The private equity firm obtained a $540 million loan on the JW Marriott Grande Lakes and the Ritz-Carlton Grande Lakes, which are situated on 500 acres at the headwaters of the Everglades, from Barclays and Wells Fargo.
The securitization market is weathering risk retention and rising interest rates, though Fitch Ratings is keeping its eye on some consumer asset classes as the credit cycle lengthens.
A total of 191 properties, or 11.4% of the 1,598 in the pool, were previously securitized in transactions completed in 2014 and 2015 and repaid using a portion of the proceeds from a 2016 transaction.
The largest loan is for the first phase of State Farm’s two-year-old Park Center Phase 1 office tower complex that the firm constructed in Dunwoody, Ga.
The $785 million transaction, 2017-C41, is backed by a pool of 52 loans with an average balance of just $15.1 million, according to Kroll Bond Rating Agency; retail, hotel and office properties dominate the mix.
A mortgage on the marquee Caesars Palace Las Vegas is being used as collateral for $1.6 billion of mortgage bonds; proceeds will be used to repay existing indebtedness.
The delinquency rate for U.S. commercial real estate loans in CMBS is now 5.21%, a decrease of 19 basis points from the September level, according to Trepp. That is the second-largest rate drop measured in the last 19 months.
The two investment firms recently obtained $1.1 billion in loans from Goldman Sachs and Deutsche Bank to purchase a 48.7% stake in the property from New York REIT, which previously owned 98.8%.
The second liens, which accompany CMBS first mortgages, range in size from $500,000 to $5 million, a segment of the market that is not well served by either banks or debt funds.
With online retailers beginning to challenge the dominance of brick-and-mortar grocery stores, CRE loans to strip mails anchored by them look riskier.
The investment firm recently obtained an $800 million mortgage from Goldman Sachs that was used to refinance $753.1 million of debt on 138 Marriott and Hilton-branded hotels acquired between 2007 and 2015.
The bill provides clarity to capital requirements to certain acquisition, development and construction loans are assigned a higher risk weighting under Basel III.
The private equity firm obtained $582.5 million in financing from Goldman Sachs and J.P. Morgan; proceeds were used to refinance $510 million of debt and return $52.2 million of equity to the sponsor.
A report released Friday calls risk retention "an imprecise mechanism" for encouraging the alignment of interest between sponsors and investors. It recommends creating loan-specific requirements under which managers would receive relief.
The $456.9 million LCCM 2017-FLI is secured by 19 commercial mortgages, the largest of them an amended and restated loan on Two Gateway, an office building in downtown Newark, New Jersey.
Trepp reports that further declines are possible as the wave of maturing pre-crisis mortgages appears to have been reduced to more of a ripple.
The amount of commercial and multifamily mortgage debt outstanding ticked up from April through June, yet the balance of loans in commercial mortgage-backed securities continued its decline.
There are four loans with investment grade characteristics that help boost the overall credit metrics of the collateral pool.
The sponsor obtained a $1 billion mortgage from JPMorgan, Goldman and Citi; proceeds will be used to repay $715 million of debt taken out in 2015 to acquire the original portfolio from Apollo Global Management.
The latest round of Freddie-backed mortgages for the development, acquisition or rehabilitation or affordable multifamily housing includes 67 properties, with the highest concentration in California.
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