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A nearly $1.9 billion commercial mortgage bond linked to a portfolio of office buildings owned by Columbia Property Trust Inc. and Allianz SE was delayed on Wednesday due to market weakness, according to two bond investors.
March 3 -
Office properties account for 60.8% of the pool, above the 41.2% average for 2020 deals, and above the 36.5% average for 2021.
January 24 -
Key retail vacancies, a drop in office occupancies, plus a combination of lower oil prices, a housing market oversupply — worsened by the coronavirus pandemic — caused loan-level performance issues.
December 21 -
The sponsors got the portfolio through multiple acquisitions from May through October.
November 19 -
The loan pool’s volatility score is high but its diversity of properties is a plus.
November 17 -
Benchmark will issue 21 classes of certificates, with 13 entitled to principal and interest payments. Six classes will receive interest only.
October 28 -
The firm, dubbed Polpo Capital, is looking to produce a 15% net return to investors with modest leverage by capitalizing on the coming distress in commercial mortgage debt as forbearance agreements expire
October 22 -
The problem loans mature right around when tenants in the offices are due to renew — or end — their leases. That may unsettle investors in commercial mortgage-backed securities, analysts at Moody’s Analytics warned this week.
October 14 -
Low pool concentrations of loans on properties located in Ida's path, plus robust property insurance are expected to rein in impacts and insulate noteholders.
September 3 -
The proceeds from the trust’s certificates will refinance some CMBS debt, among other balance sheet uses.
August 24