ValueXpress is actively seeking new CMBS conduit loans as recent CMBS bond offerings are being well received by investors. We are seeking multifamily, manufactured housing community (MHC), self-storage, industrial, retail and office loans. Hotels remain on pause unless their performances were … [Read more...] about 9.15.20: CITIGROUP TEAM LEADS NEXT CMBS OFFERING
9.10.20: SIMON AND BROOKFIELD SET TO RESCUE JC PENNEY
U.S. mall owners Simon Property Group and Brookfield Property Partners are close to finalizing an $800-million deal to rescue the embattled department store chain JC Penney from bankruptcy, avoiding a total liquidation and saving about 70,000 jobs and 650 stores, Joshua Sussberg of the law firm … [Read more...] about 9.10.20: SIMON AND BROOKFIELD SET TO RESCUE JC PENNEY
9.6.20: SL GREEN VENTURE OPENS ONE VANDERBILT OFFICE TOWER IN MANHATTAN
A venture led by SL Green Realty Corp. has opened its 1.7-million-square-foot One Vanderbilt office tower in Manhattan. The 67-story property, which sits next to Grand Central Terminal between East 42nd and 43rd Streets, is about 70% leased to tenants that include TD Bank, Carlyle Group, Sentinel … [Read more...] about 9.6.20: SL GREEN VENTURE OPENS ONE VANDERBILT OFFICE TOWER IN MANHATTAN
VALUEXPRESS OBTAINS $15-MILLION CMBS CONDUIT LOAN FOR THE REFINANCE OF THE AMBRIDGE REGIONAL DISTRIBUTION & MANUFACTURING CENTER IN AMBRIDGE (PITTSBURGH), PA
ValueXpress has arranged a $15-million CMBS conduit loan for the refinance of a 1-million-square-foot warehouse and light manufacturing industrial park located in Ambridge, Pennsylvania, 15 miles north of Pittsburgh. The property features 22 buildings that were constructed in stages between 1920 and … [Read more...] about VALUEXPRESS OBTAINS $15-MILLION CMBS CONDUIT LOAN FOR THE REFINANCE OF THE AMBRIDGE REGIONAL DISTRIBUTION & MANUFACTURING CENTER IN AMBRIDGE (PITTSBURGH), PA
9.1.20: TREPP: CMBS DELINQUENCY RATE CONTINUES RETREAT FROM NEAR ALL-TIME HIGH
The Trepp CMBS delinquency rate continued its downtrend in August after posting the largest decline in four years in July. The overall CMBS delinquency rate in August was 9.02%, a decline of 58 basis points from July. About $6.5 billion in loans were “cured” in August, helping the rate post another … [Read more...] about 9.1.20: TREPP: CMBS DELINQUENCY RATE CONTINUES RETREAT FROM NEAR ALL-TIME HIGH
8.24.20: STRUCTURING FOR ROLLOVER RISK IN CMBS LENDING
One of the primary causes of CMBS conduit loan defaults for commercial properties is the loss of income when a tenant occupying a large portion of the property vacates or defaults on its lease payments. Typically, when a large tenant stops paying rent, the income from the property is no longer … [Read more...] about 8.24.20: STRUCTURING FOR ROLLOVER RISK IN CMBS LENDING
8.19.20: LORD & TAYLOR CLOSING ALL STORES AS IT GOES OUT OF BUSINESS
Lord & Taylor, one of the oldest department stores in the United States, will go out of business and shutter its 38 locations, marking the end of its 194-year run. It’s the latest retailer to fall during the coronavirus pandemic. The move comes just weeks after Lord & Taylor filed for … [Read more...] about 8.19.20: LORD & TAYLOR CLOSING ALL STORES AS IT GOES OUT OF BUSINESS
VALUEXPRESS PROVIDES $2,200,000 FANNIE MAE SMALL BALANCE LOAN FOR THE REFINANCE OF A 37-UNIT APARTMENT COMPLEX LOCATED IN PASCAGOULA, MS
ValueXpress provided a $2,200,000 Fannie Mae loan through the Small Mortgage Loan Program secured by a 37-unit garden apartment complex located in Pascagoula, Mississippi. The property was constructed in 1978 with the first floor and portions of the second floor gut renovated in 2007 after the … [Read more...] about VALUEXPRESS PROVIDES $2,200,000 FANNIE MAE SMALL BALANCE LOAN FOR THE REFINANCE OF A 37-UNIT APARTMENT COMPLEX LOCATED IN PASCAGOULA, MS
8.15.20: HOTELS MAKE A COMEBACK: 4 INCLUDED IN RECENT CMBS OFFERING
Four hotel loans that were closed pre-COVID-19 have been included in the most recent CMBS offering led by Wells Fargo and UBS. The $560.5-million offering included 40 loans secured by 71 properties. The hotel loans included in the pool are the first since the pandemic significantly impacted hotel … [Read more...] about 8.15.20: HOTELS MAKE A COMEBACK: 4 INCLUDED IN RECENT CMBS OFFERING
8.10.20: A REFRESHER — HOW AND WHEN IS THE INTEREST RATE SET ON A CMBS CONDUIT LOAN?
How is the interest rate fixed on a CMBS conduit loan? In the loan Term Sheet, under Interest Rate, the provision indicates that the interest rate will be set by adding the loan “spread” (expressed in basis points; i.e., “250 basis points”) to the Swap Rate with same term as the loan. If the loan is … [Read more...] about 8.10.20: A REFRESHER — HOW AND WHEN IS THE INTEREST RATE SET ON A CMBS CONDUIT LOAN?
