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Unibail-Rodamco-Westfield is offering to exchange any and all of its €1.25 billion ($1.37 billion) notes, which currently pay a coupon of 2.125%, with a new bond paying 7.25% and a cash amount.
Multifamily properties account for the vast majority of the initial pool balance, at 86.2%, DBRS said, which is a plus because multifamily properties typically have lower default rates than other CMBS property types.
Economic analysis from the real estate advisory CBRE finds that community banks are particularly imperiled by their exposure to commercial real estate loans. Others see looming risks in indirect lending.
But when compared past periods of upheaval, those rates remain relatively low, the Mortgage Bankers Association report showed.
Banks could be in for a long, slow trickle of bank failures and consolidation in the coming months and years, particularly if inflation persists and interest rates keep rising. A downturn in commercial real estate could add to banks' problems.
As FDIC seeks a buyer for the remaining assets left after its sale of most of Signature Bank to Flagstar Bank, the agency has announced $60 billion in deposits — including some New York City commercial real-estate loans — will be on the market by this summer.
Federal Deposit Insurance Corp. Chairman Martin Gruenberg said that the rise of hybrid and remote work, alongside rising interest rates, could be creating lingering risk in the maturity of some bank loans.
Lenders navigate commercial property assessed clean energy (C-PACE) as a lower-cost source of commercial real estate finance, priming the pipeline for ABS.
The two companies will integrate platforms to streamline sales in the single-family, build-to-rent property market.
Comerica, which focuses on the energy sector, reported strong payment trends last quarter, while M&T, which concentrates more on real estate, showed deterioration. The divergence reflects varying exposures to sectors hit hard by the COVID-19 recession.
Growing CRE mortgage volumes raised the bar for the coming year despite lingering concerns, according to the CRE Finance Council.
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.
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.
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.
The bond issuance out of Fortress' CF Hippolyta master trust will finance 19 newly constructed or planned Amazon distribution and logistics facilities in 15 states.
Already contending with stressed retail, hotel and restaurant loans, bankers are beginning to view office lending — historically a safe bet — as increasingly risky as companies of all types rethink their space needs.
The Federal Reserve warned of significant risks of business bankruptcies and steep drops in commercial real estate prices in a report published on Friday.
Commercial real estate portfolios have held up better than expected during the pandemic. But rising delinquencies and fears of a delayed economic recovery are renewing questions about credit quality.
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.
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.
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