Next Wells conduit features exposure to Facebook offices
The seventh-largest loan (3.9% of the pool) is secured by 181 Fremont Street in San Francisco, has a credit opinion of BBB, reducing overall leverage in the $766 million conduit.
CMBS
Angel Oak expands into commercial mortgage lending
Angel Oak Commercial Lending provide both short- and long-term financing for projects in multifamily, industrial, mixed use, retail, office, self-storage and other sectors.
Blackstone sponsors $382M single-asset CMBS for office-tower complex
The Market Center buildings in San Francisco's South Financial District includes Uber, Mindspace and TIBCO Software as tenants.
By
Glen Fest
Trepp: CMBS loan delinquencies rise for first time since June
The increase in the delinquency rate for securitized CRE loans for March ended an eight-month streak of declines.
By
Glen Fest
Benefit Street booking forward capacity in CRE CLO market
The sponsor has only identified $552 million of collateral for the $610 million deal; it has another four months to put the remaining $88 million to work in additional assets.
Credit Suisse bulks up on hotels in $952M conduit CMBS
Just over 20% of the balance are hotel loans, including the second-largest loan in the collateral pool, a $59.9 million portion of a $132.9 million loan used in a cashout refinancing of the Hilton Clearwater.
By
Glen Fest
State Farm’s regional HQ shows up in another CMBS
The $1.1 billion BENCHMARK 2018-B3 is backed by 45 loans secured by 89 properties contributed by Deutsche Bank (42.8%), JPMorgan Chase (35.3%) and Citibank (21.8%), according to rating agency presale reports.
CRE bridge lending is white hot. What could possibly go wrong?
Nonbanks are originating more commercial mortgages on fixer-uppers in response to a sharp drop in the cost of funding in the securitization market. These deals are said to be "vastly different" than other CRE instruments that sustained big losses in the crisis — so far.
Spike in construction lending one likely outcome of reg relief
First the House and now the Senate have included provisions in their regulatory relief bills that bankers say would go a long way toward clearing up confusion over how to treat high-volatility commercial real estate loans.
By
Andy Peters
Willis Tower still under renovation, but Blackstone is refinancing (again)
Just one year after it got a $1.05 billion loan from a trio of banks (Goldman, BofA and Citi), Blackstone has obtained a new, $1.3 billion loan from two more banks: Barclays and Deutsche.
Fannie Mae Green GeMS REMIC included in Green Bond Index
The security that was incorporated into the index is backed exclusively by loans on green building certified properties; the GSE is still working on acceptance of financing for green upgrades.
If you can’t beat ’em? Bancorp Bank taps CMBS market
Commercial banks typically compete with CMBS, but this Delaware state chartered bank is securitizing 30 floating-rate loans secured by 35 apartment complexes, retail and office buildings.
Brookfield taps CMBS to finance $707M buy of WoodSpring Suites
Citigroup and Goldman Sachs are securitizing a $405 million first mortgage taken out to help finance the private equity-led acquisition of the WoodSpring Suites low-priced extended-stay hotel chain.
By
Glen Fest
Competition may force CMBS issuers to pursue higher LTV loans
Growing competition may prompt commercial mortgage-backed securities issuers to accept higher loan-to-value ratios in their deals.
This CMBS helps finance DDR’s spinoff of Puerto Rico malls
The real estate investment trust obtained a $1.35B mortgage from four banks on a portfolio of 38 properties in the U.S. and pledge of cash and insurance on another 12 in Puerto Rico.
Late payments on CMBS loans fell sharply in February: Trepp
The Trepp CMBS Delinquency Rate is now 4.51%, a decrease of 32 basis points from the January level; only the multifamily subindex experienced a rise in late payments.
Blackstone cashes $300M out of life sciences portfolio via CMBS
It has obtained a $1.4 billion mortgage from four banks on a portfolio of 27 buildings that were previously securitized in a 2016 transaction, according to rating agency reports.
Reports of Libor’s demise have been greatly exaggerated
Timothy Bowler, president of the ICE Benchmark Administration, which has been responsible for calculating the index since mid-2013, argues that there is a strong case for keeping it going.
Hong Kong investor taps CMBS to finance portfolio of 4 hotels
Junson Capital obtained a $179 million first mortgage from Natixis; proceeds, along with $40 million of subordinate debt and $115 million of equity, were used to fund the $334.3 million acquisition.
High-end hotels find strong bookings in CMBS
Demand for hotel rooms is running high, and mortgage bond investors are lining up to finance acquisitions and upgrades of even the largest resorts.
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