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Braemer Gets Another $370Mln of Senior Mortgage Debt Modified

Wednesday, 15 July 2020 Written by

Braemer Hotels & Resorts Inc. has struck a deal to modify another $370 million of mortgage debt. That brings the volume of loans that the Dallas REIT, formerly Ashford Hospitality Prime Inc., has been able to modify to $695 million. The company sought 18 months of payment deferrals. It got the right to waive payments to a reserve account.

Record Volume of CMBS Loans Transfer to Special Servicing Over Past 4 Months

Tuesday, 14 July 2020 Written by

The volume of CMBS loans in special servicing continued to balloon last month as another 291 mortgages with a balance of $11.2 billion transferred, according to DBRS Morningstar. Since the coronavirus pandemic started in March, 652 loans with a balance of $30.93 billion have transferred to special servicing, bringing the total volume to 1,377 loans with a balance of $44.34 billion.

Pyramid Negotiates Extension, Payment Deferral for $430Mln Destiny USA Loan

Monday, 13 July 2020 Written by

Pyramid Cos. has negotiated the workout of a $430 million CMBS loan against the two phases of its Destiny USA Mall in Syracuse, N.Y. and is moving toward getting the securitized loans against five other shopping malls modified as well.

Coronavirus Quickly Pushed Massive Volumes of CMBS Loans into Default

Friday, 10 July 2020 Written by

The volume of delinquent CMBS loans against hotel and retail properties has risen at an alarming rate. Meanwhile, those against other property types have held up relatively well.

Increasing Inventory Levels, E-Commerce Demand Fueling Industrial Market

Friday, 10 July 2020 Written by

The need for industrial space nationwide has been on the rise despite national lockdowns in place to stem the spread of coronavirus.

Already Ailing Retail Sector Gets Further Pummeled by Coronavirus

Friday, 10 July 2020 Written by

Some retailers' inability to adapt to the effects of the coronavirus pandemic, coupled with the sector's decline in recent years, are not good signs for the CMBS universe.

Hotel Sector Gets Hammered with Loan Defaults Skyrocketing; Recovery Could Take Years

Friday, 10 July 2020 Written by

The hotel property sector, which has suffered greatly as a result of the coronavirus pandemic, is not expected to rebound until 2023. That's bad news for CMBS hotel loans.

Covid-19 Affects Multifamily; Sector Remains Resilient

Thursday, 09 July 2020 Written by

The apartment market seems to have weathered the storm caused by the coronavirus pandemic.

Covid-19: The Black Swan That Has Battered Commercial Real Estate

Thursday, 09 July 2020 Written by

No one anticipated the coronavirus, which has caused more than 135,000 deaths in the United States and hammered the commercial real estate mortgage sector, with CMBS delinquencies approaching record levels. Here's a rundown of what happened and what might come.

Manhattan Office Leasing Activity Declines 66.4 Percent in 2Q

Thursday, 09 July 2020 Written by

A total of 3.8 million square feet of office leases were signed in Manhattan during the second quarter, a 66.4 percent decline from the 11.2 million sf of deals inked at the same time last year, according to CBRE. Restrictions put in place to stem the coronavirus pandemic and worsening economic conditions that caused businesses to reconsider their space needs were to blame for the drop.

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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

REITCafe

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    Mixed economic news is weighing on retail markets, pushing REIT performance down in 2015. This week, the National Retail Federation announced that back-to-school spending is expected to be down 9.3% in 2015. This news came on the heels of a report from the Commerce Department stating that retail sales declined 0.3%...
     
  • US REITs Feeling Effects from Turmoil in Greece and China
    International economic forces have taken center stage this week, affecting both US stock markets and REITs. The crash in the Chinese stock market and ongoing concerns about the future of Greece in the eurozone drove markets down during the first half of the week. REITs fared better than the overall market...

  • What Does Increased Construction Mean for Apartment REITs?
    REITs so far this year have raised $17.1 billion of capital through the sale of unsecured notes, bringing the total raised over the past two and a half years to just more than $75 billion. That’s more than they raised during the previous five years. The massive volume shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark...
shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark against which most REIT’s price their bonds
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