Investors scoop up office-tower bonds even as delinquencies rise
Office buildings are increasingly going delinquent on their mortgages, and yet bond buyers can’t seem to get enough of the properties.
CMBS
Property-Bond market heats up ahead of Miami industry conference
Commercial mortgage bond sales are heating up again, signaling another strong year ahead after issuance of the securities hit a post-crisis record in 2021.
Wayne Potters joins Lev as managing director, leaving SocGen
Potters, who has headed CMBS businesses at SocGen and Merrill Lynch, will focus on digital and automated commercial real estate loan securitizations.
Fitch announces downgrades on three commercial-mortgage pass-through deals
Key retail vacancies, a drop in office occupancies, plus a combination of lower oil prices, a housing market oversupply — worsened by the coronavirus pandemic — caused loan-level performance issues.
Greenworks prepares its first 144A PACE securitization
On any semi-annual payment date, the notes will pay on a pro rata basis if a loss trigger event is in effect. If a loss trigger event exists, the notes repay sequentially.
Freddie Mac’s K-deal program collateralizes $1.2 billion CMBS issuance
Some 75% of the loans, or a count of 38, are partial term interest-only (IO) loans, and just six, or 22.9% of the pool are full-term IO loans. Just one loan, has an amortizing balloon.
Expect a tally of $149 billion in commercial real estate securitization volume, says KBRA
Private label commercial real estate (CRE) securitizations may end up at $149 billion – more than double 2020’s volume of $62.2 billion.
Experienced investment groups bring $1.2 billion CMBS to market
The sponsors got the portfolio through multiple acquisitions from May through October.
Wells Fargo offers riskier CMBS from a longstanding shelf
The loan pool’s volatility score is high but its diversity of properties is a plus.
Banks ready $952.3 million CMBS through Benchmark 2021-B30
Benchmark will issue 21 classes of certificates, with 13 entitled to principal and interest payments. Six classes will receive interest only.
CMBS refinancings at risk as empty offices become a wasteland
The problem loans mature right around when tenants in the offices are due to renew — or end — their leases. That may unsettle investors in commercial mortgage-backed securities, analysts at Moody’s Analytics warned this week.
CMBS Market Faces Crunch As $40 Billion of Mall Debt Comes Due
Appraisals of troubled malls that were bundled into CMBS show property valuations going lower and lower. Capitalization rates are getting higher and higher.
Observers say Hurricane Ida risks to CMBS portfolios are manageable
Low pool concentrations of loans on properties located in Ida's path, plus robust property insurance are expected to rein in impacts and insulate noteholders.
By
Amilda Dymi
MOTEL Trust 2021 plans to raise $658 million in through pass-through certificates
The proceeds from the trust’s certificates will refinance some CMBS debt, among other balance sheet uses.
New Jersey’s American Dream megamall is once again sinking in debt
Less than two years after its much-delayed opening, the complex known as American Dream is threatening to dash the lofty ambitions of yet another developer.
BLOX 2021-BLOX prices $205 million in Seattle class-A office CMBS
Facebook is leasing two buildings that offer 542,680 square feet of prime office space in the Spring district of Bellevue, Washington, now under redevelopment.
Morgan Stanley trust to issue CMBS comprising all new loans
Morgan Stanley is starting afresh, with a $765.3 million CMBS deal issued through its MSC 2021 trust that comprises 43 loans secured by 60 properties and originated in April 2021 or later, as the vaccination rate gained momentum and Covid infection rate declined.
By
John Hintze
Extended Stay America secures $4.65 billion in CM pass-throughs
Extended Stay America is considered a pandemic success story, because its affordable monthly rates and configuration appealed highly to pandemic personnel.
Why a multifamily foreclosure tsunami is unlikely
Experts expect only a small uptick in distressed mortgages, either through default or inability to refinance, which will create some opportunity for debt buyers
Benchmark readies $1.1 billion CMBS conduit securitization
Two lodging property loans in Alabama and South Carolina were taken out prior to COVID-19, and the loan on the Alabama property had been granted forbearance.
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