Allison Bisbey

The family-owned real estate group affiliate has committed a significant amount of capital to growing the finance and investment side of the organization, which includes balance sheet lending.

It’s not clear whether syndicated credit agreements require 100% investor consent before adopting a new benchmark. The industry trade group suggests giving new loans the flexibility to change indexes without unanimous approval, but investor advocates are balking.

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.

With fewer CMBS deals coming to market — partly as a result of risk-retention rules — an independent finance company like Ladder Capital can’t always wait to piggyback on Wall Street’s transactions.

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.

It's the second multifamily lender to debut in the CRE-CLO market this year, following Greystone, which completed its first deal in March. Like Greystone's deal, this one has a reinvestment period.

Unlike the $15 billion-asset bank’s legacy mortgage bonds, the new offering is backed by loans to borrowers with strong credit and significant equity in their homes.

U.S. District Judge André Birotte has dismissed all federal claims against Renovate America and its government bond-issuing partners in three lawsuits that had sought class-action status.

The credit characteristics of the collateral are broadly similar to the sponsor's inaugural deal, completed in February, but the capital structure has been tweaked.