I often get blank stares from borrowers when I tell them the next step after determining that a property qualifies for a CMBS conduit loan is “loan sizing.” What is loan sizing? CMBS conduit loans are based on the amount of property cash flow. To determine the maximum loan amount that can be … [Read more...]
7.10.19: CMBS Delinquency Rate Increases Modestly in June
The Trepp CMBS delinquency rate in June increased 18 basis points (bp) to 2.84%. The spike represents only the fourth monthly increase over the last two years. However, the increase is skewed by a hotel portfolio loan, the Innskeeper Portfolio, totaling $754 million that will show up as current next … [Read more...]
7.5.19: Commercial Real Estate Market in Albuquerque, NM Is Strong
The commercial real estate market in Albuquerque, New Mexico continues to show strength, according to CBRE. Office space occupancy declined for the third consecutive year in 2018 and Class A vacant space is the lowest in market history. Demand arises from a net increase of 10,000 jobs in the … [Read more...]
ValueXpress Arranges $3,900,000 CMBS Conduit Loan for the Refinance of a Portfolio of Neighborhood Retail Centers Located in Jackson, MS
ValueXpress has arranged a $3.9-million CMBS conduit loan for the refinance of three retail centers located in Jackson, Mississippi. The transaction provided over $1 million of cash-out loan proceeds to the sponsor for additional real estate investments. The transaction also refinanced the prior … [Read more...]
7.1.19: How to Pre-Qualify a Hotel for a CMBS Conduit Loan: An Update
In November, we explained how to pre-qualify a hotel for a CMBS conduit loan. We have received many positive comments on how useful our process is. Now? We are adding an additional test to the process. The test involves a limit to the maximum loan amount for certain franchises. Step 1: Is the … [Read more...]
6.25.19: Manufactured Housing Loans with an RV Component Okay in CMBS
Manufactured Housing Community loans are extremely popular in CMBS. Manufactured Housing Communities (MHCs) are developments in which the landlord leases land “lots” to tenants who then buy or build a manufactured home on the lot. The tenant pays monthly rent to the landlord for the lot. Sometimes … [Read more...]
6.20.19: Outlet Mall Opens in Staten Island, N.Y.
Empire Outlets New York City, a 350,000-square-foot retail outlet complex in the St. George neighborhood of Staten Island opened May 15. Construction on Empire Outlets started in 2015. When the $300-million center is fully completed in August 2019, it will include 100 designer outlets. It is the … [Read more...]
ValueXpress Arranges $20-Million CMBS Conduit Loan for the Refinance of a Portfolio of Drugstores Located in Michigan, Georgia and Puerto Rico
ValueXpress has arranged a $20-million CMBS conduit loan for the refinance of five free-standing drugstores. Two of the stores are Walgreens located in Guaynabo and Carolina, Puerto Rico. Two of the stores are Rite Aid located in Michigan, one in Selby Township and the other in Coldwater. The fifth … [Read more...]
6.10.19: Bridge Loan Terms Improve Significantly
Bridge loan terms have improved significantly during the past three months, attributable to the efficiency of commercial real estate Collateralized Loan Obligations (CLOs) issuance and strong investor demand for CLOs. The most competitively priced bridge loans today end up in CLOs. Pricing for … [Read more...]
6.6.19: How CamScanner Saved a Deal!
I get most of my technology upgrades from my kids. They dragged me into Uber. And now? I can’t live without it. Door Dash and Grubhub have put on a few pounds on me. But a more recent app really saved the day. My daughter isn’t big on having a lot of computer equipment taking up space in her … [Read more...]
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