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CMBS Week in Review: Positive Market Outlook Continues at CREFC; Latest Conduit Drifts Wider as Treasury Yields Fall
Blog 18 hours ago
CMBS Week in Review: Positive Market Outlook Continues at CREFC; Latest Conduit Drifts Wider as Treasury Yields Fall

The major trade organization held its semiannual conference in Manhattan this week. CREFC hosted the event which drew participants from all...

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Hotel Sector Proves Resilient Despite Blips
Blog 3 days ago
Hotel Sector Proves Resilient Despite Blips

The U.S. hotel industry set records last year with a 66.2 percent occupancy, average daily rate of $129.89 and revenue per available room, or...

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Is the Retail Apocalypse’s Effect on Mall Loans Hype or Reality?
Blog 1 week ago
Is the Retail Apocalypse’s Effect on Mall Loans Hype or Reality?

The “Retail Apocalypse”, a term which refers to the numerous store closures, bankruptcies, and liquidations by U.S. retailers, has shifted into...

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CMBS Week in Review: Fannie and Freddie to Move Back Into Private Conservatorship?
Blog 2 weeks ago
CMBS Week in Review: Fannie and Freddie to Move Back Into Private Conservatorship?

US equity markets reopened following the Memorial Day weekend to continuing tit-for-tat trade tensions and concerns of slowing global demand. These...

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Nashville Investment Firm Taking Portfolio Public Through REIT
Blog 2 weeks ago
Nashville Investment Firm Taking Portfolio Public Through REIT

Priam Properties Inc., a Nashville, Tennessee investment firm, is taking its portfolio of 15 office properties in the Midwest and Southeastern...

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CMBS Week in Review: Pair of New Conduits Price Wide; Dressbarn to Shutter Completely
Blog 2 weeks ago
CMBS Week in Review: Pair of New Conduits Price Wide; Dressbarn to Shutter Completely

The CMBS pricing calendar was packed last week, highlighted by two vertical conduit offerings that made the rounds on Tuesday. Recent sector...

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Why Has Lodging NOI Growth Stagnated?
Blog 3 weeks ago
Why Has Lodging NOI Growth Stagnated?

Compared to other major commercial property types, the lodging CMBS sector is in a very unique position. The submarket currently has a historically...

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The Lease Lowdown: Boeing Renews at Large Office; Move Coming for Government Agency?
Blog 3 weeks ago
The Lease Lowdown: Boeing Renews at Large Office; Move Coming for Government Agency?

May’s remittance data revealed a huge, positive development for a 2014 single-asset deal. The $675 million COMM 2014-TWC issue was backed by the...

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Investor Teams with New York Life to Acquire $1 Billion of Apartments by 2022
Blog 1 month ago
Investor Teams with New York Life to Acquire $1 Billion of Apartments by 2022

Jefferson Apartment Group has formed a venture with New York Life Real Estate Investors to acquire apartment properties in major and secondary...

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The Five Largest CMBS Loan Losses from April 2019
Blog 1 month ago
The Five Largest CMBS Loan Losses from April 2019

CMBS liquidation activity accelerated in April as 31 loans were written off with losses. That tally is up from the 14 notes disposed in March. In...

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CMBS Week in Review: Party City to Shutter 45 Stores; Latest Conduit Prices at Tight Levels
Blog 1 month ago
CMBS Week in Review: Party City to Shutter 45 Stores; Latest Conduit Prices at Tight Levels

Last Thursday, the $802.5 million GSMS 2019-GC39 priced with the LCF AAA and BBB-settling at S+80 and S+335, respectively, which was seen as a...

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The Five Largest CMBS Loans to Turn Newly Delinquent in April 2019
Blog 1 month ago
The Five Largest CMBS Loans to Turn Newly Delinquent in April 2019

Certain CMBS players might have feared that March’s delinquency rate increase was a harbinger of things to come. But much like the core of main...

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CMBS Week in Review: Newest Conduit Issue Prices Notably Tighter; Office Depot Shutters More Stores
Blog 1 month ago
CMBS Week in Review: Newest Conduit Issue Prices Notably Tighter; Office Depot Shutters More Stores

In the primary CMBS market, the $938 million WFCM 2019-C50 priced last Monday with LCF AAA spreads settling at 86 basis points over swaps. This was...

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CMBS Week in Review: US GDP Growing Steadily; Cantor Issues First Conduit in Two Years
Blog 1 month ago
CMBS Week in Review: US GDP Growing Steadily; Cantor Issues First Conduit in Two Years

Despite concerns about a partial government shutdown, slowing domestic demand, and trade tension uncertainty, overall GDP growth came in at a solid...

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Foreign Investors Accounted for Nearly $14 Billion of Multifamily Deal Volume
Blog 1 month ago
Foreign Investors Accounted for Nearly $14 Billion of Multifamily Deal Volume

The solid footing of the US economy isn’t just benefiting domestic market players; it’s also spurring investments from abroad. Industry data show...

