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High property values and low mortgage rates pushed commercial and multifamily originations beyond their projected totals in 2017 to a new market peak, according to the Mortgage Bankers Association.
Moody's sees $10.7 billion of securitized commercial mortgages at risk, Morningstar just $1.49 billion; both say loans in Freddie Mac K-deals account for a significant portion of exposure.
The GSE recently transferred $166 million portion of risk on $11.1 billion of loans via contracts with seven reinsurers and insurers; it plans to come to market two or three time a year going forward.
Commercial real estate is their bread and butter, but many banks are scaling back in this vital loan category. Here’s why.
Collateral for the mortgage bonds does not include what Moody's Investors Service terms the "improvements," a 42-story building, state-of-the-art digital signage or a 452-room luxury hotel.
The removal of costly appraisal requirements on tens of thousands of smaller commercial properties could help community banks better compete for loans they say they have been losing to nonbank lenders.
The $826.6 million transaction, GPMT 2018-1, represents about two-fifths of the $2.4 billion portfolio of the REIT, which was spun out of Two Harbors Investment last year.
Angel Oak Commercial Lending provide both short- and long-term financing for projects in multifamily, industrial, mixed use, retail, office, self-storage and other sectors.
Nonbanks are originating more commercial mortgages on fixer-uppers in response to a sharp drop in the cost of funding in the securitization market. These deals are said to be "vastly different" than other CRE instruments that sustained big losses in the crisis — so far.
Commercial banks typically compete with CMBS, but this Delaware state chartered bank is securitizing 30 floating-rate loans secured by 35 apartment complexes, retail and office buildings.
Growing competition may prompt commercial mortgage-backed securities issuers to accept higher loan-to-value ratios in their deals.
The Trepp CMBS Delinquency Rate is now 4.51%, a decrease of 32 basis points from the January level; only the multifamily subindex experienced a rise in late payments.
Demand for hotel rooms is running high, and mortgage bond investors are lining up to finance acquisitions and upgrades of even the largest resorts.
The Trepp CMBS Delinquency Rate for U.S. commercial real estate loans in CMBS is now 4.83%, a decrease of six basis points from the December level.
A $235 million deal is backed by a 27-story Manhattan office building; another, for $150 million, is backed by a portfolio of office and research and development buildings in Silicon Valley.
Blackstone used the $189 million mortgage to help finance its purchase of the Turtle Bay Resort; it's planning to add rooms, but the new development will be held outside the trust.
The 2-million-square-foot office complex in Tempe, Ariz., was acquired by JDM Partners and Transwestern Investment Group in a sale-and-leaseback agreement.
A $300 million, interest-only first mortgage that the REIT obtained from Wells Fargo this month is being used as collateral for a transaction called WFCM 2017-SMP.
Freddie Mac is broadening its capital markets vehicles with its first offering of participation certificate securities backed by multifamily tax exempt loans.
A lower Manhattan office building that serves as the headquarters of the New York Department of Financial Services is the largest loan in a $891 million CMBS from UBS.
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