Data processing firm Celonis extended its existing lease at 1 World Trade Center by signing for an additional 40,763 square feet on the 70th floor, according to The Durst Organization and The Port Authority of New York and New Jersey (PANYNJ). The deal brings 1 World Trade Center to 95% leased, 2 … [Read more...] about 3.8.22: 1 WORLD TRADE CENTER 95% LEASED WITH LATEST DEAL: DURST
VALUEXPRESS OBTAINS $6.15-MILLION CMBS CONDUIT LOAN FOR THE REFINANCE OF A 73-ROOM LAQUINTA INN & SUITES IN HOLBROOK, AZ
ValueXpress has arranged a $6,150,000 CMBS conduit loan for the refinance of a four-story LaQuinta Inn & Suites hotel constructed in 2020. The loan provided an opportunity to pay off an existing SBA 7(a) loan, which will provide the sponsors eligibility for a new SBA 7(a) loan to construct … [Read more...] about VALUEXPRESS OBTAINS $6.15-MILLION CMBS CONDUIT LOAN FOR THE REFINANCE OF A 73-ROOM LAQUINTA INN & SUITES IN HOLBROOK, AZ
2.28.22: RUSSIA INVASION AFFECTING CMBS MARKET
Spreads on CMBS securities have widened after Russia invaded Ukraine on February 24. Market participants are hopeful the widening is temporary, but a prolonged war and associated economic impact could extend the recovery period for spreads. Prior to the war, spreads were already leaking wider on the … [Read more...] about 2.28.22: RUSSIA INVASION AFFECTING CMBS MARKET
2.16.22: HOTELIERS, WATCH YOUR ALIGNMENT!
ValueXpress has now completed over 200 CMBS conduit loans for hotels. We have financed every hotel brand in the United States! The most popular brands for refinance for us are Holiday Inn Express and Hampton Inn. Many of our hotel clients use the “cash-out” feature of CMBS conduit loans to finance … [Read more...] about 2.16.22: HOTELIERS, WATCH YOUR ALIGNMENT!
2.7.22: COSTAR: HOTEL CMBS LOANS POISED FOR STRONG RECOVERY
The amount of loans backed by hotels and packaged into commercial mortgage-backed securities, or CMBS, typically moves with the economic cycle. In the recessions of 2002 and 2009, issuance of hotel CMBS loans declined to almost zero, but in 2020 more than $3.5 billion in CMBS loans were made. In … [Read more...] about 2.7.22: COSTAR: HOTEL CMBS LOANS POISED FOR STRONG RECOVERY
VALUEXPRESS OBTAINS $5.5-MILLION CMBS CONDUIT LOAN FOR THE REFINANCE OF A 78-ROOM HAMPTON INN & SUITES IN RICHLAND, MS
ValueXpress has arranged a $5,500,000 CMBS conduit loan for the refinance of a four-story Hampton Inn hotel constructed in 2015. The loan provided an opportunity to pay off an existing SBA 504 loan and some additional high-cost construction debt. The new loan features a lower monthly payment based … [Read more...] about VALUEXPRESS OBTAINS $5.5-MILLION CMBS CONDUIT LOAN FOR THE REFINANCE OF A 78-ROOM HAMPTON INN & SUITES IN RICHLAND, MS
1.31.22: SOFR IS HERE FOR CMBS CONDUIT LOANS – WHAT DOES IT MEAN?
In July 2018, we posted that finance professionals agreed that the Secured Overnight Financing Rate, or SOFR, would be the likely replacement for LIBOR by the end of 2021, when the LIBOR index was scheduled to be phased out. The SOFR is a broad measure of the cost of borrowing cash overnight … [Read more...] about 1.31.22: SOFR IS HERE FOR CMBS CONDUIT LOANS – WHAT DOES IT MEAN?
1.17.22: Q4 2021 U.S. LODGING MARKET UPDATE FROM LW HOTEL ADVISORS
LW Hotel Advisors (LWHA) recently released its fourth-quarter U.S. lodging market update. According to Daniel Lesser, President and CEO, vaccines and booster shots paved the way for a brief return to some semblance of normalcy; however, as we enter 2022 the nearly two-year global health crisis is … [Read more...] about 1.17.22: Q4 2021 U.S. LODGING MARKET UPDATE FROM LW HOTEL ADVISORS
1.9.22: SL GREEN’S ONE VANDERBILT IS 95% LEASED, EXCEEDING YEAREND GOAL
SL Green Realty, Manhattan’s largest office landlord, reported its trophy One Vanderbilt tower is 95.2% leased, even as its overall fourth-quarter occupancy rate declined. It's just the latest sign that coveted top-tier properties are attracting tenants even while New York’s office market is still … [Read more...] about 1.9.22: SL GREEN’S ONE VANDERBILT IS 95% LEASED, EXCEEDING YEAREND GOAL
12.31.21: COVID-19 PERFORMING LOAN CONSENTS FOR CMBS LOANS – A LOOK BACK
During the peak of COVID-19, CMBS borrowers, primarily hotel and retail, were not generating sufficient revenue to make mortgage and escrow payments to lenders. As a result, loan servicers developed a plan to assist borrowers while still complying with the terms of servicing agreements. Master … [Read more...] about 12.31.21: COVID-19 PERFORMING LOAN CONSENTS FOR CMBS LOANS – A LOOK BACK