CMBS

Lennar Corp. is selling a portion of its Rialto business to Stone Point Capital for $340 million, adding to Stone Point's holdings in the real estate and financial industries.

First Foundation sold loans to Freddie Mac to free up space for higher-yielding credits. It then bought the securities that were formed to replace other, lower-yielding assets through an often overlooked program.

Similar to estimates published by Moody's and Morningstar, the data provider reckons that more than half of the loans are securitized by Fannie, Freddie or Ginnie.

Commercial and multifamily mortgage debt outstanding grew by 1.6% during the second quarter, benefiting from improved property values and low interest rates, according to the Mortgage Bankers Association.

Moody's sees $10.7 billion of securitized commercial mortgages at risk, Morningstar just $1.49 billion; both say loans in Freddie Mac K-deals account for a significant portion of exposure.

Commercial mortgage-backed securities delinquency rates are likely to continue to decrease for the rest of the year, as new issuances outpace maturing loans and precrisis loans continued to get resolved by special servicers, Fitch Ratings said.

Mortgages originated to finance apartments and other income-producing properties managed to generate an overall year-to-year increase in the first half, even though there are declines in some parts of the market.

TPG Capital is including its newly acquired first-lien interest in a Microsoft-leased office campus in Redmond, Wash., in a portfolio of suburban office properties it is financing through a new two-year commercial loan.

Unusually for a debut transaction, the $329.7 million M360 2018-CRE1 will be actively managed: For the first 12 months after the closing date, funds from repaid principal can be used to purchase new loans, subject to eligibility criteria.

Commercial and multifamily mortgage debt outstanding grew $44.3 billion during the first three months of 2018, the largest first-quarter gain since before the Great Recession, according to the Mortgage Bankers Association.

All five – Plaza West Covina Mall (Calif.), Franklin Park Mall (Ohio), Parkway Plaza (Calif.), Capital Mall (Wash.), and Great Northern Mall (Ohio) – were built in the 1970s and have JCPenney or Sears as a major tenant.

Blame the decline in the oil and gas industry; many 2014 vintage deals have exposure to a number of multifamily and hotel properties in North Dakota and Texas, according to Fitch.

Commercial mortgage bonds are getting stuffed with the lowest-quality loans since the financial crisis by one measure, according to Moody's Investors Service.

Test your knowledge of the secondary mortgage market with this quiz of key industry abbreviations.

Commercial and multifamily loan originations may not be up by much from a year ago, but borrowing and lending behaviors were drastically different in the first quarter.

A consortium including GPP and TIAA has obtained a $500 million mortgage on a 672,581- square-foot portion of the 2.7-million-square foot Ala Moana Center in Honolulu.

The $826.6 million transaction, GPMT 2018-1, represents about two-fifths of the $2.4 billion portfolio of the REIT, which was spun out of Two Harbors Investment last year.

The increase in the delinquency rate for securitized CRE loans for March ended an eight-month streak of declines.

Nonbanks are originating more commercial mortgages on fixer-uppers in response to a sharp drop in the cost of funding in the securitization market. These deals are said to be "vastly different" than other CRE instruments that sustained big losses in the crisis — so far.

First the House and now the Senate have included provisions in their regulatory relief bills that bankers say would go a long way toward clearing up confusion over how to treat high-volatility commercial real estate loans.