The first CMBS deal that’s in compliance with new risk retention rules has been sent to ratings agencies for preliminary feedback, industry sources told Real Estate Capital.
Redwood Trust is selling off a $241.3 million commercial loan portfolio consisting mainly of mezzanine loans, the sale of which will complete the firm’s exit from the commercial loan business.
The non-recourse $80m senior loan coupled with $30m of preferred equity made for a blended loan-to-cost just north of 80 percent, Eric McGlynn of Cohen Financial’s Miami office told Real Estate Capital.
Starwood Property Trust is marketing a debt fund that will invest in the B-pieces of commercial mortgage-backed securities.
Trepp has released its monthly CMBS Delinquency Rate report, showing a 12 basis point increase in May to 4.35 percent, and marking the third consecutive monthly rate rise.
The floating rate loan backs 260,000 sq ft of office space occupied by the tech giant, which struck the deal to lease the space when it was still under construction in March of 2015.
Pillar announced today that Arthur Tuverson, managing director of Pillar’s MHC/RV Resort Group in San Clemente, California has originated more than $40 million in Fannie Mae loans and Freddie Mac loans.
Bracketed with its riskier RMBS cousin, the CMBS market has been hit by new risk retention rules. Al Barbarino explains how the effects may yet be mitigated.
As more CMBS loans are dropped from initial pools, non-bank loan sellers are contributing significantly more than their share.
A group of investors including China Life Insurance Company, RXR Realty and David Werner have completed the $1.649 billion purchase of 1285 Avenue of the Americas in one of the priciest office building transaction in New York City this year, city property records confirm.