$46B in CMBS Balances Now Delinquent

March 3, 2010

Tweet RealPoint’s February report is out and things continue to get worse on the CMBS front. Not only is the oustanding CMBS loan amount huge, but the rate of growth is staggering. The amount of distressed 90+ day loans rose 28% in one month. In January 2010, the delinquent unpaid balance for CMBS increased by […]


LeFrak and Flexner on CNBC

March 3, 2010

Tweet Tom Flexner, head at Citi Global Property and LeFrak of the LeFrak Organization on CNBC. Lots of capital sitting on the sidelines, and LeFrak is trying to figure out how to deploy it. Flexner’s answer: reduce your return requirements.


Congressional Oversight Panel Issues Report on CRE

February 11, 2010

Tweet The Congressional Oversight Panel, chaired by Elizabeth Warren has issued its February report, and it’s focus is on “Commercial Real Estate Losses and the Risk to Financial Stability”. It’s a long read (189 pages), but from the executive summary here are some key points: Between 2010 and 2014, about $1.4 trillion in commercial real […]


Macklowe’s Back as CMBS Delinquencies Continue To Rise

January 6, 2010

Tweet After suffering some pretty big losses over the past two years, Harry Macklowe is back. This time he has teamed up with CIM Group to take control again of the development site on Park Avenue in New York. The partnership between Macklowe and CIM will pay off about $510M of debt on the site, […]


Commercial Real Estate Videos

December 16, 2009

Tweet Couple videos from CNBC…. #1 Mort Zuckerman on Commercial Real Estate. Zuckerman is chairman of Boston Properties (BXP: 123.28 -0.05%). and #2 Spotlight on Commercial REITs featuring Harvey Green, CEO of Marcus & Millichap. This video doesn’t say anything new, but the last point about small vs large real estate is interesting, because if […]


CMBS Delinquency Rate Continues To Rise; Inland Western Issues $500M CMBS Deal

December 10, 2009

Tweet CMBS loans delinquent beyond 30-days now stands at about 4.47% according to Moody’s. The low was reached in late 2007, at .22%. The number is up 46 basis points month-over-month. Hit the hardest is the hospitality sector, where the delinquency rate is at 7.8%. In other news, JPMorgan sold off $500M of CMBS for […]


Oversubscribed DDR CMBS Deal Prompts Bank of America To Prepare $460M Fortress Deal

November 19, 2009

Tweet The commercial mortgage backed securities issued earlier this week on the back of DDR retail assets has caught the attention of others who were closely monitoring that issue. Some reports indicated that the DDR deal was up to 10x oversubscribed. So, not only is a follow on issue for DDR said to be in […]


DDR Issue Signals Slow Return of CMBS Market

November 16, 2009

Tweet Developers Diversified Realty is issuing about $400M in commercial backed mortgage securities (CMBS) in a sale that is reportedly three times oversubscribed. The highest quality tranche is reported to go at about 4%, which is about 280 bps above the 1-year LIBOR, which is pretty good. Of course, part of what is driving the […]


Stuyvestant Town’s $3B Loan Goes to Special Servicing

November 7, 2009

Tweet Not really news as the previous income and debt-coverage numbers revealed this asset is in a world of hurt, not to mention the hit it will take as a result of all the legal wrangling going on about rent controls. This is one big capital stack. Fitch has already reduced CMBS ratings on a […]


Prudential CRE US Quarterly Update

November 2, 2009

Tweet Prudential has recently put out its quarterly update on US real estate. On debt markets: At commercial banks… Commercial banks, which represent about half of the $3.5 trillion commercial-mortgage market, remain largely stuck in the “extend-and-pretend” mode. Some banks are originating loans for balance sheets, but the capacity and appetite for such deals is limited. Many […]

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