Busy December pushes 2017 U.S. ABS issuance to $510B
With ideal macroeconomic fundamentals of economic growth and low interest rates still in place, S&P Global sees no reason for issuance to slow in 2018.
CMBS
CMBS may be underinsured for California earthquakes
Some commercial buildings that are not required to obtain earthquake insurance may still be susceptible to significant structural damage that could put the borrowers at risk of default, according to Kroll Bond Rating Agency.
Shorts still waiting for big payout on bonds tied to dying malls
Speculators who bet on declines in commercial mortgage bond indexes as a way to profit from the expected demise of regional shopping malls may still be waiting for a big payout, according to Trepp.
TOP 10 of 2017: CRE-CLOs move into the mainstream
Commercial real estate collateralized loan obligations appeal to investors now because they issue short-term, floating-rate notes; several nonbanks are using them to finance bridge lending.
Top 10 of 2017: Carving up CMBS loans, but not risk
The trend of putting ever-smaller pieces of the same commercial mortgages into multiple transactions means investors can end up with more exposure to a single property than they realize.
Blackstone finances U.K. logistics portfolio via CMBS
A £366.2 million mortgage on 127 industrial properties is being used as collateral for a transaction called Taurus 2017-2 UK DAC.
By
Glen Fest
Dime in N.Y. lowers CRE concentration with multifamily securitization
The $280 million securitization is also expected to boost capital levels and lower Dime's loan-to-deposit ratio.
Next single-asset CMBS backed by regional State Farm HQ
The 2-million-square-foot office complex in Tempe, Ariz., was acquired by JDM Partners and Transwestern Investment Group in a sale-and-leaseback agreement.
Atrium refinancing portfolio of 29 hotels via CMBS
The Alpharetta, Ga.-based manager of Hilton, InterContinental, Marriott and other branded hotels recently obtained a $600 million mortgage from three banks: Goldman Sachs, Citigroup and JPMorgan Chase.
By
Glen Fest
Macerich taps CMBS to cash $79M out of Santa Monica mall
A $300 million, interest-only first mortgage that the REIT obtained from Wells Fargo this month is being used as collateral for a transaction called WFCM 2017-SMP.
NYDFS Headquarters highlights $891M conduit from UBS
A lower Manhattan office building that serves as the headquarters of the New York Department of Financial Services is the largest loan in a $891 million CMBS from UBS.
Freddie Mac’s next K-Deal raises stressed leverage levels
The $1.5 billion FREMF 2017-K1 has a in-trust stressed loan-to-value ratio of 120%, as measured by Kroll; that's projected to fall to 108.7% when the deal matures.
By
Glen Fest
Morgan Stanley parks storage giant mortgage in $942.7M conduit
A $92 million portion of $194.4 million mortgage on a portfolio of 36 ExtraSpace Self Storage locations is the largest of 42 loans backed backing MSC 2017-HR2.
By
Glen Fest
Ally Detroit Center loan highlights $744.8M Wells CMBS
The Dan Gilbert-controlled skyscraper has apportioned $70M of a $102M whole-loan refinancing to the Wells conduit.
By
Glen Fest
Blackstone’s 1st CRE-CLO is largest since financial crisis
The deal, BXMT 2017-FL1 weighs in at $1 billion, making it more than twice as large as most CRE-CLOs issued this year; its size isn't the only unusual feature, however.
Late payments on CMBS loans inch lower in November
The Trepp CMBS delinquency rate is now 5.18%, a decrease of three basis points from the October level; declines were limited to the industrial, multifamily and office subindexes.
Blackstone refinancing Cosmopolitan (again) via CMBS
CHT 2017-CSMO will issue six classes of notes in the $1.38 billion transaction, which will refinance a 2016 mortgage securitization and provide funds for renovation.
By
Glen Fest
Blackstone back with another CMBS refi of luxury hotel
This time it’s the JW Marriott Phoenix Desert Ridge Resort & Spa, a 950-room, full-service resort. A $365 million first mortgage on the property from Morgan Stanley is being securitized via MSC 2017-JWDR.
Burbank office portfolio shows up in yet another CMBS
A $40 million slice of the original, $600 million mortgage on the 2 million-square-foot portfolio is one of the largest of 38 loans used as collateral in UBS 2017-C6, a $684.7 million conduit.
Four Club Quarters hotels back next Blackstone-sponsored CMBS
The properties have a total of 1,228 rooms, or "keys" located across four major U.S. cities: San Francisco (346 keys; 39.4% of allocated loan amount), Chicago (429 keys; 26.4%), Boston (178 keys; 18.2%) and Philadelphia (275 keys; 16%).
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