Truist sells legacy SunTrust CRE loan servicing platform
The Charlotte, N.C., company recently closed on a sale of its Cohen Financial platform to SitusAMC.
By
Glen Fest
CMBS
Trepp: Near-term CRE maturities may be driving ‘strategic’ defaults
A new report on bank-held commercial real estate and C&I loans indicates troubled borrowers may be skipping payments on loans they won't be able to refinance or extend over the next year, leading to a potential wave of defaults over the next four to six quarters.
By
Glen Fest
Weekly Wrap: TALF funds largely absent from ABS dealmaking
Deals, trends and research in structured finance and asset-backed securities for the week of Sept. 4-10
By
Glen Fest
Tom Barrack steps back from Colony Capital in era of ‘reprice and reinvent’
Colony has sold offices in Europe, industrial properties and grocery-anchored shopping centers in the U.S. In May, it announced plans to restructure seven portfolios of hotels with $3.5 billion of debt.
CMBS delinquency rate down in August, but ominous conditions remain
Some of the cures were the result of short-term remedies and could reverse as relief measures end.
Lenders flowing back into CRE CLO market
A three-month drought in CRE CLO issuance came to an end this week with new deals from Exantas and A10 Capital.
By
Glen Fest
Weekly Wrap: Qualifying what ‘QM’ means
Deals, trends and research in structured finance and asset-backed securities for the week of Aug. 28-Sept.3
By
Glen Fest
Reports: MBS investor risk limited in aftermath of Hurricane Laura
Property-level insurance and funds fronted by servicers appear to mitigate the potential losses from damages and repairs in the Gulf Coast from the massive storm.
Commercial-property prices fall with worst to come
Commercial real estate deals have been in a deep freeze as lenders give borrowers slack to defer payments and landlords are reluctant to drop asking prices.
Real estate investors skip paying loans while raising billions
While cutting losers to buy winners is an age-old investment proposition, the Covid-19 pandemic may create even more openings than the past crises that became bonanzas for real estate investors.
Large-scale data center operator backs $325M notes offering
Stack Infrastructure has raised nearly $1.4B in the ABS market since last year to construct and manage build-to-suit "hyperscale" data centers, reportedly for tech giants like Amazon, Apple, Google and Microsoft.
By
Glen Fest
Trillion-dollar fund manager taps alternatives in yield hunt
Investors should consider alternatives such as private credit as they search for positive yield in a world of low or negative interest rates, according to asset manager Nuveen LLC.
Low property leverage highlights new $630.8 million CMBS conduit deal
The 30 loans secured by 146 properties in DBJPM 2020-C9 have lower-than-average loan-to-value ratios than recent bond offerings backed by commercial-mortgage securitizations of multiple properties.
By
Glen Fest
Brookfield taps CMBS for $1.4B One Manhattan West transaction
Brookfield Property Partners, in a JV with Qatar's sovereign wealth fund, is securitizing a commercial mortgage for the newly constructed, 70-story tower near New York's revitalized Hudson Yards district.
By
Glen Fest
Obstacles mount for passage of CMBS relief bill
A pioneer in the commercial mortgage-backed securities market argues the HOPE Act would bail out savvy investors who don't deserve it. Barclays predicts that kind of attitude will make passage difficult.
By
Glen Fest
Self-storage owner/operator taps into CMBS for cash-out refinancing
Merit Hill, a Brooklyn real estate investment firm, is sponsoring its first MBS offering secured by 78 self-storage units in 23 states.
By
Glen Fest
Freddie Mac thins out large-loan concentration in new ‘K-Series’ pool
The collateral pool consists of 59 loans for mostly older garden-style and mid-rise apartment buildings that have undergone recent upgrades and renovation.
By
Glen Fest
Blackstone taps CMBS market to finance its Hollywood venture
The private-equity giant has secured a $900 million single-asset commercial loan to finance its investment in three studios where Netflix and Walt Disney will produce original programming for their streaming services.
By
Glen Fest
Securitization investors seek risk as concerns and deal protections increase
The ongoing pandemic and the resulting weak global economy will lead to tighter-than-expected underwriting of structured transactions and continue to weaken their performance, but investors are nevertheless starting to open their arms to more risk.
By
John Hintze
Retail landlords could face tenant distress until 2021, S&P says
Though the majority of retail real estate investment trusts carry investment-grade ratings, landlords may not see their credit metrics return to pre-pandemic levels until 2022.
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