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.
Commercial mortgages
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.
March commercial mortgage performance was strongest in nearly a year
However, the number of borrowers who failed to remit payment but were not yet 30 days overdue increased.
Vornado, CPPIB tap CMBS to finance $525M NY office tower mortgage
Vornado, a publicly traded REIT, and CPPIB have invested over $64.2 million in capital improvements to the historic One Park Avenue building since 2014.
By
Glen Fest
Hotel mortgage delinquencies rise in December, but retail improves
Fitch and Trepp reported that overall commercial mortgage-backed security delinquencies were down, while the MBA reported a slight increase.
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
CMBS 3Q delinquency rates decline from record-high level
But late payments for all other investor types rose compared with the second quarter.
Likely defeat of California’s Prop. 21 a win for commercial lenders
The ballot measure, which would allow local jurisdictions to expand rent control, had concerned mortgage companies who worried the law would result in a patchwork of different policies that could complicate underwriting and discourage lending.
Commercial mortgage originations in 3Q way down from one year ago
And an uptick from second-quarter numbers is attributed to seasonality rather than any upswing in the economy.
CRE delinquency rates and debt improve, hospitality sector still lags
Overall debt outstanding for delinquent commercial and multifamily mortgages cut down in September as more of the economy opens further with lodging and retail far behind, according to the Mortgage Bankers Association.
Life insurers may see mortgage losses above fiscal crisis levels
Delinquencies will rise due to the severe effects of the pandemic on the commercial property sector, Fitch said.
As Fed helps businesses, Democrats ask: What about consumers?
The Senate Banking Committee met Wednesday to review central bank lending facilities such as the Main Street Lending Program, which provides bank-issued loans to middle-market firms. But some lawmakers on the panel said the focus of pandemic relief has been misplaced.
White House says CDC will halt evictions using quarantine rules
Individuals who received a coronavirus stimulus check earlier this year also qualify for the protection, as do couples who jointly file their taxes and expect to earn less than $198,000.
Real estate investors skip paying loans while raising billions
While cutting losers to buy winners is an age-old investment proposition, the Covid-19 pandemic may create even more openings than the past crises that became bonanzas for real estate investors.
Assessing the trouble ahead for commercial mortgages
Borrowers will likely have to put more assets on the line to get forbearance extensions.
5 questions with CEO of Sabal on commercial mortgage forbearances
While the multifamily loan forbearance rate is lower than the most pessimistic projections, Pat Jackson says borrowers are hardly out of the woods yet.
Smaller banks have more risk from coronavirus-affected CRE mortgages
For banks with assets between $10 billion and $100 billion, the average exposure is 165% of capital.
CRE CLO market showing signs of recovery amid COVID-19 impact
But deal sponsors are primarily restricting property assets to the lower risk multifamily and office buildings that lenders are more confident will weather the economic strains brought by the coronavirus pandemic.
By
Glen Fest
Rent is due again and missing payments have landlords worrying
Mounting economic fallout from the pandemic is fueling apartment landlords' concerns that more tenants will struggle to make their rent payments, even after most managed to come up with the money for April.
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