Al Barbarino
US CMBS defaults fell to their lowest level since 2008 last year, marking a six-year low
A consortium of banks is providing $1.25bn in financing to Brookfield Property Partners for the development of a 2.1m sq ft office tower at Manhattan West.
Wells Fargo, Deutsche Bank, Bank of New York Mellon and Toronto-Dominion Bank are co-leading the $1.25bn construction financing, which combined with a $850m equity contribution from Brookfield brings the office tower’s total cost to $2.1bn.
Art Tuverson has joined Pillar as a managing director to spearhead the expansion of the firm’s Manufactured Housing Community/RV Resort Group.
The industry veteran will rely on the company's multiple product lines -- Fannie Mae, Freddie Mac, HUD, CMBS and life insurance lenders -- to exponentially grow the platform.
CBRE's Debt & Structured Finance platform has expanded its multifamily lending platform to include Freddie Mac’s new Small Balance Loan program.
Greystone has provided its first CMBS loan in the self-storage space: a $26.25m loan for the acquisition of 23 self-storage facilities in Ohio and Kentucky.
FirstKey Lending has priced its $241m single-family rental securitization, one of two multi-borrower deals to emerge from the asset class.
The US CMBS delinquency rate hit a bit of a snag in March after falling four consecutive months.
The rate stayed at 5.58%, on par with February, according to research and data firm Trepp.
US commercial real estate lending increased 15% in 2014, marking the fifth consecutive year of gains, according to the CBRE Lending Momentum Index.
Loan closings were boosted by demand for acquisition financing, which accounted for close to one-half of lending volume. Retail, hotel and “specialty property types” saw the biggest gains as investors focused more attention on high-yielding property types and secondary markets.
The commercial real estate bridge lending market has grown exponentially in the past year as lenders new and old seek higher yields amid less lucrative alternatives.
Bridge loans, which typically stretch up to three years or until permanent financing is obtained, accounted for just 11% of total loan closings in Q1 2013, but that figure had doubled by Q3, based on a representative sample of deals arranged by CBRE.
Lending to senior housing and healthcare centres is shooting up in the US, with growing demand for accommodation leading to a record-breaking fourth quarter last year.
A Mortgage Bankers Association preliminary estimate shows that senior housing and medical facility loan origination leapt 92% from Q3 to Q4, compared to a 27% jump for all commercial and multi-family mortgage properties.