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CMBS Week in Review: Heavily Impacted CRE Property Types; Retail CMBS Exposure
Blog 2 months ago
CMBS Week in Review: Heavily Impacted CRE Property Types; Retail CMBS Exposure

US stocks edged lower on Friday due to indications of growing US and China tensions and the release of earnings results from Amazon and Apple...

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The Risk of Eminent Domain on Mortgage-Backed Securities
Blog 2 months ago
The Risk of Eminent Domain on Mortgage-Backed Securities

In October 2019, Fannie Mae’s mortgage-backed security (MBS) disclosure documents revealed that the King County Housing Authority (KCHA), a...

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How Have CECL and COVID-19 Impacted Banks' Loss Allowances?
Blog 2 months ago
How Have CECL and COVID-19 Impacted Banks' Loss Allowances?

Increased loss provisioning was the main driver in large banks’ earnings declines in the first quarter of 2020. For the four largest banks, loss...

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COVID-19 Initiates Surge in Late Payments in the Retail Market
Blog 2 months ago
COVID-19 Initiates Surge in Late Payments in the Retail Market

The outbreak of the novel coronavirus has led to a total retail shutdown across the country, with retailers forced to close in order to maintain...

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CMBS Week in Review: Heavy Trading Activity; Checking in on Retailers
Blog 2 months ago
CMBS Week in Review: Heavy Trading Activity; Checking in on Retailers

The S&P 500 edged higher to close last week in positive territory as the US stock market recorded its first back-to-back weekly gains since...

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Interpreting Loan Modifications: Considerations for Banks and Investors
Blog 2 months ago
Interpreting Loan Modifications: Considerations for Banks and Investors

We are beginning to learn whether some commercial mortgage borrowers are making their April loan payments. Considering that they probably collected...

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April CMBS Remittance Data Reveals 10x+ Increase in Non-Payment of Hotel Loans; Almost 5x for Retail Loans
Blog 2 months ago
April CMBS Remittance Data Reveals 10x+ Increase in Non-Payment of Hotel Loans; Almost 5x for Retail Loans

While many in the CMBS industry had last Friday off, those responsible for paying bondholders and posting remittance reports for deals that pay on...

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CMBS Week in Review: Fed Broadens Scope of TALF to Cover Conduit CMBS
Blog 2 months ago
CMBS Week in Review: Fed Broadens Scope of TALF to Cover Conduit CMBS

US stocks continued their two-day momentum in positive territory on Thursday as the Fed announced an additional $2.3 trillion relief package to...

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The Five Largest CMBS Loan Losses in March 2020
Blog 2 months ago
The Five Largest CMBS Loan Losses in March 2020

Over the last month, the number of loans disposed with a loss declined with a roughly 75% month-over-month drop in volume compared to February. In...

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CMBS Week in Review: Firms Announce Cost-Cutting Measures; More CMBS Spread Tightening
Blog 2 months ago
CMBS Week in Review: Firms Announce Cost-Cutting Measures; More CMBS Spread Tightening

The major US indexes capped off the third week of losses within the past month as new data releases began to show early signs of the economic...

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CREFC Issues Borrowers' Guide for Dealing with CMBS Servicers
Blog 3 months ago
CREFC Issues Borrowers' Guide for Dealing with CMBS Servicers

The CRE Finance Council is recommending that CMBS borrowers who have been impacted by the coronavirus pandemic quickly initiate talks with their...

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Will Retailers be Able to Shed Their Leases? Exploring the
Blog 3 months ago
Will Retailers be Able to Shed Their Leases? Exploring the "Act of God" Clause

With much discussion about the ability to make payments on commercial leases in the face of the COVID-19 outbreak, players in the commercial real...

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MSA Snapshot: CRE Development in San Francisco, the City by the Bay
Blog 3 months ago
MSA Snapshot: CRE Development in San Francisco, the City by the Bay

Known as one of the most quintessential and iconic cities in America, San Francisco is a city of high-tech, startups, mild weather, and steep hills...

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CMBS Week in Review: Broader Stock Market Rally Helps Tighten Spreads; Retail Round-Up
Blog 3 months ago
CMBS Week in Review: Broader Stock Market Rally Helps Tighten Spreads; Retail Round-Up

The secondary CMBS market posted roughly $1.3 billion in BWIC volume last week (with agency and IO paper excluded) as cash trading continued to...

