Brookfield Property is developing a 700,000-square-foot regional mall in South Norwalk, Connecticut on West Avenue next to I-95. Construction is nearly complete and the property, called the SoNo Collection, is scheduled to open in October. The mall will be anchored by Bloomingdale’s and Nordstrom’s, … [Read more...] about 8.15.19: Malls Are Not Dead. A New Mall Rises in Connecticut!
ValueXpress Arranges $3,250,000 CMBS Conduit Loan for the Refinance of a Baymont Inn and Suites in Mackinaw City, MI
ValueXpress has arranged a $3,250,000 CMBS conduit loan for the refinance of a Baymont Inn and Suites franchised hotel located in Mackinaw City, Michigan. The Baymont Inn and Suites – Mackinaw City is a 3-story, 77-room interior-corridor hotel constructed in 1997. The hotel is located … [Read more...] about ValueXpress Arranges $3,250,000 CMBS Conduit Loan for the Refinance of a Baymont Inn and Suites in Mackinaw City, MI
8.29.19: Tips for Making Escrow Draws Simple for a CMBS Conduit Loan
Some borrowers gripe that it is difficult to get funds from escrow/reserve accounts for a CMBS conduit loan. With simple planning, reimbursements from CMBS loan servicers can be painless. It is important to know the ground rules before you start the work that is eligible for reimbursement. Here is … [Read more...] about 8.29.19: Tips for Making Escrow Draws Simple for a CMBS Conduit Loan
8.12.19: Lending Rates Fall Dramatically
An unexpected rapid decline in the 10-year Treasury and swap yield has driven down loan rates for CMBS conduit loans and other commercial loans tied to these indexes. The 10-year swap has declined an astounding 100 basis points (bp) since May and nearly 40 bp in the last three weeks. Analysts are … [Read more...] about 8.12.19: Lending Rates Fall Dramatically
8.8.19: CBRE Reports on Cap Rates at Mid-Year
CBRE notes that capitalization rates (cap rates) were broadly stable in the first half of 2019 in its recently published survey for income producing commercial real estate (retail, office, industrial, multifamily and hotel) as of June 30, 2019. Suburban multifamily cap rates tightened most across … [Read more...] about 8.8.19: CBRE Reports on Cap Rates at Mid-Year
8.1.19: Enough About Closures, Who Is Opening New Retail Stores?
While the so-called “retail apocalypse” is undeniably wreaking havoc in the shopping industry, not all physical retailers are floundering. Some retailers have big expansions in the works. Most of the retailers that are expanding are discounters, including dollar stores and chains full of random … [Read more...] about 8.1.19: Enough About Closures, Who Is Opening New Retail Stores?
ValueXpress Arranges $13,800,000 CMBS Conduit Loan for the Refinance of a Portfolio of Hotels Located in Indianapolis, IN
ValueXpress has arranged a $13.8-million CMBS conduit loan for the refinance of two franchised hotels located in Indianapolis and Scottsburg, Indiana. The Hampton Inn – Scottsburg is a 4-story, 86-room hotel constructed in 2000. The hotel is located 80 miles south of Indianapolis and 30 miles … [Read more...] about ValueXpress Arranges $13,800,000 CMBS Conduit Loan for the Refinance of a Portfolio of Hotels Located in Indianapolis, IN
7.29.19: Most Recent CMBS Deal Flies Out the Door
On July 23, Wells Fargo, Bank of America, Morgan Stanley and NCB priced the benchmark AAA-rated class of a $1.302-million multi-borrower CMBS conduit offering at 84 basis points (bp) over swaps, in line with price guidance. This offering follows the July 19th pricing of a $1.4-billion offering by … [Read more...] about 7.29.19: Most Recent CMBS Deal Flies Out the Door
7.24.19: Check for Cancellation Clause in Government Leases
We often get requests to provide terms for a CMBS conduit loan secured by office and industrial properties in which a branch or agency of a state or the federal government is one of the tenants. Having a government agency as a tenant is highly desirable because there is no risk of the government … [Read more...] about 7.24.19: Check for Cancellation Clause in Government Leases
7.18.19: Be Careful When Lending on Dual-Branded Hotels
Dual-branded hotels are becoming more popular as owners aim to capture more guests by having two market segments under one roof. The benefits are twofold: It brings the best of both brands to more guests and consolidates back-of-house operations like housekeeping, reducing overall operating costs. … [Read more...] about 7.18.19: Be Careful When Lending on Dual-Branded Hotels