ELAD taps CMBS to finance $403M buy of Canada’s Agellan
The deal gives ELAD, part of Israel's Tshuva Group of companies, its first industrial assets in U.S.; the 48 properties are located across eight states and 10 different markets.
CMBS
CRE CLOs gain a fifth credit rating agency: Morningstar
DBRS and Kroll Bond Rating Agency also rate commercial real estate collateralized loan obligations, as does Moody’s Investors Service, though Moody’s rates only the senior tranche of deals
Cloverleaf taps CMBS to help finance Zero Mountain acquisition
The Blackstone-backed company obtained a $530 million mortgage from Goldman Sachs and JPMorgan Chase secured by 18 industrial cold storage facilities.
Bancorp’s next CRE CLO has even higher multifamily exposure
Bancorp 2019-CRE5 contains 46 loans on apartment buildings accounting for 82.4% of the collateral pool; that's up from 78.8% for the sponsor's prior deal.
Owners of San Francisco office tower tap CMBS for cashout refi
Hines Interests used the $755 million loan from Goldman and JPMorgan to take out a $505 million mortgage from two insurance companies, MetLife and New York LIfe.
Hudson’s Bay taps Canadian CMBS to refinance flagship stores
A joint venture controlled by the retailer obtained a CA$250 million mortgage on the pair of buildings in Montreal and Ottawa from Royal Bank of Canada.
Slideshow Best of SFIG Vegas 2019
From financing driverless cars to dealing with Libor's demise, here are the highlights from the Structured Finance Industry Group's annual conference.
Brookfield back with CMBS refi of office, retail, biomed portfolio
This time, the real estate investment trust is putting down some fresh equity, rather than cashing money out, in the $550 million transaction.
SFIG Vegas: Look for more CRE CLOs to be actively managed
Expect even more actively managed CRE CLOs to be issued this year as investors get more comfortable with the idea of managers using proceeds from the repayment of collateral to acquire new bridge loan.
Industrial property REIT taps CMBS for cashout refi of Honolulu portfolio
Industrial Logistics Properties Trust obtained a $650 million, 10-year fixed-rate mortgage on the portfolio from four banks; a $390 portion is being securitized in a single-borrower deal.
SmartStop taps CMBS to help finance merger of two self-storage REITs
SmartStop Asset Management is tapping the securitization market to help finance the $350 merger of two real estate investment trusts that it manages, cashing out $56 million of equity in the process.
Brookfield taps CMBS to refinance 2 MetroTech office buildings
The real estate investment trust obtained $230 million of loans from four banks: Citi, Barclays, BofA and Deutsche. A $200 million first mortgage is being securitized.
JPMorgan readies CMBS with heavy exposure to pair of luxury Seattle hotels
The Renaissance and Grand Hyatt Seattle, both sponsored by R.C. Hedreen, account for 14.2% of the assets in the $774.1 million JPMCC 2018-COR4.
By
Glen Fest
CMBS delinquencies continue descending at start of year: Fitch
Late payments on loans backing commercial mortgage bonds continued falling at the start of the year, due to strong new issuance volume and continued resolutions for precrisis loans by special servicers, according to Fitch Ratings.
Goldman Sachs’ next CMBS has heavy exposure to single-tenant properties
The $756 million GSMS 2019-GC38 is backed by with 36 loans secured by 53 properties; nine of the loans (29.2% of the total balance) are secured in whole or in part by 12 single-tenant properties.
This $187M CMBS finances Pershing Capital’s new global headquarters
The loan used as collateral is part of $410 million of financing the sponsor obtained from Societe Generale to refinance the redevelopment of a 10-story mixed-use building on Eleventh Avenue in Manhattan.
Citi, Deutsche, JPMorgan prep $883M CMBS with heavy office exposure
Office buildings account for roughly 40% of the collateral, and much of it is in suburbia, where defaults and losses can be higher, according to S&P Global Ratings.
Brookfield returns to CMBS to refinance portfolio of life science buildings
A $1.1 billion mortgage from four banks on eight buildings in Cambridge, Mass., is being bundled into collateral for CAMB Commercial Mortgage Trust 2019-LIFE.
Bridge Investment relaunches CRE CLO pulled in early December
The only change to the deal is a slightly smaller prefunding amount; one loan that had been expected to be acquired after settlement has already been closed.
What the inverted yield curve could mean for securitization
It may not signal a recession, but structured finance pros are still preparing for a more risk-off environment.
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