CMBS

The Taxs Cuts and Jobs Act preserves most of existing benefits for owners, operators, and investors, and provides a few new perks as well; there are some trade-offs to be made, however.

The Trepp CMBS Delinquency Rate ended the year at 4.89%, a decrease of 29 basis points from the November level. That’s the largest monthly drop since January 2016.

Some commercial buildings that are not required to obtain earthquake insurance may still be susceptible to significant structural damage that could put the borrowers at risk of default, according to Kroll Bond Rating Agency.

Speculators who bet on declines in commercial mortgage bond indexes as a way to profit from the expected demise of regional shopping malls may still be waiting for a big payout, according to Trepp.

A lawyer for UBS Group AG urged a New York jury to reject the tale of a former senior commercial mortgage-backed securities strategist who claimed he was fired for refusing to let the Swiss bank's traders influence his research reports.

The $280 million securitization is also expected to boost capital levels and lower Dime's loan-to-deposit ratio.

The 2-million-square-foot office complex in Tempe, Ariz., was acquired by JDM Partners and Transwestern Investment Group in a sale-and-leaseback agreement.

UBS Group AG's head trader for commercial mortgage-backed securities denied claims of trying to influence research reports published by the Swiss bank's former senior strategist for those products.

A $300 million, interest-only first mortgage that the REIT obtained from Wells Fargo this month is being used as collateral for a transaction called WFCM 2017-SMP.

A former UBS Group AG senior strategist for commercial mortgage-backed securities developed suicidal thoughts and felt like a "pariah" in the industry after his 2012 firing and later lawsuit against the Swiss bank, a psychiatrist told a jury.

A lower Manhattan office building that serves as the headquarters of the New York Department of Financial Services is the largest loan in a $891 million CMBS from UBS.

The $1.5 billion FREMF 2017-K1 has a in-trust stressed loan-to-value ratio of 120%, as measured by Kroll; that's projected to fall to 108.7% when the deal matures.

A $92 million portion of $194.4 million mortgage on a portfolio of 36 ExtraSpace Self Storage locations is the largest of 42 loans backed backing MSC 2017-HR2.

The deal, BXMT 2017-FL1 weighs in at $1 billion, making it more than twice as large as most CRE-CLOs issued this year; its size isn't the only unusual feature, however.

The Trepp CMBS delinquency rate is now 5.18%, a decrease of three basis points from the October level; declines were limited to the industrial, multifamily and office subindexes.

This time it’s the JW Marriott Phoenix Desert Ridge Resort & Spa, a 950-room, full-service resort. A $365 million first mortgage on the property from Morgan Stanley is being securitized via MSC 2017-JWDR.

The private equity firm obtained a $540 million loan on the JW Marriott Grande Lakes and the Ritz-Carlton Grande Lakes, which are situated on 500 acres at the headwaters of the Everglades, from Barclays and Wells Fargo.

The $785 million transaction, 2017-C41, is backed by a pool of 52 loans with an average balance of just $15.1 million, according to Kroll Bond Rating Agency; retail, hotel and office properties dominate the mix.

A mortgage on the marquee Caesars Palace Las Vegas is being used as collateral for $1.6 billion of mortgage bonds; proceeds will be used to repay existing indebtedness.

The delinquency rate for U.S. commercial real estate loans in CMBS is now 5.21%, a decrease of 19 basis points from the September level, according to Trepp. That is the second-largest rate drop measured in the last 19 months.