CMBS

The 1999 Avenue of the Stars tower in the Century City submarket is part of a second Goldman Sachs CMBS transaction, and is the largest loan in the new 2017-GS7 portfolio.

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.

The private equity firm obtained an $825 million mortgage on the portfolio from Citi, Deutsche Bank and Barclays; proceeds, along with $500 million of mezzanine debt, will be used to repay exist debt and cash out $207 million of equity.

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.

Last month's spike in defaults due to loans maturing drove the greatest month-over-month surge of U.S. commercial mortgage-backed securities delinquencies in six years, according to Fitch Ratings.

Citigroup and Deutsche Bank are marketing $931.6 million of commercial mortgage bonds with heavy exposure to three Manhattan skyscrapers.

BANK 2017-BNK6 is a transaction backed by 72 fixed-rate commercial property loans covering 189 properties, including midtown Manhattan's iconic General Motors Building.

It's the largest increase in five years; the percentage of securitized commercial mortgages behind on payments is now 5.75%, according to Trepp.

The Blackstone Group is tapping the commercial mortgage bond market to help finance the purchase of 11 multifamily properties from IMT Capital, according to Kroll Bond Rating Agency.

Lea Overby was formerly managing director, research; she replaces Charles Citro, who left the credit rating agency to pursue other opportunities.

The REIT obtained a $2.3 billion loan on the 50-story office and retail property from four banks; a $1.3 billion portion serves as collateral for BXP Trust 2017-GM.

Freddie Mac has priced its first credit-risk transfer securities backed in part by tax-exempt loans used to finance affordable multifamily rental properties.

The $500 million commercial mortgage that serves as collateral was underwritten by Deutsche Bank and Citigroup; it allowed the building's owner, Alexander's, to cash out $187 million of equity.

JPMorgan Chase & Co. has agreed to provide Harry Macklowe with an $850 million loan to construct a luxury-condo tower at New York's One Wall Street.

Insurance companies surveyed by CREFC and Trepp continued to boost their allocations to commercial real estate in 2016, albeit at a slower rate than in 201.

Late payments on securitized commercial mortgages fell in May, bucking the trend of the past year. But all of the improvement came from office buildings.

A real estate investment fund controlled by the Blackstone Group is tapping the commercial mortgage bond market to refinance a portfolio of life science, laboratory and medical properties.

The loan comes due next month for a marquee office building in Stamford, Conn., but recent developments raise questions about the payoff of the debt.

Two Harbors Investment Corp. is spinning out its commercial real estate lending business to a newly created real estate investment trust, Granite Point Mortgage Trust Inc.