CMBS exposure to Toys R Us limited, but concentrated
Some 109 securitized commercial mortgages totaling about $5.5 billion carry the retailer; the largest is a $400 million single-asset deal backed by a portfolio of 123 stores.
CMBS
Offices feature heavily in Prime Group CRE-CLO
The largest loan, One Kansas City Place, representing 10.3% of the collateral pool, is primarily occupied by an investment-grade tenant, Kansas City Power and Light Co.
Wells’ next CMBS features GM Building, NYC co-ops
There are seven other CMBS issued this year with exposure to the skyscraper at 767 Fifth Avenue. In June, the owners took out a $1.47 billion whole loan that was used to refinance existing debt and pay a dividend; the largest portion was securitized in a single-asset transaction.
Next single-asset CMBS backed by 375 Hudson Street
The 19-story Class A office building boasts a LEED Gold certification and a concentrated tenant roster, led by Saatchi & Saatchi and Penguin Random House.
Early estimates put CMBS exposure to Irma in tens of billions
Morningstar thinks that $38.94 billion of CMBS loans that it rates in Florida could be impacted; it sees another $19.38 billion of exposure in Georgia, $5.16 billion in Alabama, and $5.03 billion in South Carolina.
Why pricing terrorism risk remains a challenge for CRE insurers
The Terrorism Risk Insurance Act was created after 9/11 to serve as a crucial federal backstop for commercial real estate insurers, but an analysis of alternatives to fund the program reveals the continued challenges of measuring and predicting terror risk.
Stonemont taps CMBS to finance 100-property portfolio
Stonemont Financial Group, an Atlanta-based real-estate-management firm, is tapping the commercial mortgage bond market to help finance its acquisition of a portfolio of 100 office buildings, industrial and retail properties.
Blackstone REMIC launching $2B Motel 6 portfolio
The new Motel 6/Studio 6 deal is collateralized by the fee income of a refi commercial loan, as well as cash-flow pledges from company-owned and franchised properties.
By
Glen Fest
Trepp: CMBS loan exposure to Harvey near $30B
Damages have typically not been a "disruptive problem" with hurricanes because of commercial properties' insurance, Trepp reports, but expiring leases of major tenants and the energy industry fallout have already had an impact on Houston-area office buildings.
By
Glen Fest
Citi preps $240M CMBS backed by Philadelphia’s Centre Square
A joint venture between Nightingale and WCP acquired the property, which is well known for the Claes Oldenburg Clothespin sculpture in its front plaza, for $328 million in July.
Retailer woes pose ‘marginal’ risk to asset-backeds, says Moody’s
Although challenges have accelerated for certain segments of the U.S. retail industry, the exposure to troubled retail in U.S. structured finance sectors is limited, posing small-to-modest risks for some asset classes.
Blackstone taps CMBS to refi iconic San Diego resort
A $507.6 million first mortgage on the Hotel del Coronado, a 130-year-old landmark with 1,400 linear feet of direct ocean frontage, is being securitized in BBCMS 2017-DELC. Barclays is the loan seller.
This $350M CMBS backed by Santa Monica office campus
Boston Properties and the Teachers Insurance and Annuity Association are refinancing the property, which occupies an entire block in the city's media and entertainment district.
Quick start to August CMBS issuance adds $4.3B to pipeline
Five deals launched in the first week include another whole loan participation in New York's GM Building, as well as a single-borrower ABS for the Park Avenue office tower complex that includes Facebook and Buzzfeed as tenants.
By
Glen Fest
Premier LA office tower reprises starring role in $1B Goldman CMBS
The 1999 Avenue of the Stars tower in the Century City submarket is part of a second Goldman Sachs CMBS transaction, and is the largest loan in the new 2017-GS7 portfolio.
By
Glen Fest
Sutherland closes on legacy $143.3m CMBS portfolio
The completed securitization features seasoned, pre-crisis commercial mortgages acquired from GE Capital, CNL Financial, PMC Property and CIT Group.
A10 REIT marketing $377 CRE securitization
Unlike some recent transactions in this space, this one is backed by a mix of "transitional" properties, including office, retail, and industrial, and not just multifamily.
Why this CRE lender went solo in the securitization market
With fewer CMBS deals coming to market — partly as a result of risk-retention rules — an independent finance company like Ladder Capital can’t always wait to piggyback on Wall Street’s transactions.
JPMorgan adds $382.1M to CMBS pipeline
The portfolio includes six loans for office, hotel and multfamily properties; the largest is an office park in Austin Texas' high-tech corridor.
By
Glen Fest
Blackstone taps CMBS for another bioscience cashout refi
The private equity firm obtained an $825 million mortgage on the portfolio from Citi, Deutsche Bank and Barclays; proceeds, along with $500 million of mezzanine debt, will be used to repay exist debt and cash out $207 million of equity.
By
Glen Fest
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