Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Wednesday, 15 July 2020

Braemar Gets Another $370Mln of Senior Mortgage Debt Modified

Braemar 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.

Commercial Real Estate Direct Staff Report

Braemar 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 in April had stopped making principal and interest payments on nearly all of the $1.1 billion of debt it carries against its portfolio of 13 luxury hotels. A month earlier, it had started negotiating potential workouts with its lenders. Those efforts started bearing fruit last month, when it reached an agreement with Bank of America that allowed it to defer interest payments for up to six months on $325 million of financing against five properties.

The latest workout, with special servicer Wells Fargo Bank waives, from April through next January, a requirement that the company deposit at least 4 percent of gross revenue at four of its hotels, with 1,685 rooms in Seattle, San Francisco, Chicago and Philadelphia into a so-called furniture, fixtures and equipment account. In addition, the company is able to use any funds in that account, which is designed to cover the costs of keeping the properties in top shape, to cover operating expenses at the four hotels: The Seattle Marriott Waterfront; The Clancy Courtyard San Francisco; Sofitel...





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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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  • 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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