ICON Realty taps CMBS for refi of 18 NYC apartment buildings
The sponsor acquired the buildings over the past 12 years; now it has obtained a mortgage on each from JPMorgan Chase for a total of $174 million.
Multifamily
Scorecard disparity leads Fannie Mae to tweak its multifamily CRT mix
An emerging gap between the government-sponsored enterprises on a Federal Housing Finance Agency scorecard item is prompting Fannie Mae to diversify its multifamily credit risk transfer efforts.
Why Fannie Mae might never transfer 1st loss in multifamily CIRT
While reinsurers are becoming more comfortable with the risk it is offloading, the GSE wants to maintain control of the workout process for loans that go bad.
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.
Nonbank CMBS 2.0 loans’ default rate is much higher than banks: Fitch
Loans in commercial mortgage-backed securities originated after 2009 by nonbank lenders have a significantly higher default rate than those originated by banks, a Fitch Ratings report said.
Freddie Mac executes first ever non-LIHTC deal
Freddie Mac issued its first non-low-income housing tax credit forward commitment, providing financing for an affordable housing development in Minnesota.
Fannie Mae’s latest multifamily CIRT attracts more reinsurers
Dividing the transaction into two tranches allowed the GSE to tailor the transaction to the risk appetite of participants, lowering the cost of reinsurance.
FHA looking to extend multifamily risk-sharing program: Montgomery
The Federal Housing Administration's risk-sharing program with the Federal Financing Bank began as a temporary fix, but the agency is exploring how to make it more permanent.
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.
How working with Freddie could boost one bank’s profit
First Foundation sold loans to Freddie Mac to free up space for higher-yielding credits. It then bought the securities that were formed to replace other, lower-yielding assets through an often overlooked program.
Fannie Mae using insurance to offload more credit risk in multifamily
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.
Redwood Trust offering could boost its stake in single-family rental
Redwood Trust has priced a new stock offering that is aimed at increasing funding to new initiatives like investments in the single-family rental and multifamily sectors as well as routine business.
Fannie Mae Green GeMS REMIC included in Green Bond Index
The security that was incorporated into the index is backed exclusively by loans on green building certified properties; the GSE is still working on acceptance of financing for green upgrades.
Fannie sets multifamily record as Wells pulls back, others step up
Fannie Mae's multifamily volume hit another record high of $67 billion in 2017 as former top producer Wells Fargo nearly halved its volume and nonbank competitors increased their market share.
Dime in N.Y. lowers CRE concentration with multifamily securitization
The $280 million securitization is also expected to boost capital levels and lower Dime's loan-to-deposit ratio.
Freddie Mac offering new type of tax-exempt multifamily security
Freddie Mac is broadening its capital markets vehicles with its first offering of participation certificate securities backed by multifamily tax exempt loans.
Freddie Mac’s next K-Deal raises stressed leverage levels
The $1.5 billion FREMF 2017-K1 has a in-trust stressed loan-to-value ratio of 120%, as measured by Kroll; that's projected to fall to 108.7% when the deal matures.
By
Glen Fest
Morgan Stanley parks storage giant mortgage in $942.7M conduit
A $92 million portion of $194.4 million mortgage on a portfolio of 36 ExtraSpace Self Storage locations is the largest of 42 loans backed backing MSC 2017-HR2.
By
Glen Fest
Fannie, Freddie returning to low-income housing tax credits
The FHFA is allowing Fannie Mae and Freddie Mac to invest in the credits for the first time since they entered conservatorship. Its purpose is to promote affordable housing in underserved markets.
Benefit Street Partners returns with $440.7M CRE CLO
Benefit Street Partners is securitizing 20 short-term commercial real estate loans it originated or acquired for transitional properties currently with unstable cash flow.
By
Glen Fest
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