Allison Bisbey

This time it’s the JW Marriott Phoenix Desert Ridge Resort & Spa, a 950-room, full-service resort. A $365 million first mortgage on the property from Morgan Stanley is being securitized via MSC 2017-JWDR.

The Show Me State passed legislation enabling residential and commercial PACE financing in 2010; however, Renovate America only started funding assessments through the Missouri Clean Energy District three months ago, in August 2017.

The senior tranche of Angel Oak 2017-3 benefits from 46.25% credit enhancement, up significantly from 37.75% for the sponsor’s July transaction, but in line with its April deal.

That’s an about-face from the bank’s previous transaction, completed in October, which was backed by fixed-rate mortgages, nearly half of which were underwritten to standards for purchase by Fannie Mae or Freddie Mac.

The private equity firm obtained a $540 million loan on the JW Marriott Grande Lakes and the Ritz-Carlton Grande Lakes, which are situated on 500 acres at the headwaters of the Everglades, from Barclays and Wells Fargo.

A mortgage on the marquee Caesars Palace Las Vegas is being used as collateral for $1.6 billion of mortgage bonds; proceeds will be used to repay existing indebtedness.

James Bennison, head of alternative capital markets at Arch Capital Group, says that a new insurance-linked security helps with regulatory capital requirements and provides information that can help the company to better manage risk.

A large portion of the collateral for both IH 2014-SFR2 and IH 2014-SFR3 is being rolled into a new securitization, IH 2017-SFR2.

The delinquency rate for U.S. commercial real estate loans in CMBS is now 5.21%, a decrease of 19 basis points from the September level, according to Trepp. That is the second-largest rate drop measured in the last 19 months.

The second liens, which accompany CMBS first mortgages, range in size from $500,000 to $5 million, a segment of the market that is not well served by either banks or debt funds.