S&P: Seriously delinquent CMBS loans building up
While the overall rate fell in October, S&P noted a sharp rise in the proportion of loans overdue 60 days as many roll out of COVID-19 forbearance.
By
Glen Fest
CMBS
Grace Building refi loan securitized in $750M SASB deal
Brookfield and JV partner Swig Co. are refinancing debt and cashing out $200M in equity in the iconic, sloped-base midtown Manhattan office tower.
By
Glen Fest
Mall shakeout just beginning as complex debt drowns owners
Rescuing malls will be unusually complicated because the properties have byzantine webs of financing that have only grown more elaborate with time.
Weekly Wrap: Fixed income analysts eye shades of potential ‘blue wave’
Deals, trends and research in structured finance and asset-backed securities for the week of Oct. 23-29
By
Glen Fest
Brookfield partially financing luxury hotel portfolio via MBS
Brookfield will securitize part of a $255 million loan that was applied to its purchase of three high-end hotels in Atlanta, Washington, D.C., and San Diego.
By
Glen Fest
Cash builds for property debt funds with crisis delayed for now
Property debt funds, including at Blackstone Group Inc., raised $14.1 billion from April through September, compared with $15.7 billion a year earlier, according to research firm Preqin Ltd. Yet the expected flood of deals has so far been just a trickle.
Self-storage CMBS performance shines through pandemic impact
Trepp research finds that high demand, especially during the COVID-19 outbreak, has rewarded MBS investors' faith in a sector with 'negligible' delinquency rates and healthier leverage levels among operators.
Weekly Wrap: Bioscience CMBS comes to life amid pandemic
Deals, trends and research in structured finance and asset-backed securities for the week of Oct. 16-22
By
Glen Fest
Starwood Capital plans to refinance extended-stay hotel debt via CMBS
The private investment firm is securitizing a $265 million loan backed by fee interests in 58 well-performing properties across 12 states.
By
Glen Fest
Blackstone sponsoring first CRE CLO since January
Blackstone Group is sponsoring a $1 billion commercial real estate CLO transaction, backed by a portfolio of pari passu participations in commercial mortgages for primarily lower-grade office, mixed-use and hotel properties.
By
Glen Fest
Weekly Wrap: Mortgage originations to top $4T for the first time ever
This year will top the total volume generated in the housing boom year of 2003. Meanwhile, next year's 30-year FRM is predicted to stay at 2.8%.
Moody’s: Loan relief reduces CMBS loan delinquencies for now
Lenders’ loan modifications have temporarily reduced the delinquency rate of loans in CMBS deals for the second month in a row, according to Moody’s Investors Service, but the temporary nature remains cause for concern.
By
John Hintze
Benchmark CMBS deal reflects changing pool dynamics
As the ongoing pandemic raises major questions over the fate of commercial real estate, the Benchmark 2020-B20 Mortgage Trust deal approaching the market has as a significantly higher concentration of office properties.
By
John Hintze
Most U.S. shoppers say they won’t set foot in a mall this year
Just 45% of U.S. consumers plan to go to a shopping mall this season, down from 64% who visited last November and December, according to an International Council of Shopping Centers survey released Friday.
Weekly Wrap: Navient forbearance rates dip
Deals, trends and research in structured finance and asset-backed securities for the week of Oct. 2-8
By
Glen Fest
Ratings shopping never died in CMBS market now facing crisis
Kroll's $2 million settlement with the SEC over failing to adhere to credit-rating standards for CMBS and CLO bonds are fueling concerns that rosy credit grades are masking deeper structural problems with the securities exposed by COVID-19 related stresses, say critics.
Weekly Wrap: Another month of declining CMBS delinquencies
Deals, trends and research in structured finance and asset-backed securities for the week of Sept. 25-Oct. 1
By
Glen Fest
CRE delinquency rates and debt improve, hospitality sector still lags
Overall debt outstanding for delinquent commercial and multifamily mortgages cut down in September as more of the economy opens further with lodging and retail far behind, according to the Mortgage Bankers Association.
Freddie Mac scrubs student-housing, senior living loans from K-Deals
Student housing and assisted/independent living centers were small portions of Freddie's multifamily securitizations prior to COVID, but Kroll noticed they've been missing in most rated deals since spring.
Weekly Wrap: Will flex-space opportunities trump current COVID-19 woes?
Deals, trends and research in structured finance and asset-backed securities for the week of Sept. 18-24
By
Glen Fest
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