Glen Fest

Starwood Capital Group is adapting its RMBS strategy for COVID-19, most notably through additional protections for senior noteholders to mitigate the substantial number of deferred mortgage accounts included in its newly sponsored deal.

The private equity firm's REIT arm is seeking to price a second CRE loan portfolio for May, this time led by an industrial portfolio of warehouses and logistics centers. No hotel or shopping mall loans are included.

Progress Residential is bringing its next securitization of single-family rental properties to market, even as concerns mount on the depth of pandemic-driven tenant forbearance and delinquency trends.

Goldman Sachs and Morgan Stanley are backing the first commercial mortgage-backed securities activity in two months, through two deals that exclude hotel or department store retail assets that are most exposed to pandemic-related stresses.

An early look at securitized residential home-loan performance amid the coronavirus pandemic indicates encouraging trends thus far in impairment levels of non-qualified mortgages, according to a new report from investor analytics firm Dv01.

The agency stated it’s concerned that securitization payment cash flow for the notes could be disrupted by deals’ stop-advance features that limit the period in which servicers must cover principal and interest payments on delinquent loans to MBS noteholders.

Fitch assumes a significant spike in defaults over the next few months, as well as declining new issuance volume during the second and third quarters of 2020, fewer maturing loans and fewer resolutions by special servicers.

FirstKey's securitization of well-seasoned, reperforming loans is the second such transaction in a week — amid an otherwise barren securitization market ground to a halt from the coronavirus crisis.

The credit watch involves single-borrower securitizations of commercial mortgages for high-priced resorts in Florida and Hawaii.

The $400 million Toorak Mortgage Trust 2020-1 is the largest securitization to date for Toorak, which provides short-term institutional capital for individual and corporate real estate developers.

FirstKey Mortgage is sponsoring a rare pooling of manufactured housing loans in a $507.1 million securitization.

CoreVest American Finance and Amherst Financial have each launched new securitizations of single-family rentals, following the pricing Wednesday of the first SFR transaction of the year by Progress Residential.

The properties have a combined broker-price opinion value of $530.7 million, which is a 27.4% increase for the properties in their original respective securitizations in 2015 and 2016.

Most of the pool is made up of office-property loans, but also includes a sizeable exposure to hotel and retail properties.

DBRS Morningstar and Moody’s Investors Service have assigned preliminary ratings to the Classic RMBS Trust, Series 2020-1 transaction sponsored by Home Trust Co.

Over 67% of the loan balances in Sabal Capital Partners' commercial mortgage MBS deal were for apartment buildings financed through the Irvine, Calif.-based firm.

The notes in Citigroup Commercial Mortgage Trust 2020-555 are backed by a beneficial interest in the trust’s $350 million portion of the 119-month fixed-rate commercial loan. The loan is secured by a 52-story New York luxury apartment building in Manhattan’s Midtown West submarket.

Five MBS pools of predominantly non-QM mortgages have been launched into the market by originators and loan aggregators, according to ratings agency presale reports published since Monday.

The loan participation is part of a debt refinancing package that paves the way for expanding the Parkmerced mega-development.

Fannie Mae is sponsoring a $1.03B CRT transaction, while Caliber Homes Loans, New Residential and Onslow Bay fill the non-QM pipeline