ABS participants saw markets freeze and were bracing for worse when federal aid provide a short-term respite. The question now: How much trust can anyone put in the medium-term and beyond?
Mortgage bankers are sounding alarms that the Federal Reserve's emergency purchases of bonds tied to home loans are unintentionally putting their industry at risk by triggering a flood of margin calls on hedges lenders have entered into to protect themselves from losses.
Tom Barrack, who a week ago warned that commercial real estate financing was on the brink of collapse because of the coronavirus pandemic, is now calling for a moratorium on margin calls and intervention by the Federal Reserve to keep values of mortgage debt from plummeting further.
Real estate investor Tom Barrack said predicted a “domino effect” of catastrophic economic consequences if banks and government don’t take prompt action to keep commercial mortgage borrowers from defaulting.
The credit watch involves single-borrower securitizations of commercial mortgages for high-priced resorts in Florida and Hawaii.
Add continued growth in commercial and multifamily mortgage debt outstanding to the list of things that the economic fallout from the coronavirus might affect.
KKR is tapping the commercial mortgage securities market to finance a new loan secured by a portfolio of 71 industrial “last-mile” logistics properties owned by the investment firm in seven states.
The falling rates continue a three-year trend of improving performance across numerous commercial mortgage sectors including multifamily, office and retail.
Any impact from the coronavirus outbreak on commercial and multifamily loan delinquencies won't be known for some time, the Mortgage Bankers Association said.
Most of the pool is made up of office-property loans, but also includes a sizeable exposure to hotel and retail properties.
Black Knight introduced a model to gauge prepayment speeds and credit risk for investors that purchase commercial mortgage-backed securities.
Over 67% of the loan balances in Sabal Capital Partners' commercial mortgage MBS deal were for apartment buildings financed through the Irvine, Calif.-based firm.
The notes in Citigroup Commercial Mortgage Trust 2020-555 are backed by a beneficial interest in the trust’s $350 million portion of the 119-month fixed-rate commercial loan. The loan is secured by a 52-story New York luxury apartment building in Manhattan’s Midtown West submarket.
Clarion Partners will tap the CMBS market to help finance a multiyear renovation of older Courtyard by Marriott-branded hotel properties it co-owns through a joint venture.
The loan participation is part of a debt refinancing package that paves the way for expanding the Parkmerced mega-development.
Treasure Island Hotel & Casino is the latest Las Vegas casino tapping the commercial-mortgage securitization market as it winds up a multi-year, exhaustive renovation program.
Natixis will be marketing bonds as well loan-specific certificates tied to a $160 million first-mortgage taken secured by an Amazon headquarters building in Seattle, and a $92.5 million loan backed by a newly built addition to NYC's sprawling Memorial Sloan-Kettering Cancer Center campus.
The newly acquired industrial portfolio of transportation centers in major markets adds to Blackstone's global holdings of logistics properties in major transit hubs.
Macro factors point to a solid year in the securitization market but wild cards abound, many of them political.
The delinquency rate for commercial mortgage-backed securities ended 2019 at its lowest point in nearly 11 years, aided by increased issuance and the resolution of legacy transactions, Fitch Ratings said.
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