A $507.6 million first mortgage on the Hotel del Coronado, a 130-year old landmark with 1,400 linear feet of direct ocean frontage, is being securitized in BBCMS 2017-DELC. Barclays is the loan seller.
So-called transitional lending has traditionally been kept on balance sheet; but it’s become attractive to bundle the loans for transactions called (take a deep breath) commercial real estate collateralized loan obligations. Can investors stomach the features these deals sported before the crisis?
The delinquency rate for securitized commercial mortgages, which jumped in June, retreated just as quickly in July, falling 26 basis points to 5.49%. It's now only two basis points above its May level.