Brian Grow named president of Morningstar Credit Ratings
Grow was previously director of MBS and ABS securities; he replaces VIckie Tillman, who retired in December after overseeing the company's expansion into a diversified credit rating agency.
CMBS
Ares tapping CMBS for cashout refinance of Hilton Orlando
Ares, along with RDA and Park Hotels & Resorts, obtained a $475 million loan from JPMorgan Chase and Wells Fargo; proceeds will refinance a loan securitized in 2014 and return $90 million of equity.
Bridge joins growing ranks of lenders tapping CRE CLO market
The $510.2 million transaction, BDS 2018-FL1, is primarily backed by multifamily (47%) and office buildings (42.1%) originated by ROC Debt Strategies Fund II REIT.
Ashford refinancing 8 hotels in commercial mortgage bond market
The REIT has obtained a $395 million loan form JPMorgan Chase that is being used to repay existing debt of $378.9 million that was previously securitized in BAML 2014-ASHF.
Silverpeak Argentic is latest PE firm to tap CRE-CLO market
The deal is backed by an unusually concentrated portfolio of just 19 loans on properties being rehabbed or converted to a new use; by property type, the biggest exposure is to hospitality, at 19.7%.
By
Glen Fest
Red Roof owners refinancing through single-borrower CMBS
Westmont Hospitality Group has secured a $360 million first mortgage and $40 million mezzanine loan from Barclays and Morgan Stanley that is secured by a portfolio of 89 Red Roof locations in 25 states.
By
Glen Fest
TPG Capital follows Blackstone into the CRE-CLO market
Moody's considers the $932.4 million TPG Real Estate Finance Trust 2018-1 to be highly leveraged, though not as highly leveraged as Blackstone's inaugural transaction.
Late payments on CMBS loans fall again in January
The Trepp CMBS Delinquency Rate for U.S. commercial real estate loans in CMBS is now 4.83%, a decrease of six basis points from the December level.
Another luxury hotel is being refinanced in the CMBS market
The Renaissance Aruba Resort & Casino went through a foreclosure in 2012, giving its mezzanine lender an equity stake; the majority owners have obtained a new $195 million loan to buy out two partners.
Next single-asset CMBS is backed by multifamily complex in Jersey City
JPMorgan is bundling portions of the first mortgages on six towers in what was once the Jersey City Medical Center into collateral for $200 million of commercial mortgage bonds.
Another ‘transitional’ CRE lender readies debut CRE-CLO
Varde VMC Lender, a Minneapolis firm specializing in distressed commercial real estate, has branched out to financing offices and apartment buildings being upgraded or repurposed.
Starwood tapping CMBS for cashout refi of extended-stay hotels
The private investment firm has obtained a $471 million mortgage from Goldman Sachs secured by 85 properties with a total of 10,764 keys operating under the InTown Suites flag.
Next Wells CMBS has heavy exposure to Silicon Valley offices
The largest loan is a $94 million portion of a $340 million mortgage originated by Wells, Deutsche and Goldman secured by three interconnected buildings whose sole tenant is Apple.
Structured finance pro Angus Duncan joins Hunton & Williams
Previously a partner at Winston & Strawn, he brings more than 25 years of experience handling complex structured finance and specialty finance transactions.
Tax reform should attract new capital to commercial real estate
The Taxs Cuts and Jobs Act preserves most of existing benefits for owners, operators, and investors, and provides a few new perks as well; there are some trade-offs to be made, however.
Colony NorthStar refinancing portfolio of 135 hotels in CMBS market
The global real estate and investment management firm took ownership of the portfolio after the 2013 CMBS that it originally backed failed to pay off at maturity, according to Kroll Bond Rating Agency.
Natixis launches two single-asset, single-borrower CMBS on same day
A $235 million deal is backed by a 27-story Manhattan office building; another, for $150 million, is backed by a portfolio of office and research and development buildings in Silicon Valley.
This single-asset CMBS finances hotel on Oahu’s Northern Shore
Blackstone used the $189 million mortgage to help finance its purchase of the Turtle Bay Resort; it's planning to add rooms, but the new development will be held outside the trust.
Blackstone taps CMBS to fund purchase of Prologis portfolio
A fund controlled by the PE group obtained a $192 million loan from Wells Fargo; proceeds, along with $127 million in subordinate financing, funded the $300 million purchase.
CMBS delinquency rate falls sharply in December
The Trepp CMBS Delinquency Rate ended the year at 4.89%, a decrease of 29 basis points from the November level. That’s the largest monthly drop since January 2016.
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