.S. at tepid levels, JP Morgan is also expected to dethrone Deutsche as the top global underwriter.

Non-U.S. issuance totaled $1.7 billion this year, down from $5.2 billion in 2015 and a world away from the $96.2 billion issued at the peak of the market in 2006.

A panel of professionals at the start of the year predicted that volume would actually climb this year by 9 percent to $110 billion. [CMA] – Rich Bockmann


Related Articles

arrow_forward_ios
2121 Avenue of the Stars and 555 West 5th Street
LA, OC see $30B in CMBS loans due this year
LA, OC see $30B in CMBS loans due this year
J.P. Morgan's Mary Callahan Erdoes and Water Garden at 1620 26th Street in Santa Monica (Getty, Water Garden LA)
Water Garden asking price: $1.4B
Water Garden asking price: $1.4B
JP Morgan's Mary Callahan Erdoes with 1620 26th St (Loopnet, Getty)
JP Morgan shopping 1.4M sf Santa Monica office campus
JP Morgan shopping 1.4M sf Santa Monica office campus
Preylock’s Brett Lipman and an Amazon warehouse at 12945 Ladera Drive NW in Albuquerque, New Mexico (Getty, Linkedin, Amazon.com, Inc./Public domain/via Wikimedia Commons)
LA investment firm Preylock scores $581M loan for Amazon-leased warehouses
LA investment firm Preylock scores $581M loan for Amazon-leased warehouses
From left: Centennial Real Estate CEO Steven Levin, USAA Real Estate CEO Len O'Donnell, and Montgomery Street Partners co-founders Murray McCabe and Max Lamont in front of a rendering of the planned redevelopment at MainPlace mall in Santa Ana (Centennial, USAA, Montgomery Street Partners, MainPlace)
$141M loan on Centennial’s OC mall heads to special servicing
$141M loan on Centennial’s OC mall heads to special servicing
Enterprise Community Partners' Priscilla Almodovar and 311-345 N. Beacon Street (Getty Images, iStock, Adobe Communities)
Supportive housing project in San Pedro scores $22M in financing
Supportive housing project in San Pedro scores $22M in financing
BlackStone's Stephen Schwarzman with 9028 Dice Road and 20210 S Normandie Avenue (Getty, LoopNet)
SpaceX on radar as Blackstone lands $1.8B CMBS loan
SpaceX on radar as Blackstone lands $1.8B CMBS loan
Fortress Investment Group's Peter Briger and Wesley Edens (Long Arc Capital, Getty Images, Google Maps)
Fortress quietly assembles SoCal industrial portfolio
Fortress quietly assembles SoCal industrial portfolio
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...