BofA readies $1.1B CMBS with heavy exposure to retail
Commercial mortgages on retail buildings account for 45.2% of assets in the trust; many of these properties will be familiar to CMBS investors.
CMBS
KKR latest PE firm to tap CRE CLO market to finance bridge lending
The transaction is one of only three CRE CLOs issued post crises with a collateral balance of $1.0 billion or more, according to Kroll Bond Rating Agency.
Blackstone taps CMBS to finance purchase of luxury resort in Maui
A $215 million commercial mortgage that was used to acquire the Ritz-Carlton Kapalua is being used as collateral for a transaction called GS Mortgage Securities 2018-LUAU
This CMBS is backed by two hotels in Walt Disney World
Tishman Hotel & Realty and MetLife are refinancing the Swan and the Dolphin, adjoining resort complexes with a total of 2,270 rooms.
Ready Capital readies $263M of small-balance commercial mortgage bonds
The REIT formerly known as Sutherland Asset Management is pooling loans with an average balance of $583,029 on primarily single-tenant and owner occupied properties.
By
Glen Fest
Silverpeak Argentic’s next CRE CLO is more highly leveraged
The $597 million AREIT 2018-CRE2 is also slightly less concentrated than the sponsor's inaugural deal, completed in February.
Hartman latest REIT to tap CMBS for cash out refinancing
It has obtained a $259 million commercial mortgage from Goldman Sachs for a portfolio of 39 buildings in Dallas/Fort Worth, Houston and San Antonio.
Värde’s 2nd CRE CLO is more concentrated, less highly leveraged
The $462.3 million VMC 2018-FL2 will be backed by 25 properties, two of which will be acquired after the deal closes.
Fitch expects to call out competitors on ABS ratings more often
The rating agency feels that “late-cycle credit behavior” is allowing less established issuers to rely on the securitization market more heavily for funding.
Wells Fargo’s next CMBS features heavy exposure to super-regional malls
Two of the three largest loans in the $951 million deal are $50 million slices of loans on the Aventura Mall in Florida and the Christiana Mall in Delaware.
By
Glen Fest
Blackstone taps CMBS to refinance portfolio of 17 hotels
Blackstone Real Estate Income Trust obtained a $257 million mortgage from Barclays on 17 hotels with a total of 2,189 rooms across seven states; it still has $177 million of equity in the properties.
How working with Freddie could boost one bank’s profit
First Foundation sold loans to Freddie Mac to free up space for higher-yielding credits. It then bought the securities that were formed to replace other, lower-yielding assets through an often overlooked program.
Trepp puts CMBS exposure to Hurricane Florence at $3.9B
Similar to estimates published by Moody's and Morningstar, the data provider reckons that more than half of the loans are securitized by Fannie, Freddie or Ginnie.
Collateral for Benefit Street’s next CRE CLO includes vacant property
Three of the loans backing the $868.4 million BSPRT 2018-FL4 representing 18.4% of the collateral are either still under construction or have yet to be redeveloped, according to Kroll Bond Rating Agency.
CMBS exposure to Hurricane Florence broad, but impact likely limited
Moody's sees $10.7 billion of securitized commercial mortgages at risk, Morningstar just $1.49 billion; both say loans in Freddie Mac K-deals account for a significant portion of exposure.
Brookfield tapping CMBS for $375M refi of 3 regional shopping malls
The sponsor acquired all three, Riverchase Galleria in Hoover, Ala., Columbiana Centre in Columbia, S.C.. and Apache Mall in Rochester, Minn., through its purchase of GGB Nimbus in August.
Growth in new CMBS issuances reduces delinquency rate: Fitch
Commercial mortgage-backed securities delinquency rates are likely to continue to decrease for the rest of the year, as new issuances outpace maturing loans and precrisis loans continued to get resolved by special servicers, Fitch Ratings said.
Bancorp Bank ups exposure to multifamily in next CRE CLO
Apartment buildings account for 78.8% of the $341 million balance of the deal; that's up from 58% of a $304 million deal completed in March.
Greystone’s next CRE CLO backed exclusively by health care facilities
The $300 million transaction has a six-month prefunding period during with the last $50 million of loans will be acquired; it can be actively managed for three years.
Starwood Property Trust going it alone in the CMBS market
The real estate investment trust is securitizing a $225 million mortgage on a portfolio of 10 hotels owned by Taylor Woods and Howard Wu, founders of Urban Commons.
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