Brookfield takes $155M super-regional mall loan to CMBS market
The bonds will be backed by a first-lien mortgage on Willowbrook Mall, a 1.52-million-square-foot shopping center in Houston.
By
Glen Fest
CMBS
Securitized debt has been oasis for yield, but it’s running dry
It’s become nearly impossible to find yield amid the ongoing spread compression across credit markets. One of the last harbors for value, securitized debt, still offers upside in some specific areas, though returns are quickly diminishing. Some investment-grade slices of commercial and residential mortgage-backed securities, as well as collateralized loan obligations, are still cheap to […]
The post-Covid office needs a makeover to get its workers back
Analysts at HSBC Holdings PLC reported last month that 82% of employees globally say they’d like to work remotely at least one day a week in the future, citing Colliers International data. A separate CBRE survey showed a plurality seeking two to three days a week.
Brookfield aims to raise $100 billion for new flagship funds
Flatt said the combination of strong markets and asset sales means there’s enough capital on hand for its planned $6.5 billion privatization of Brookfield Property Partners LP, and the repurchase of its own shares, to soak up some of the new equity being issued in the transaction.
Benchmark $983M CMBS deal taking on on greater single-tenant risk
The multiborrower CMBS deal includes 71 single-tenant properties, representing more than 40% of the pool.
By
Glen Fest
Weekly Wrap: CAC launches next subprime auto ABS deal amid major news flurry
Deals, trends and research in structured finance and asset-backed securities for the week of April 30-May 6
By
Glen Fest
Miami Design District refi loan wrapped into BofA’s latest conduit
The 30-acre luxury retail development is among four investment-grade-worthy loans included in the multiborrower deal.
By
Glen Fest
ACRES places focus on multifamily properties in next CRE CLO
According to Moody’s Investors Service, nearly 73% of the 33-obligor pool for ACRES Commercial Realty 2021-FL1 are apartment buildings that lack current revenue streams due to property rehabilitation efforts or being under transition.
By
Glen Fest
Trump scores $617 million of cash with Vornado from tower bonds
The complex, among the tallest buildings in San Francisco, is one of two Trump-linked office towers that Vornado is refinancing.
Commercial mortgage performance improves again, but worries remain
Short-term late payment rates rose again and later stage delinquencies remain at elevated levels compared to those prior to the pandemic, the Mortgage Bankers Association said.
Extra Space portfolio highlights $817M Morgan Stanley CMBS
A new commercial-mortgage loan for seven facilities operated by the self-storage REIT is the largest of 41 loans in the conduit deal.
By
Glen Fest
Retail real estate rebounds out of the red zone
However, conditions for commercial mortgages overall worsened slightly due to persistent concerns in the hotel and office sectors, a Moody’s Investors Service report found.
One year later, commercial mortgages are doing better than expected
Thanks to a series of government measures, the pandemic did not cause the massive wave of distressed debt flooding the market that many expected, but certain property types remain vulnerable.
Wells Fargo’s latest CMBS offering manages office, retail exposures
Wells Fargo has tightened up a few credit characteristics in its latest offering of $826 million in commercial mortgage-backed securities notes.
CoreVest American prices first 2021 securitization at $275 million
The pool of pass-through commercial mortgage-backed securities is mostly made up of single-family and multifamily residences.
Office-tower bonds are wildly popular despite quiet downtowns
Investors are pouring money into bonds backed by U.S. offices, shrugging off concerns about whether workers will ever fill them up like they did before the pandemic.
Facebook’s VR site highlights pool assets in $1.2B Goldman CMBS
The conduit transaction will carry a $120 million portion of a $750 million debt financing package for Facebook's newly built Oculus R&D center near San Francisco.
By
Glen Fest
Durst refinancing Manhattan towers via $1.1B CMBS transaction
The two buildings included in the single-borrower transaction were both 94.8% leased as of February 2021.
By
Glen Fest
Firm taps CMBS to finance manufactured housing portfolio
Horizon Land Co. is securitizing a $488 million single-asset, single-borrower loan that will fund its purchase of 93 rent-site communities in the Midwest and Southwest regions.
By
Glen Fest
Running on empty: Fitch finds office CMBS vulnerable to remote work
The lasting effects of work-from-home practices driven by the COVID-19 pandemic could slash some office property values to less than half of their original value – and lead to rating downgrades on affected CMBS transactions, according to Fitch Ratings. “A large-scale secular shift in working practices could ultimately pressure even the most resilient properties,” Fitch […]
By
Matt Hudgins
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