JPMorgan Asset Management expanding footprint in private debt
JPMorgan Chase & Co.’s asset management arm is extending a push into the $787 billion private credit market as cash pours into the asset class from yield-hungry investors.
CRE
Hotel, suburban office outlook iffy for properties backing CMBS
The outlook for hotels and suburban offices is still questionable, but the prognosis for other property types in the securitized commercial real estate market remains fairly strong, according to Moody's Investors Service.
Nearly $42M in CMBS at risk in GameStop store shutdown: Morningstar
GameStop's plan to shutter up to 200 stores could adversely affect commercial mortgage-backed securities loans with a combined allocated property balance of almost $42 million, according to Morningstar Credit Ratings.
Multifamily lending jumps to record high, growth expected through 2020
Rising demand and plummeting mortgage rates pushed multifamily origination dollar volume above 2017's record to a new peak, according to the Mortgage Bankers Association.
Delinquencies rise in more recent CMBS, belying a broader drop
While delinquent loans in commercial mortgage-backed securities continued trending downward overall, there was an uptick in the rate for more recent originations, a Standard & Poor's report noted.
The Bancorp’s risky CRE pivot
The Delaware company, best known for issuing prepaid cards, has ramped up commercial real estate securitizations. The shift promises to deliver big fees, but it could also cause headaches if defaults spike.
Clifford Chance expands partnership ranks for growing CRE securitization practice
James Cotins and Matthew Lyons will work with lead partners Lee Askenazi and Robert Villani at the New York-based firm, joining from Alston & Bird.
Overleverage to reduce CMBS loan payoffs in 2019: Morningstar
The large number of overleveraged commercial mortgage-backed securities loans coming due in 2019 is likely to cause the payoff rate to drop an additional 9 percentage points by December, a Morningstar report said.
Blackstone financing bioscience properties in $628M securitization
The large single-loan transaction covers two lab-office facilities in the Boston area's crowded life sciences corridor near MIT.
Brookfield financing mall portfolio mortgage through $295M CMBS transaction
The trio of malls collateralizing the new mortgage include two well-performing mall as well as a troubled Florida super-regional shopping center.
By
Glen Fest
Multifamily and CRE loan debt sees largest rise since housing bubble
Commercial and multifamily mortgage debt outstanding grew 6.8% in 2018, benefiting from strong employment numbers and strained inventory, according to the Mortgage Bankers Association.
Bancorp’s next CRE CLO has even higher multifamily exposure
Bancorp 2019-CRE5 contains 46 loans on apartment buildings accounting for 82.4% of the collateral pool; that's up from 78.8% for the sponsor's prior deal.
CMBS delinquencies continue descending at start of year: Fitch
Late payments on loans backing commercial mortgage bonds continued falling at the start of the year, due to strong new issuance volume and continued resolutions for precrisis loans by special servicers, according to Fitch Ratings.
Commercial mortgage market should prep for Libor switch now: MBA
While the London interbank offered rate won't go dark until 2021, the commercial real estate finance industry should start preparing for the transition now, says the Mortgage Bankers Association.
Clifford Chance taps former UBS exec for real estate, specialty finance role
Steven Mastrovich joins the firm a week after the departure of partner and CRE/CLO specialist Steven Kolyer for Sidley Austin.
SBA’s biggest lender is overhauling its business model
Live Oak Bancshares became an SBA juggernaut by making loans, selling them and making more. With economic conditions changing, it is retaining more credits.
EU efficiency standards add risk to older assets in RMBS, CMBS
Stricter energy regulations for European residential and commercial buildings, effective in 2020, will likely depress cash flow and property values, though the impact will vary by country, according to Moody's Investors Service.
By
Glen Fest
Orix USA turns to CRE CLO platform in $350M commercial mortgage ABS
The pool includes loans for 23 new construction, converted or acquired assets, each in a pre-stabilization phase awaiting refinancing through a permanent agency takeout loan.
By
Glen Fest
Multifamily and commercial mortgage lending hits record high
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.
Appraisers balk at plan to ‘virtually eliminate’ SBA property valuations
The House of Representatives passed two bills that would tie appraisal waivers for Small Business Administration loans to bank rules for commercial real estate loans, despite objections from the Appraisal Institute about its members being cut out of transactions.
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