Solar developer Sunrun lands a rating for its debut that’s a couple of notches higher than the sector’s last securitization, while Gap’s store closures are especially troubling for malls in the B/C categories.
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Banks’ biggest CRE headache: A dearth of originations
Fears of widespread credit losses have largely subsided, but demand for new commercial real estate loans remains lackluster because many companies are sitting on so much cash they don’t need to borrow. Meanwhile, competition from private equity groups and other nonbank lenders is escalating.
Mr. Rooter, Molly Maid parent launches debut $840M whole-biz ABS
Neighborly Co., a franchisor of 24 home repair and maintenance service brands, is pledging franchise-fee, royalty and other related revenues from its mostly recession-proof business lines.
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Glen Fest
American Dream leaves clan behind mall empire mired in debt
American Dream leaves clan behind mall empire mired in debt after more than 16 years of bankruptcies, delays and lawsuits required pledging some of the family’s stakes in the two biggest malls in North America. Now parts of a $5 billion mountain of debt associated with the properties are showing signs of stress under COVID-19-related shutdowns.
Things are looking bright (enough) for solar finance ABS
Recent good fortunes for lenders such as Loanpal and Sunnova reflect what will could be a solid year for solar-panel loan originations and securitizations, despite the economic impact of the coraonvirus pandemic on markets and consumer spending.
Loaded with cash, real estate buyers wait for sellers to crack
Sellers are currently willing to concede discounts of around 5%, while bidders are hoping for about 20% off pre-pandemic prices. That estimated gap, which is likely wider in specific cases, has put a freeze on deals.
