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...]
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...]
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...]
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...]
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...]
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...]
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...]
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...]
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...]
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