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Realpoint CMBS June Update – 2.275% Delinquency In May

June 24, 2009

Tweet The total balance of loans in Foreclosure and REO increased for the 19th straight month to $3.91 billion in May 2009 from $3.49 billion in April, despite ongoing liquidation activity. … In May 2009, retail loans became the greatest contributor to overall CMBS delinquency, at 0.73% of the CMBS universe and near 32% of […]

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CBRE: There Are Virtually No Real AAA Bonds

June 12, 2009

Tweet CBRE put out a capital markets presentation outlining where we’ve been, how we crashed, and where we are today. The conclusion drawn is that investing in distressed debt yields higher returns with less risk, mainly because the perceived risk to prices is still great. ….and the rest of it reads like an obituary, that […]

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TALF Eligible CMBS Could Shrink Dramatically

June 9, 2009

Tweet According to Deutsche Bank, the number of CMBS loans eligible for TALF could be cut in half if S&P adopts a new, more conservative rating. If adopted, the proposal would likely result in downgrades to 95 percent of top-rated bonds issued during the peak of the real estate cycle in 2007, and 85 percent […]

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Uncertainty Killing The Recovery in CMBS

June 2, 2009

Tweet There’s a Fortune article featured today discussing Standard and Poor’s (S&P) decision to review it’s ratings on CMBS debt. The flap started last Tuesday, when S&P said it was considering changes in how it rates CMBS. The New York-based unit of McGraw-Hill (MHP: 0.00 N/A) warned that the changes could result in downgrades of a […]

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S&P on Insurers and CRE

May 24, 2009

Tweet   Some insight from S&P on the health of insurers in the face of looming troubles in commercial real estate. In February we conducted stress tests that simulated two depressed real estate markets between 1988 and 1995. In these tests, we paid special attention to the capital that might be needed to support the […]

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The Trillion Dollar Storm

May 24, 2009

Tweet The NY Post has an article out discussing the refinancing risk putting some of the biggest players in commercial real estate in peril. The commercial debt securitization market is dead. “Because there is no securitization the system cannot process the wave of maturities coming due,” said Scott Latham, commercial property broker at Cushman & […]

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Deutsche Bank Q1 CRE Outlook

May 10, 2009

Tweet I was going through old documents and came across Deutsche Bank’s Q1 commercial real estate outlook. It’s about two months old now, but it has some good info so I figured better to post it late than never. The file, which is embedded below, contains some very good data on CMBS, loan maturities, and […]

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Sam Zell Discusses Real Estate

April 29, 2009

Tweet Spotted at Deal Junkie is a video of Sam Zell at the Milken Institute Global Conference. Some of the things discussed include: From 2003 to 2007, 50% of the institutional real estate traded – and that 50% ended up being over-leveraged More debt than value, equity guys are out of the market until there are […]

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Real Estate Industry Wants Expanded TALF Program

April 8, 2009

Tweet Apparently the TALF program is not yet attractive enough to bring in large scale investors. According to the WSJ, the “real estate industry” is lobbying the FED to expand the loan terms from 3 years to 5 years under the TALF (Term Asset-Backed Securities Loan Facility) program. This is likely a result of two […]

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Flood of CMBS Rating Cuts Coming

April 6, 2009

Tweet Standard and Poor’s (S&P) pre-announced that it will cut ratings on CMBS debt on a “large scale” in the next few days. The rating agencies are one of the biggest reasons why we are in the mess we are in – they were tasked with rating the debt which has blown up in the […]

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