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
7.15.19: What Is “Loan Sizing” in CMBS?
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...] about 7.15.19: What Is “Loan Sizing” in CMBS?
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...] about 7.10.19: CMBS Delinquency Rate Increases Modestly in June
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...] about 7.5.19: Commercial Real Estate Market in Albuquerque, NM Is Strong
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...] about 7.1.19: How to Pre-Qualify a Hotel for a CMBS Conduit Loan: An Update
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...] about 6.25.19: Manufactured Housing Loans with an RV Component Okay in CMBS
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...] about 6.20.19: Outlet Mall Opens in Staten Island, N.Y.
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...] about 6.10.19: Bridge Loan Terms Improve Significantly
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...] about 6.6.19: How CamScanner Saved a Deal!
6.3.19: Don’t Forget to Sign Up for Our Rate Sheet
Every Monday ValueXpress publishes current CMBS conduit loan rates. You can sign up to receive our rate sheet at https://www.valuexpress.com/cmbs-conduit-loan-rate-sheet/. We also provide commentary on the latest CMBS market news along with the rate sheet exclusively for subscribers to our rate … [Read more...] about 6.3.19: Don’t Forget to Sign Up for Our Rate Sheet
