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Multifamily properties account for the vast majority of the initial pool balance, at 86.2%, DBRS said, which is a plus because multifamily properties typically have lower default rates than other CMBS property types.
Miracle Mile Shops have significant tenant lease rollover, with 53.7% of the mall's net rentable area (NRA) and 66.1% of its base rent scheduled to roll over during the five-year term of the notes.
Brookfield and partners will take approximately $46.3 million in a cashout, while the loan is interest only for the entire loan term.
Small and regional banks have been rocked by deposit outflows following the demise of Silicon Valley Bank, raising concerns that will crimp their ability to provide finance to borrowers.
On an issuer level, the deal has a WA capitalization rate of 6.33%, WA debt service coverage ratio (DSCR) of 1.89x, and a WA loan-to-value ratio of 52.5%.
The five-year notes benefit from overcollateralization equal to 35%, and will use the proceeds to repay a line of credit facility.
Loans located in the 2A market tier accounted for the highest concentration of loans in the pool, at 33.6%.
As of December 2022, improvements contributed about $15.4 million in incremental rental income, plus more than $310 million of additional sales volume.
Retail (36.1%) and office (28.1%) accounted for the largest percentages of loans by far, and the largest percentage of loans is in large metro areas.
Most California households and businesses lack adequate flood insurance protections, raising concerns about eventual risks to RMBS and CMBS transactions.
Members of the Brazos Electric Power Cooperative seek to recoup cost outlays from the fallout of Winter Storm Uri in 2021 the latest Texas utility to do so.
For hotel mortgage-backed securities, Fitch expects a better outlook, with the 2023 delinquency rate not expected to return to its pandemic peak of 18.4%.
A high concentration in multifamily properties, which have defaulted at much lower rates than other property types, is a positive consideration.
Investors in the senior classes of the capital structure will receive principal and interest payments sequentially, beginning with class A, until class E2 receives all of its principal and interest.
At stake are 10 properties in CMBS loans representing about $382.2 million in allocated property balances with leases will expire before yearend 2023.
Primary markets is the locale for just under half of the collateral pool, 49.3%, which is below the average of 53.4% observed in the comparison set.
Real-estate owned assets sold in 2021 achieved 109% of the most recent appraised value, on average, compared with the 97% that the sales achieved, in 2020.
Half of the loans were originated prior to the onset of the COVID-19 pandemic, and mainly in Q1 2020, while classes A and B have interest-only portions.
By property type, lodging assets led the way for total delinquencies, with 6.3%, while some 3.5% of the lodging pools were current and specially serviced.
Office properties account for 60.8% of the pool, above the 41.2% average for 2020 deals, and above the 36.5% average for 2021.
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