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?
8.6.20: WILL IT WORK TO CONVERT RETAIL SPACE TO INDUSTRIAL SPACE?
Simon Property Group, the biggest mall owner in the United States, has reportedly been in talks with Amazon to turn some of the vacant anchor stores in its properties into fulfillment centers for the e-commerce behemoth, The Wall Street Journal reported over the weekend. The move makes perfect sense … [Read more...] about 8.6.20: WILL IT WORK TO CONVERT RETAIL SPACE TO INDUSTRIAL SPACE?
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 3 retail centers located in Jackson, Mississippi. The transaction provided over $1 million of cash-out loan proceeds to the sponsor that will be used for additional real estate investments. The transaction also refinanced … [Read more...] about VALUEXPRESS ARRANGES $3,900,000 CMBS CONDUIT LOAN FOR THE REFINANCE OF A PORTFOLIO OF NEIGHBORHOOD RETAIL CENTERS LOCATED IN JACKSON, MS
8.1.20: INVESTOR DEMAND STRONG FOR NEW CMBS LOANS
Two multi-borrower CMBS issues priced in July at the tightest spreads since the start of the COVID-19 pandemic. The offerings were a $1.1-billion offering led by Deutsche Bank, Citigroup, J.P. Morgan and Goldman Sachs (BMARK 2020-B18) and a $690.6-million offering led by Morgan Stanley and Barclays … [Read more...] about 8.1.20: INVESTOR DEMAND STRONG FOR NEW CMBS LOANS
VALUEXPRESS OBTAINS $3.7-MILLION CMBS CONDUIT LOAN FOR A CLASS A OFFICE BUILDING LOCATED IN BOCA RATON, FL
ValueXpress obtained a $3.7-million first-mortgage loan that was utilized to refinance existing debt secured by a 25,400-square-foot multi-tenant office building located in Boca Raton, Florida. The property, constructed in 2006, is currently 87% occupied by 16 tenants, primarily local professional … [Read more...] about VALUEXPRESS OBTAINS $3.7-MILLION CMBS CONDUIT LOAN FOR A CLASS A OFFICE BUILDING LOCATED IN BOCA RATON, FL
7.25.20: SMALL NEW JERSEY COMMUNITY BANK LEVERAGES TECHNOLOGY TO DELIVER $5.4 BILLION IN PPP LOANS
Cross River Bank of Fort Lee, N.J., with net assets of just $2.5 billion, partnered with more than 30 tech firms to create an agile lending platform that provided over $5.4 billion in Payment Protection Program (PPP) loans. The privately held lender earned $160 million in fees, according to S&P … [Read more...] about 7.25.20: SMALL NEW JERSEY COMMUNITY BANK LEVERAGES TECHNOLOGY TO DELIVER $5.4 BILLION IN PPP LOANS
7.19.20: 7-ELEVEN TO BUY MARATHON PETROLEUM’S SPEEDWAY STORES FOR $21 BILLION
In what is one of the biggest global acquisitions to be announced this year, Marathon Petroleum Corp. has agreed to sell its chain of Speedway convenience stores and gas stations to 7-Eleven for $21 billion in cash. The transaction is expected to close in the first quarter of 2021, subject to … [Read more...] about 7.19.20: 7-ELEVEN TO BUY MARATHON PETROLEUM’S SPEEDWAY STORES FOR $21 BILLION
7.15.20: VALUEXPRESS PROVIDING SBA 7(a) LOANS ON HOTELS
CMBS conduit loans are temporarily unavailable for hotels until operating performance recovers from the effects of COVID-19. In the meantime, to assist clients and borrowers, ValueXpress is providing SBA 7(a) loans up to $5 million on all owner-operated hotels, including independent hotels. The … [Read more...] about 7.15.20: VALUEXPRESS PROVIDING SBA 7(a) LOANS ON HOTELS
7.9.20: SBA WAIVES PAYMENTS ON 7(A) AND 504 LOANS THROUGH SEPTEMBER 27
The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic by paying six months of loan payments for new and existing borrowers. Below is a summary of the assistance. As part of our coronavirus debt relief efforts, the SBA will pay 6 months of principal, interest … [Read more...] about 7.9.20: SBA WAIVES PAYMENTS ON 7(A) AND 504 LOANS THROUGH SEPTEMBER 27
7.5.20: CMBS SERVICERS ARE NOT APPROVING ECONOMIC INJURY DISASTER LOANS (EIDL)
EIDL loans are now readily available to hoteliers up to $150,000 per property. Borrowers should be aware, however, that CMBS servicers are not approving these loans by waiving any covenant violations in CMBS loan agreements. Below is a typical servicer response to an EIDL approval request. We … [Read more...] about 7.5.20: CMBS SERVICERS ARE NOT APPROVING ECONOMIC INJURY DISASTER LOANS (EIDL)