CMBS

Short-term late payment rates rose again and later stage delinquencies remain at elevated levels compared to those prior to the pandemic, the Mortgage Bankers Association said.

A new commercial-mortgage loan for seven facilities operated by the self-storage REIT is the largest of 41 loans in the conduit deal.

However, conditions for commercial mortgages overall worsened slightly due to persistent concerns in the hotel and office sectors, a Moody’s Investors Service report found.

Thanks to a series of government measures, the pandemic did not cause the massive wave of distressed debt flooding the market that many expected, but certain property types remain vulnerable.

The conduit transaction will carry a $120 million portion of a $750 million debt financing package for Facebook's newly built Oculus R&D center near San Francisco.

Horizon Land Co. is securitizing a $488 million single-asset, single-borrower loan that will fund its purchase of 93 rent-site communities in the Midwest and Southwest regions.

The lasting effects of work-from-home practices driven by the COVID-19 pandemic could slash some office property values to less than half of their original value – and lead to rating downgrades on affected CMBS transactions, according to Fitch Ratings.

As the U.S. economy swings from pandemic lows to a vaccine- and stimulus-induced rebound, the window of opportunity for discounted deals is closing before it ever really opened.

The delinquency rate on regional mall commercial mortgage-backed securities was 22.9% in February, the highest of any real estate category, according to Moody’s

The Blackstone-affiliated company recently took out a cash-out refi mortgage for a 17-property portfolio, an opportunity aided by high demand for its R&D facilities for COVID-19 research.

The sponsor has refrained from multi-borrower deals since March 2020, but has pooled together 28 loan participations from 40 properties – including notable concentrations in retail and lodging.

The bond issuance out of Fortress' CF Hippolyta master trust will finance 19 newly constructed or planned Amazon distribution and logistics facilities in 15 states.

The 18 centers operated by industrial real estate management firm LBA Logistics are nearly all warehouse/distribution types, with no flex-industrial space pooled into the collateral mix.

Thirty-one of 39 shopping malls linked to a key commercial real estate credit derivatives index are currently impaired.

At least 25 properties that Columbia Sussex Corp. has financed with loans packaged into commercial-mortgage backed securities are in special servicing or on servicer watch lists.

The transaction finances the loan portion of a $989.5 million acquisition of warehouse and distribution properties located in nine states.

Fitch and Trepp reported that overall commercial mortgage-backed security delinquencies were down, while the MBA reported a slight increase.

The first commercial mortgage securitization is backed by eight recently acquired garden-style apartments in five states.

The largest U.S. shopping center became delinquent on its debt last year after its owner Triple Five Group began skipping mortgage payments, citing hardships from the COVID-19 pandemic.

While the balance of newly delinquent loans fell by 50% from November, the ratings agency warned that many borrowers will likely struggle to bring loans current under ongoing pandemic conditions.