According to Trepp, the lodging delinquency rate for CMBS conduit loans in September came in at 23%, while the lodging special servicing rate came in at an all-time high 26%. Both numbers illustrate a sector that is rife with distress and has yet to find a real source of respite. Trepp examined … [Read more...] about 10.10.20: TREPP EXAMINES HOTEL DISTRESS IN THE UNITED STATES
10.7.20: NEW YORK’S ROOSEVELT HOTEL CLOSING PERMANENTLY DUE TO COVID
COVID-19 has claimed the landmark Roosevelt Hotel in Midtown Manhattan. The hotel’s owner, Pakistan International Airlines, announced over the weekend that it was shuttering the 19-story, 1,015-key hotel at 45 East 45th Street before the end of 2020 due to a steep drop in demand because of the … [Read more...] about 10.7.20: NEW YORK’S ROOSEVELT HOTEL CLOSING PERMANENTLY DUE TO COVID
10.1.20: YOUR 3-MONTH CMBS FORBEARANCE IS UP. NOW WHAT?
ValueXpress has closed on approvals for over 40 performing loan requests from Master and Special servicers for its hotel clients since June. While each approval has been unique, each approval generally consisted of the following terms: 90-day temporary loan modification during which time … [Read more...] about 10.1.20: YOUR 3-MONTH CMBS FORBEARANCE IS UP. NOW WHAT?
9.22.20: COMMERCIAL BANKS PULL BACK ON LENDING, BENEFITTING CMBS
Commercial banks have pulled back on commercial lending amid the COVID-19 pandemic. While CMBS lenders originate and sell loans, pushing servicing and administration on to others, problem loans at commercial banks are addressed in-house, which is diverting internal bank resources to solving payment … [Read more...] about 9.22.20: COMMERCIAL BANKS PULL BACK ON LENDING, BENEFITTING CMBS
9.19.20: U.S. SENATE INTRODUCES BILL TO EXTEND THE SMALL BUSINESS DEBT-RELIEF PROGRAM
The U.S. Senate Committee on Small Business and Entrepreneurship has introduced legislation to extend the small business debt-relief program. If passed, the Small Business Debt Relief Extension Act will provide at least five more months of principal, interest and fee payments on all preexisting, … [Read more...] about 9.19.20: U.S. SENATE INTRODUCES BILL TO EXTEND THE SMALL BUSINESS DEBT-RELIEF PROGRAM
9.15.20: CITIGROUP TEAM LEADS NEXT CMBS OFFERING
ValueXpress is actively seeking new CMBS conduit loans as recent CMBS bond offerings are being well received by investors. We are seeking multifamily, manufactured housing community (MHC), self-storage, industrial, retail and office loans. Hotels remain on pause unless their performances were … [Read more...] about 9.15.20: CITIGROUP TEAM LEADS NEXT CMBS OFFERING
9.10.20: SIMON AND BROOKFIELD SET TO RESCUE JC PENNEY
U.S. mall owners Simon Property Group and Brookfield Property Partners are close to finalizing an $800-million deal to rescue the embattled department store chain JC Penney from bankruptcy, avoiding a total liquidation and saving about 70,000 jobs and 650 stores, Joshua Sussberg of the law firm … [Read more...] about 9.10.20: SIMON AND BROOKFIELD SET TO RESCUE JC PENNEY
9.6.20: SL GREEN VENTURE OPENS ONE VANDERBILT OFFICE TOWER IN MANHATTAN
A venture led by SL Green Realty Corp. has opened its 1.7-million-square-foot One Vanderbilt office tower in Manhattan. The 67-story property, which sits next to Grand Central Terminal between East 42nd and 43rd Streets, is about 70% leased to tenants that include TD Bank, Carlyle Group, Sentinel … [Read more...] about 9.6.20: SL GREEN VENTURE OPENS ONE VANDERBILT OFFICE TOWER IN MANHATTAN
9.1.20: TREPP: CMBS DELINQUENCY RATE CONTINUES RETREAT FROM NEAR ALL-TIME HIGH
The Trepp CMBS delinquency rate continued its downtrend in August after posting the largest decline in four years in July. The overall CMBS delinquency rate in August was 9.02%, a decline of 58 basis points from July. About $6.5 billion in loans were “cured” in August, helping the rate post another … [Read more...] about 9.1.20: TREPP: CMBS DELINQUENCY RATE CONTINUES RETREAT FROM NEAR ALL-TIME HIGH
8.24.20: STRUCTURING FOR ROLLOVER RISK IN CMBS LENDING
One of the primary causes of CMBS conduit loan defaults for commercial properties is the loss of income when a tenant occupying a large portion of the property vacates or defaults on its lease payments. Typically, when a large tenant stops paying rent, the income from the property is no longer … [Read more...] about 8.24.20: STRUCTURING FOR ROLLOVER RISK IN CMBS LENDING