Loans in commercial mortgage-backed securities originated after 2009 by nonbank lenders have a significantly higher default rate than those originated by banks, a Fitch Ratings report said.
The asset manager obtained a leasehold on floors 28-50 of 620 Eighth Avenue through its purchase of Forest City; the property is now encumbered by $750 million of loans from four banks.
Most of the properties were previously securitized in various conduit transactions in 2014 and 2015; they are now being bundled into a single transaction that returns $107.7 million of equity to the sponsor.
AFAH Funding is not your typical CRE CLO: It is backed by entirely by long-dated mezzanine interests in multifamily properties that are eligible for low-income housing tax credits.
The Property Assessed Clean Energy sector is getting a boost from the expansion of improvements eligible to be financed via tax assessments, including fire resiliency and total building renovations, according to DBRS.
The buyers obtained a $597 million mortgage and $53 million of mezzanine financing from Deutsche Bank and Wells Fargo to purchase the JW Marriott Grande Lakes and Ritz-Carlton Grande Lakes.
Stricter energy regulations for European residential and commercial buildings, effective in 2020, will likely depress cash flow and property values, though the impact will vary by country, according to Moody's Investors Service.
Both the $646M UBS 2018-C15 and the $796M MSC 2018-H4 deals have relatively low leverage, helped by the inclusion of loans with investment grade characteristics.
BSREP International, an entity controlled by Brookfield, obtained a £367.5 million mortgage and £91.9 million of mezzanine debt on CityPoint from Morgan Stanley.
A joint venture between the REIT and two Chinese investors obtained a $364 million five-year, fixed-rate loan on the portfolio from Column Financial.
FORT CRE 2018-1 will include four loans recycled from the prior deal, including one that Kroll has identified as a loan of concern due to weak operating performance.
The sponsor appears to be paying for the privilege; the deal is structured with a super senior tranche of notes that benefits from considerably more subordination than the senior tranche of its prior deal.
The overall delinquency rate for securitized U.S. commercial real estate loans is now 3.33%, a decrease of nine basis points from the October level, according to Trepp.
CleanFund has created a division that helps structure Property Assessed Clean Energy financing to meet a mortgage lender's credit criteria; its also talking to lenders about co-financing the energy upgrades.
A $55 million whole loan for the Dream Inn hotel in Santa Cruz, Calif., is the largest of 44 loans backing the $891.8 million transaction, called BBCMS Mortgage Trust 2018-C2.
JPMorgan is securitizing a $180 million, two-year commercial mortgage backed by a leasehold interest on the 24-story building in a single-asset transaction.
The pool includes loans for 23 new construction, converted or acquired assets, each in a pre-stabilization phase awaiting refinancing through a permanent agency takeout loan.
We are one year deeper into an already extended credit cycle, so it’s even more important to focus on market complacency.
The conduit's allocation is unrelated to the e-tailer's big "HQ2" announcement this week, but is one of two investment-grade loans included in Citi's new 2018-C6 commercial mortgage pool.
The $600 million FORT CRE 2018-1 is more highly leveraged than the private equity group's debut transaction in August 2016, it is also actively managed and includes a $50 million tranche of revolving notes.
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