ABS update: S&P trims global 2020 issuance forecast by 25%
The coronavirus impact in the U.,S. alone has resulted in a 30% year-over-year decline across securitizations, CLOs and MBS.
By
Glen Fest
CMBS
Lower-tier mall properties face increased strain from department-store woes
Moody's says anchor stores like J.C. Penney and Neiman Marcus represent only a small portion of CMBS retail exposure, but their deteriorating fortunes will hasten the decline in credit quality of CMBS-held loans backed by Class "B" and "C" malls.
By
Erin Joyce
Blackstone to shutter real estate income fund that held CMBS
The net assets in Blackstone Real Estate Income Master Fund declined to $553M on May 31 from $773M at year-end 2019.
Citigroup revives $435M hotel CMBS deal shelved at onset of pandemic
The single-borrower deal, sponsored by Brookfield, was pulled in the spring due to market conditions that halted most securitizations at the onset of the COVID-19 outbreak.
By
Glen Fest
SFR deal activity remains active despite COVID-related rent worries
Tricon American Homes launches the fifth securitization since mid-May secured by loans that finance institutional ownership and management of single-family residential rental homes.
By
Glen Fest
Fortress securitizes $2B Amazon warehouse lease portfolio
The first-time transaction under Fortress Investment Group's new shelf will be backed by long-term leases on 11 Amazon fulfillment and last-mile distribution centers – three of which remain under construction.
By
Glen Fest
5 questions with CEO of Sabal on commercial mortgage forbearances
While the multifamily loan forbearance rate is lower than the most pessimistic projections, Pat Jackson says borrowers are hardly out of the woods yet.
Smaller banks have more risk from coronavirus-affected CRE mortgages
For banks with assets between $10 billion and $100 billion, the average exposure is 165% of capital.
SEI: CMBS investors remain active despite COVID threats
A survey of 177 fund managers and institutional investors shows investors are still "jumping in", particularly in higher-rated tranches that continue to perform.
By
Erin Joyce
Sternlicht’s Starwood misses payments on $549 million mall debt
Debt delinquencies have soared for mall owners, which lost market share to e-commerce and were hit with tenant bankruptcies even before the pandemic forced shoppers and diners to stay home. By last month, more than 9% of retail commercial mortgage-backed securities were managed by special servicers.
Doubling down: Bellagio loan makes return to CMBS market
As Las Vegas opens back up to tourists, MBS investors are being asked to roll the dice on the lodging industry that has been conspicuously absent from recent conduit deals amid the COVID-19 outbreak.
By
Glen Fest
CRE CLO market showing signs of recovery amid COVID-19 impact
But deal sponsors are primarily restricting property assets to the lower risk multifamily and office buildings that lenders are more confident will weather the economic strains brought by the coronavirus pandemic.
By
Glen Fest
Multifamily properties highlight Barclays’ $807M CMBS deal
Barclays Commercial Mortgage Securities Mortgage Trust 2020-C7 is backed by a pool of 49 fixed-rate loans collateralized by 153 commercial properties – of which 17 loans are tied to multifamily/manufactured housing properties representing 35.4% of the pool balance.
By
Glen Fest
Blackstone makes a return trip to conduit market with $608M CMBS
The private equity firm's REIT arm is seeking to price a second CRE loan portfolio for May, this time led by an industrial portfolio of warehouses and logistics centers. No hotel or shopping mall loans are included.
By
Glen Fest
Loaded with cash, real estate buyers wait for sellers to crack
Sellers are currently willing to concede discounts of around 5%, while bidders are hoping for about 20% off pre-pandemic prices. That estimated gap, which is likely wider in specific cases, has put a freeze on deals.
Goldman, Morgan reviving CMBS activity with new deals
Goldman Sachs and Morgan Stanley are backing the first commercial mortgage-backed securities activity in two months, through two deals that exclude hotel or department store retail assets that are most exposed to pandemic-related stresses.
By
Glen Fest
As hotels sit empty, loan delinquencies pile up
More details have emerged about the damage the coronavirus pandemic is inflicting on the hospitality industry. One servicer alone has received 2,000 workout requests in the past month.
Forbearance risks highlight Cantor’s $271M large-loan CMBS
Despite multiple hotel, multifamily and retail tenants are seeking rent relief, borrowers are confident that servicer advances will cover interest payments on Cantor's next CMBS transaction.
By
Glen Fest
MBA applauds Fed’s CMBS stimulus as credit index hits 5-year low
The Federal Reserve's $2.3 trillion loan stimulus includes plans for outstanding commercial mortgage-backed securities and newly issued collateralized loan obligations.
Fitch: CMBS delinquencies will approach crisis-era peak of 9%
Fitch assumes a significant spike in defaults over the next few months, as well as declining new issuance volume during the second and third quarters of 2020, fewer maturing loans and fewer resolutions by special servicers.
By
Glen Fest
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