Benchmark Mortgage Trust issues $916.7 million, through series 2024-V6
Seven of the loans, 27.7% of the pool balance, are secured by multiple properties or have a component of cross-collateralization, benefitting from greater cash flow stability.
CMBS
BANK5 2024-5YR5 aims to raise $518.6 million in CRE certificates
On a weighted average basis the loans have a 7.03% coupon and a remaining term of 4.9 years. All 24 loans are full-term, interest-only loans.
ABS market originated $288.3 billion in new supply in 2023
Throughout the year, auto ABS was a stronger performer than other consumer ABS asset classes, with $141.1 billion in new securitization business.
CMBS delinquencies drop but new bankruptcy shows issues persist
The delinquency rate that Kroll Bond Rating Agency tracks improved last month but JER's recent Chapter 11 filing and 2024 forecasts suggest it's still under pressure.
BMO Mortgage Trust raises $737.6 million in CMBS
The pool has lower leverage compared to recent multi-borrower transactions rated by Fitch Ratings.
Benchmark Trust issues $484 million CMBS transaction
Large retail, office, mixed-use and self-storage loans dominate the property pool.
A whole loan on Westfield Garden State Plaza secures $525 million in CMBS
Sponsors will invest additional capital to reconfigure the recently purchased Lord & Taylor lot and construct a residential mixed-use development of 550 units.
MSWF 2023-2 prepares to sell $914.5 million in CMBS
Retail properties account for 44.1% of the pool, the collateral pool's largest portion. Multifamily, lodging office and other properties account for 12.5%, 11.5%, 8.9% and 23.0%, respectively.
KSL Commercial Mortgage looks to raise $913 million in CMBS
The underlying mortgage is a two-year, floating-rate commercial mortgage loan that is slated to mature on Dec. 9, 2025, and the loan has three one-year extension options.
BBCMS prepares to issue $721.3 million, in commercial mortgage notes
Just two of the loans have existing additional debt, representing 11% of the pool. The pool has an in-trust appraisal loan-to-value ratio of 54.5%. On a pooled trust basis, the deal has an LTV ratio of 81.5%.
BMO 2023-5C2 prepares to issue $777 million in CMBS
Full-term, interest-only loans account for 98.4% of the pool, while just two loans, or 1.6% are financed with an amortizing balloon. Analysts expect a cap rate of 9.19% capitalization rate to the underlying properties.
Brandywine: Agency RMBS carry and safety prevail even if timing is lacking
The market appears strongly divided, as commercial real estate presents investors with stark choices and big risk-management decisions, often differing by region and by sub-sector.
By
John Hintze
U.S. CMBS delinquency rates on the rise
After weathering a barrage of industry shifts, weaker office fundamentals also mean special servicing has increased on office CMBS pools.
Investors seize rare opportunity at the crossroads of high quality, high yield
With uncertain outlooks surrounding the economy and interests, investment managers looking for safer fixed-income investments are finding underpriced assets.
DC Commercial Mortgage Trust plans to float $990 million in CMBS
The issuer underwriting (UW) rent for data center space is about 17.9% below the sponsor's market rent estimates, leaving potential opportunities for further rent revenue increases.
Century City prepared a $925 million CMBS refinance
KBRA estimates that the property has a net operating income of $101.4 million; a 7.25% cap rate, and an in-trust debt service coverage of 1.18x at term Secured Overnight Financing Rate (SOFR).
Velocity Commercial Capital Loan Trust returns to raise $263.1 million
PHH Mortgage will service all of the loans in the pool, for an annual fee of 0.20%. For its part, Velocity will act as special servicer on loans that become delinquent for more than 60 days or default.
BMO 2023-5C1 is preparing to issue $766.3 million in notes
With 24 sponsors, the collateral pool comprises mostly full-term interest-only loans, 97.4%. Otherwise, amortizing balloons make up the next highest percentage of loans, at 2.6%.
Westfield mall owner has unusual fix for its refinancing dilemma
Unibail-Rodamco-Westfield is offering to exchange any and all of its €1.25 billion ($1.37 billion) notes, which currently pay a coupon of 2.125%, with a new bond paying 7.25% and a cash amount.
Citigroup Commercial, a Robert Moser CMBS, aims to raise $405 million by June’s end
Self-storage properties, the makeup of the collateral portfolio, were the only real estate type that generated returns in the black during the global financial crisis in 2008.
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