Stuyvestant Town’s $3B Loan Goes to Special Servicing
November 7, 2009
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 number [...]
Read More >>CMBS Delinquency Forecast At 5%+ By End of Year
August 10, 2009
According to Fitch, CMBS delinquencies are increasing at a rate of $2 Billion per month. July delinquencies stood at 3.04%, the highest since 2001 when they began being tracked by Fitch. At the current clip, the delinquency rate could be at 5% by the end of the year, and into the six’s in 2010. Some [...]
Read More >>Uncertainty Killing The Recovery in CMBS
June 2, 2009
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: 29.35 +2.98%) warned that the changes could result in downgrades of a large [...]
Read More >>U.S. Office and Retail Vacancy Continues Its Ascent
April 2, 2009
REIS is out with its latest US office vacancy numbers, and not surprisingly, they don’t look good. It’s expected that this year will end with office vacancy rates at nearly 17%, and rents down 7.4%. They are also projecting 2010 vacancy at 17.6 percent, about 1% below the high that was reached in 1992. That is [...]
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