Moinian Group refi loan tops $787M Credit Suisse CMBS asset pool
The New York developer is apportioning part of a recent $595M loan via a Credit Suisse conduit to finance a full repurchase of its Manhattan HQ.
By
Glen Fest
CMBS
Historic Grand Central office tower makes up latest SASB deal
The deal will add to the bulge of recent SASB deals that produced a monthly record volume of $7.6 billion through 11 deals in May.
By
Glen Fest
Overleverage to reduce CMBS loan payoffs in 2019: Morningstar
The large number of overleveraged commercial mortgage-backed securities loans coming due in 2019 is likely to cause the payoff rate to drop an additional 9 percentage points by December, a Morningstar report said.
Cold-storage operator financing acquisition via $2.35B CMBS
The Lineage Logistics transaction is the largest single-borrower, large-loan deal since the Blackstone Group tapped the CMBS market for a $2.5 billion single-loan deal backed by 169 industrial properties and two data centers.
By
Glen Fest
KSL taps CMBS to finance Margaritaville resort mortgage
The $161.5 million transaction backed by leasehold interests in the Jimmy Buffett-themed luxury hotel will include a $49.3M cash-out payment to the Denver-based PE firm.
By
Glen Fest
Blackstone financing bioscience properties in $628M securitization
The large single-loan transaction covers two lab-office facilities in the Boston area's crowded life sciences corridor near MIT.
Blackstone secures new $1.15B CMBS with trade showroom portfolio
BX Trust 2019-IMC is a cash-out refinancing for an existing mortgage secured by 16 showrooms used exclusively for the home furniture and decor industry.
By
Glen Fest
Commercial mortgages put into special servicing increased in 2018
Commercial mortgages placed into special servicing grew last year, but default and foreclosure dollar volume fell as legacy loan resolutions outpaced newly distressed loans, according to Fitch Ratings.
Refinanced loans for office and water parks highlight $938M Wells CMBS
A renovated office complex in Florida and a recently built Great Wolf Lodge resort in Orange County make up two of the largest loans in Wells Fargo's latest conduit.
By
Glen Fest
Brookfield financing mall portfolio mortgage through $295M CMBS transaction
The trio of malls collateralizing the new mortgage include two well-performing mall as well as a troubled Florida super-regional shopping center.
By
Glen Fest
Can New York state ease benchmark switch for legacy Libor contracts?
An industry working group might seek legislation to eliminate the need for investor consent in the shift to a new benchmark interest rate. But any legislative fix is almost certain to be challenged because choosing an alternative to Libor will inevitably favor one party in a transaction over another.
Big Easy investor group taps CMBS to purchase Hyatt New Orleans
Investors include New Orleans sports franchise owner Gayle Benson, placing the hotel under local ownership for the first time since it was built in 1976.
By
Glen Fest
ICON Realty taps CMBS for refi of 18 NYC apartment buildings
The sponsor acquired the buildings over the past 12 years; now it has obtained a mortgage on each from JPMorgan Chase for a total of $174 million.
Prime Finance Partners returns with 1st CRE CLO since 2017
The $746.2 million PFP 2019-1's biggest exposure by property type is to multifamily, but the single largest asset is a $71 million portion of a mortgage on a Dallas office building.
Exantas Capital issuing another (slightly less) static CRE CLO
The $687 million XAN 2019-RSO7 has 36 months to fund additional lending against properties in the collateral pool, six months longer than a 2018 transaction.
Opinion CMBS investors should think twice before replacing a special servicer
Controlling classes of investors in commercial mortgage-backed securitizations can replace a special servicer, but before they do, they should make sure the long and potentially expensive process is worth it.
Robert Sullivan
Alston & Bird
Silverstein taps CMBS to break into Philadelphia’s office market
A joint venture between the New York firm, Migdal Insurance and the Arden Group obtained a $311 million mortgage on 1735 Market Street from Deutsche Bank and Goldman Sachs.
Libor switch has tax consequences, too. SFIG is asking for relief
The Structured Finance Industry Group wants Treasury and the IRS to issue a notice that a change from Libor to an alternative index would not be treated as a taxable exchange.
Colony taps CMBS as part of effort to unload French industrial assets
The €249 million Taurus 019-1 FR is backed by a single loan from Bank of America on a portfolio of 206 mixed-use properties leased to French electric utility EDF.
REIT taps CMBS to borrow against U.S. malls it’s selling off
Retail Value Inc, which was spun off from SITE Centers last year obtained a $900 million mortgage from three banks on the 25 assets in 14 states and Puerto Rico
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