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Moody's says anchor stores like J.C. Penney and Neiman Marcus represent only a small portion of CMBS retail exposure, but their deteriorating fortunes will hasten the decline in credit quality of CMBS-held loans backed by Class "B" and "C" malls.July 21
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The single-borrower deal, sponsored by Brookfield, was pulled in the spring due to market conditions that halted most securitizations at the onset of the COVID-19 outbreak.July 8
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Tricon American Homes launches the fifth securitization since mid-May secured by loans that finance institutional ownership and management of single-family residential rental homes.July 7
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While the multifamily loan forbearance rate is lower than the most pessimistic projections, Pat Jackson says borrowers are hardly out of the woods yet.July 6
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For banks with assets between $10 billion and $100 billion, the average exposure is 165% of capital.June 24
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Starwood Capital Group missed two monthly payments on securitized debt tied to five shopping malls anchored by bankrupt department stores including Sears and J.C. Penney.June 18
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CRE CLOBut deal sponsors are primarily restricting property assets to the lower risk multifamily and office buildings that lenders are more confident will weather the economic strains brought by the coronavirus pandemic.June 12
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Kalahari Resorts defaulted on a $347 million mortgage originated by JPMorgan ChaseMay 27
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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.May 20
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Sellers are currently willing to concede discounts of around 5%, while bidders are hoping for about 20% off pre-pandemic prices. That estimated gap, which is likely wider in specific cases, has put a freeze on deals.May 19
