CMBS

The Structured Finance Industry Group wants Treasury and the IRS to issue a notice that a change from Libor to an alternative index would not be treated as a taxable exchange.

Hines Interests used the $755 million loan from Goldman and JPMorgan to take out a $505 million mortgage from two insurance companies, MetLife and New York LIfe.

Late payments on loans backing commercial mortgage bonds continued falling at the start of the year, due to strong new issuance volume and continued resolutions for precrisis loans by special servicers, according to Fitch Ratings.

Loans in commercial mortgage-backed securities originated after 2009 by nonbank lenders have a significantly higher default rate than those originated by banks, a Fitch Ratings report said.

Lagging construction, rising interest rates and the broader economy don't really bode well for buyers of commercial real estate, but most CRE lenders still expect originations to increase in 2019, according to the Mortgage Bankers Association.

Freddie Mac completed its first multifamily credit risk transfer transaction that used an insurance/reinsurance structure.

The Property Assessed Clean Energy sector is getting a boost from the expansion of improvements eligible to be financed via tax assessments, including fire resiliency and total building renovations, according to DBRS.

Both the $646M UBS 2018-C15 and the $796M MSC 2018-H4 deals have relatively low leverage, helped by the inclusion of loans with investment grade characteristics.

CleanFund has created a division that helps structure Property Assessed Clean Energy financing to meet a mortgage lender's credit criteria; its also talking to lenders about co-financing the energy upgrades.

A low-rated segment of an index that most closely tracks the performance of U.S. mall mortgage loans saw its biggest decline in more than a year in October.

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.