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CLO Market Round-Up: Neiman Marcus Restructuring; Tumbling Loan Prices Complicate Warehouse Financing
Blog 3 months ago
CLO Market Round-Up: Neiman Marcus Restructuring; Tumbling Loan Prices Complicate Warehouse Financing

Companies who have positions in the CLO universe found their names in the headlines last week. The headline-worthy stories that we chose for our...

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COVID-19 Impacts on Commercial Real Estate: Rising Defaults and Losses in the Loan Sector
Blog 3 months ago
COVID-19 Impacts on Commercial Real Estate: Rising Defaults and Losses in the Loan Sector

The economic disruption caused by COVID-19 and the efforts to contain it will trigger a new cycle of rising defaults and losses in the commercial...

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The Boost to the Big Short: COVID-19's Impact on U.S. Mall Debt in CMBX 6 & 7
Blog 3 months ago
The Boost to the Big Short: COVID-19's Impact on U.S. Mall Debt in CMBX 6 & 7

Investors who had heeded the advice of billionaire Carl Icahn and bet against the performance of shopping malls in the CMBS derivative index known...

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Market Turmoil Prompts Issuers to Yank Proposed CMBS Deals from Market
Blog 3 months ago
Market Turmoil Prompts Issuers to Yank Proposed CMBS Deals from Market

Hotel and retail properties have been walloped by the actions taken to stem the coronavirus pandemic. Occupancy rates at hotels have plummeted and...

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The State of the Retail Market in Times of Global Pandemic
Blog 3 months ago
The State of the Retail Market in Times of Global Pandemic

The outbreak of the novel coronavirus has led to many companies announcing temporary closures. A notable example, The Simon Property Group recently...

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Four Loans to Watch: Trepp CMBS Surveillance
Blog 3 months ago
Four Loans to Watch: Trepp CMBS Surveillance

Amid the coronavirus crisis and concerning drops across the stock markets and Treasury yields, the CMBS sector has wavered strong with declines in...

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Life Insurance Commercial Mortgage Index Steeply Drops in Fourth Quarter
Blog 3 months ago
Life Insurance Commercial Mortgage Index Steeply Drops in Fourth Quarter

The LifeComps™ Index, which benchmarks commercial mortgage investments held by life insurance companies, posted a 0.55% total return in fourth...

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CMBS Week in Review: Mapping Airlines' Exposure; COVID-19 Creates Roadblock for New Deals?
Blog 3 months ago
CMBS Week in Review: Mapping Airlines' Exposure; COVID-19 Creates Roadblock for New Deals?

As industry participants looked for more clarity on pricing levels amid the recent market sell-off, the $828.0 million CSAIL 2020-C19 deal printed...

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A Look at the Banking System’s Commercial and Industrial Loan Exposure to COVID-19
Blog 3 months ago
A Look at the Banking System’s Commercial and Industrial Loan Exposure to COVID-19

As COVID-19 continues to spread, the impact to business, markets, and everyday life is changing on a daily, if not hourly basis, which makes...

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The Five Largest CMBS Loan Losses
Blog 3 months ago
The Five Largest CMBS Loan Losses

Remittance data indicated a roughly 50% decrease in write-offs on CMBS loans disposed with a loss in February. A total of $388.1 million spread...

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CMBS Week in Review: Spreads Continue to Push Out; Liquidation and Closure Announcements
Blog 3 months ago
CMBS Week in Review: Spreads Continue to Push Out; Liquidation and Closure Announcements

Gripped by an onslaught of news about COVID-19 spreading globally and businesses tightening on travel and experiencing operational disturbances,...

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The Case for Academic and Industry Alignment in Real Estate
Blog 4 months ago
The Case for Academic and Industry Alignment in Real Estate

US commercial real estate (CRE) value is estimated to be approximately $17 trillion, according to Nareit. That number continues to grow and garner...

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CMBS Week in Review: Wall Street's Worst Week Since Financial Crisis Impacts CMBS Spreads
Blog 4 months ago
CMBS Week in Review: Wall Street's Worst Week Since Financial Crisis Impacts CMBS Spreads

Wall Street logged its worst weekly performance since the financial crisis as news that the COVID-19 virus has spread to even more countries...

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