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CMBS Week in Review: Bank Earnings Fuel Stock Market; Pier 1 to Close 45 Stores
Blog 1 month ago
CMBS Week in Review: Bank Earnings Fuel Stock Market; Pier 1 to Close 45 Stores

According to CMBS BWIC data provided to us by Solve Advisors, the three largest bid lists (containing non-agency paper) that were out on the...

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Deal Digest: Analyzing the Six Largest CMBS Deals from Q1 2019
Blog 2 months ago
Deal Digest: Analyzing the Six Largest CMBS Deals from Q1 2019

Trepp data show that $16.6 billion in private-label CMBS was issued in Q1 2019. This number includes conduit, single-asset/single-borrower, and CRE...

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CMBS Week in Review: Fred's to Close 30% of Its Stores; Fed Plans to Hold Rates Steady
Blog 2 months ago
CMBS Week in Review: Fred's to Close 30% of Its Stores; Fed Plans to Hold Rates Steady

Discount retailer Fred’s Inc. announced on Thursday that it will shutter and commence liquidation sales at 159 of its locations, or roughly 30% of...

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The Five Largest CMBS Loans to Turn Newly Delinquent in March 2019
Blog 2 months ago
The Five Largest CMBS Loans to Turn Newly Delinquent in March 2019

A total of 38 private-label CMBS loans became newly delinquent last month, which is exactly the same amount as all new delinquencies from February....

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The Lease Lowdown: Offices in San Diego and Michigan to Lose Large Tenants
Blog 2 months ago
The Lease Lowdown: Offices in San Diego and Michigan to Lose Large Tenants

About 200 office CMBS loans feature a lease that is due to expire in the next 12 months and is tied to 25% or more of the collateral square footage...

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CMBS Week in Review: March Jobs Report Reflects Growth; Signet Jewelers to Close 150 Stores
Blog 2 months ago
CMBS Week in Review: March Jobs Report Reflects Growth; Signet Jewelers to Close 150 Stores

Secondary CMBS trading volume swelled on Tuesday and Wednesday as about $200 million was out for bid during each of those days. Total BWIC volume...

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The Five Largest CMBS Loan Losses from March 2019
Blog 2 months ago
The Five Largest CMBS Loan Losses from March 2019

The CMBS market logged notable declines in overall loss severity and disposition volume in the month of March. In total, $443.0 million across 14...

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CMBS Week in Review: New Tenant Signs on for Amazon-Abandoned Space in NYC
Blog 2 months ago
CMBS Week in Review: New Tenant Signs on for Amazon-Abandoned Space in NYC

Secondary CMBS trading was heavy last week and totaled about $1.6 billion (excluding agency and IO paper). Conduit AAA/mezz spreads widened between...

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Percentage of CMBS Loans in Special Servicing Drops
Blog 2 months ago
Percentage of CMBS Loans in Special Servicing Drops

The Trepp Special Servicing Rate fell by 14 basis points to 3.49% in February, as we continue to see a steady reduction in the volume of CMBS loans...

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Will Oregon's New Rent Rules Hinder Housing Development?
Blog 2 months ago
Will Oregon's New Rent Rules Hinder Housing Development?

The recent passage of Oregon's Senate Bill 608 is the first statewide adoption of rent control in the United States, with a lofty goal of improving...

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Will the Bubble Burst for These “Un-Sweet 16” Student Housing Loans? – Part 2
Blog 2 months ago
Will the Bubble Burst for These “Un-Sweet 16” Student Housing Loans? – Part 2

With the first two rounds of the NCAA men’s basketball tournament complete, there are 16 college campuses which are buzzing with title hopes. But...

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CMBS Week in Review: Benchmark Spreads on New Conduits Tighten
Blog 2 months ago
CMBS Week in Review: Benchmark Spreads on New Conduits Tighten

US stocks resembled a rollercoaster last week as data pointing to a weaker global economic outlook both reignited investor jitters and instigated a...

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Will the Bubble Burst for These “Un-Sweet 16” Student Housing Loans? – Part 1
Blog 2 months ago
Will the Bubble Burst for These “Un-Sweet 16” Student Housing Loans? – Part 1

While the tone at CREFC 2019 in January was largely positive, the student housing market was repeatedly mentioned as a sector to monitor. The...

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Q&A: Here’s What Opportunity Zones Mean for Investors and Property Owners
Blog 2 months ago
Q&A: Here’s What Opportunity Zones Mean for Investors and Property Owners

Editor’s Note: After publishing our recent blog on opportunity zones, we received a number of questions and pieces of feedback regarding the many...

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CMBS Week in Review: Modell’s Explores Restructuring Options
Blog 3 months ago
CMBS Week in Review: Modell’s Explores Restructuring Options

Secondary CMBS trading was moderate last week as market participants awaited details on new issues. The post-crisis CMBX indexes posted some...

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