Weekly Wrap: Strong 2020 finish for C-PACE boosts 2021 outlook
Deals, trends and research in structured finance and asset-backed securities for the week of Dec. 31-Jan.7
CMBS
Blackstone taps CMBS to finance $477M multifamily portfolio loan
The first commercial mortgage securitization is backed by eight recently acquired garden-style apartments in five states.
By
Glen Fest
Mall of America gets modified terms on $1.4 billion mortgage
The largest U.S. shopping center became delinquent on its debt last year after its owner Triple Five Group began skipping mortgage payments, citing hardships from the COVID-19 pandemic.
Kroll: CMBS delinquencies fell for sixth straight month
While the balance of newly delinquent loans fell by 50% from November, the ratings agency warned that many borrowers will likely struggle to bring loans current under ongoing pandemic conditions.
By
Glen Fest
Brookfield bids to take Brookfield Property Partners private
Privatizing Brookfield’s real estate subsidiary is appealing because it has consistently traded at a discount to the underlying value of its assets.
2021 Outlook: Will more CMBS borrowers choose to turn in the keys?
Reports indicate distressed owners would rather surrender their hotel or retail properties instead of negotiate workouts on delinquent loans as the pandemic spread carries on.
By
Glen Fest
Ashford lands $200M Oaktree commitment to avoid bankruptcy
The three-year loan will boost the hotel-centered REIT's dwindling cash reserves battered by the COVID-19 global impact on travel.
By
Glen Fest
‘Loan to own guys’ chase 12% returns in distressed real estate
About $430 billion in commercial and multifamily debt, more than half of which is held by banks, is maturing in 2021, with fresh capital needed to head off a tsunami of defaults.
Refinance loan for Starbucks HQ heads to CMBS market
The $425 million loan securitization is among two single-asset, commercial-mortgage deals launching this week. Brookfield Asset Management's global real estate arm is also tapping investors to finance an $825 million loan backed by a downtown Manhattan office building.
By
Glen Fest
Hedge funds eye distressed malls and hotels
Hedge funds are eyeing malls, hotels, and office buildings hobbled by the Covid-19 pandemic in what some say may be the most lucrative commercial real estate move of 2021. Investors are looking to provide loans and invest in bonds for restructured commercial real estate assets in trades that could be worth hundreds of billions of […]
CMBS 3Q delinquency rates decline from record-high level
But late payments for all other investor types rose compared with the second quarter.
Cerberus enters joint venture to amass cold-storage property
Industrial warehouses, including cold storage facilities, are among the best-performing categories of commercial real estate as hotels, malls and offices face uncertain futures in the wake of the coronavirus pandemic.
Forever-empty offices and malls may mean pain for CMBS investors
The more-than-$550 billion market for bonds backed by U.S. commercial mortgages may face losses even after promising Covid-19 vaccines become widespread, as key parts of the real estate market may not return to full strength anytime soon.
MGM/Mandalay loan included in Wells’ fourth CMBS conduit of 2020
Other portions of the casino-property loan have been previously assigned to nine other commercial-mortgage securitizations.
By
Glen Fest
Hotel, retail loans fuel surge in CMBS delinquencies
Coronavirus-related disruptions at retail and hotel properties are fueling a surge in conduit CMBS delinquencies, according to Moody's Investors Service.
By
John Hintze
Location, location, location and low leverage preserve mall’s rating
The Mills outlet property in Elizabeth, N.J., has been hit hard by tenant bankruptcies but kept its AAA with Fitch thanks to its proximity to New York and underlying debt-related metrics.
By
John Hintze
Top CRE lenders launch CMBS with increased risks
Three major commercial mortgage lenders have teamed up again this year to securitize $871 million in properties in a CMBS deal that provides investors with a highly concentrated loan pool and higher leverage.
By
John Hintze
Weekly Wrap: Freddie Mac CEO David Brickman resigns
Deals, trends and research in structured finance and asset-backed securities for the week of Nov. 6-12
Brookfield automotive property REIT plans $568.1M securitization
Brookfield's Capital Automotive is marketing a new series of bonds secured by revenues from property sale-leaseback agreements with large auto dealer groups.
By
Glen Fest
Freddie to issue $1.25B in REMIC notes from K-Deal platform
The deal is among the largest Freddie Mac has on its fourth-quarter K-Deal platform issuance calendar.
By
Glen Fest
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