I get many calls from clients asking whether they can do this or that under the terms of their CMBS conduit loan. I do the research and answer their questions. Where do I find the answers? In the CMBS Loan Agreement! At the closing of a CMBS conduit loan, one of the loan documents executed by the … [Read more...] about 11.24.17: The CMBS Loan Agreement Is Your Road Map
Archives for November 2017
Some franchisors, including Choice Hotels International and LaQuinta Franchising, allow for mutual termination of franchise agreements during the franchise term. This provision is known as “termination windows.” Franchisees pushed for this provision as a way to get out of franchise relationships … [Read more...] about 11.20.17: Hotel Franchise Termination Windows Are Tricky in CMBS
Self-storage property occupancy is running at approximately 90% in the 50 major metropolitan markets at the end of the third quarter of 2017 and roughly at that level for all of 2017, according to REIS. Rent growth continues in all regions of the United States except the Southwest, which shows some … [Read more...] about 11.15.17: Positive Self-Storage Trends Continue, But Will Overbuilding Occur?
The Trepp CMBS delinquency rate dropped sharply in October, marking the fourth straight monthly decline. The delinquency rate for U.S. commercial real estate loans in CMBS is now 5.21%, down 19 basis points (bp) from the September level. That is the second-largest rate drop measured in the last 19 … [Read more...] about 11.10.17: Trepp: CMBS Delinquency Rate Drops Sharply in October
Sears Holdings Co. announced that it will close another 18 Sears stores and 45 Kmart locations in late January 2018. This round of closures brings the total number of Sears and Kmart stores shutting down this year to 243. After the locations shutter, about 680 Sears stores will remain operating in … [Read more...] about 11.5.17: Sears and Kmart: More Stores to Close
Property managers are offering larger and larger concessions to try to attract tenants to their apartment communities, but the vacancy rates are inching higher anyway. The percentage of vacant apartments in Manhattan in October rose to 2.47%, up from 2.39% the year before. At the same time, property … [Read more...] about 11.1.17: Multifamily Trends – Vacancies Rise as Supply Exceeds Demand