Deutsche Bank Tries to Halt Slide in NYC

The top New York City commercial real estate loan originator in Q2 was Deutsche Bank, which originated nearly $2 billion in the quarter, CrediFi found in its NYC Lending Spotlightfor Q2 2017.

Deutsche reached the No. 1 spot on the CrediFi Quarterly Ranking as CEO John Cryan is attempting to “arrest a slide that has threatened the bank’s position as one of the dominant forces on Wall Street,” as the Financial Times recently put it, citing challenges including its $7.2 billion settlement with the U.S. Justice Department and decline of nearly 18% in global revenues from sales and trading in the first half of this year.

Deutsche Bank beat out competitors including Wells Fargo, Morgan Stanley and JPMorgan Chase, with its CRE finance performance in Q2 giving it an 8% market share in New York City.

The Frankfurt-based bank helped finance some of the quarter’s largest loans, including a $2.3 billion loan for the General Motors Building on Fifth Avenue and a $1.2 billion loan for the office tower at 245 Park Ave.

But Deutsche’s real estate activity wasn’t enough to keep the bank’s financing revenue stable. The bank’s “good performance” in asset-based lending and commercial real estate was offset by lower revenues in investment-grade lending, bringing financing revenues down 5% in Q2, Deutsche Bank CFO James von Moltke said in the bank’s Q2 earnings call.

In New York City, U.S. national banks and foreign banks were responsible for over three-quarters of the NYC commercial real estate loans originated by the top 20 lenders in our sample. Led by Deutsche, the foreign lenders that were major players in New York City’s CRE financing market in Q2 also included French banks Natixis and Societe Generale, London-based Barclays, Zurich-based Credit Suisse, and a second German bank, Landesbank Baden-Wurttemberg.

To download the entire Lending Spotlight, click here.

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Alex Veksler

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Alex Veksler has 16 years of finance, data analysis and project management experience. He is a former vice president at Morgan Stanley, where he worked on product control of equity and fixed-income derivatives products as well as various projects involving finance and technology, such as revamping risk attribution and balance-sheet systems for profits and losses. Alex has previously worked at hedge funds, most recently as a director at Exigent Capital. He has a bachelor’s in computer science from Yeshiva University and an MBA from New York University.

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Frank Muhlon oversees CredifX, the commercial real estate financing marketplace that mines the CrediFi database at its core. Prior to joining CrediFi, Frank served as vice president of Northeast region business operations for online CRE property trading platform Ten-X, which has closed over $40 billion in transactions since its inception. He has also held key positions at Orix USA/Houlihan Lokey, Silverstein Properties and Trammell Crow Company. Frank received his master’s degree in real estate finance from New York University and his bachelor’s in finance from Rutgers University.

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