Blackstone’s 1st CRE-CLO is largest since financial crisis
The deal, BXMT 2017-FL1 weighs in at $1 billion, making it more than twice as large as most CRE-CLOs issued this year; its size isn't the only unusual feature, however.
Commercial mortgages
Late payments on CMBS loans inch lower in November
The Trepp CMBS delinquency rate is now 5.18%, a decrease of three basis points from the October level; declines were limited to the industrial, multifamily and office subindexes.
Blackstone back with another CMBS refi of luxury hotel
This time it’s the JW Marriott Phoenix Desert Ridge Resort & Spa, a 950-room, full-service resort. A $365 million first mortgage on the property from Morgan Stanley is being securitized via MSC 2017-JWDR.
Blackstone refinancing pair of luxury hotels in CMBS market
The private equity firm obtained a $540 million loan on the JW Marriott Grande Lakes and the Ritz-Carlton Grande Lakes, which are situated on 500 acres at the headwaters of the Everglades, from Barclays and Wells Fargo.
Banks seek level playing field for CRE construction lending
A bill that would ease Basel III capital requirements on commercial real estate loans could level the playing field between depository and nonbank lenders and spur more construction lending if it passes in the Senate.
Late payments on CMBS loans drop again in October
The delinquency rate for U.S. commercial real estate loans in CMBS is now 5.21%, a decrease of 19 basis points from the September level, according to Trepp. That is the second-largest rate drop measured in the last 19 months.
SL Green, RXR tap CMBS for purchase of stake in Worldwide Plaza
The two investment firms recently obtained $1.1 billion in loans from Goldman Sachs and Deutsche Bank to purchase a 48.7% stake in the property from New York REIT, which previously owned 98.8%.
Commercial, multifamily originations to reach record high in 2017
Commercial and multifamily originations are projected to surpass the 2007 market peak this year, according to the Mortgage Bankers Association.
Greystone launches CMBS mezzanine loan product
The second liens, which accompany CMBS first mortgages, range in size from $500,000 to $5 million, a segment of the market that is not well served by either banks or debt funds.
CMBS late pays fall in September for 3rd straight month
Trepp reports that further declines are possible as the wave of maturing pre-crisis mortgages appears to have been reduced to more of a ripple.
CMBS lost more ground to other lenders in 2Q
The amount of commercial and multifamily mortgage debt outstanding ticked up from April through June, yet the balance of loans in commercial mortgage-backed securities continued its decline.
Life insurers smell opportunity in CRE, multifamily lending
Insurers are seeing modest gains in market share as banks, facing increased scrutiny from regulators, lightly tap the brakes.
