PCCP LLC has purchased a $99.3 million performing loan against The Star, a mixed-use property at 1111 Rusk St. in downtown Houston. The Los Angeles investment manager bought the loan from TPG Real Estate Finance Trust, which suffered a loss...
The volume of apartment sales in New York City totaled $628.5 million during the second quarter, down 69 percent from the same period a year ago, according to Ariel Property Advisors. That was the third-lowest quarterly volume since 2010. In...
Roughly $1.9 billion of CMBS loans evidently received forbearance, or payment deferrals, this month, according to Trepp LLC. That's likely to translate to a slowdown in the growth of the overall CMBS delinquency rate, which reached near-record levels last month.
KKR & Co. has completed capital-raising for its second CMBS B-piece investment vehicle, raising $950 million of commitments. The fund, KKR Real Estate Credit Opportunity Partners II, already has completed nine investments and has circled the risk-retention bonds of a...
The coronavirus pandemic has had a profound impact on the seniors-housing sector, with occupancy dropping by 2.8 percentage points during the second quarter to 84.9 percent. That's the largest quarterly decline in occupancy in 14 years, according to the National...
The coronavirus pandemic is having a severe impact on commercial mortgage originations, which the Mortgage Bankers Association predicts could result in volumes declining this year by a whopping 60 percent to roughly $250 billion. Volumes would rebound next year, but...
Commercial Real Estate Direct Staff Report PGIM Real Estate Finance has provided $195 million of financing against the Hilton La Jolla Torrey Pines hotel in La Jolla, Calif., and the Capital Hilton in Washington, D.C. The interest-only mortgage pays a...
Commercial Real Estate Direct Staff Report Braemar Hotels & Resorts Inc. has struck a deal to modify another $370 million of mortgage debt. That brings the volume of loans that the Dallas REIT, formerly Ashford Hospitality Prime Inc., has been...
Braemar Hotels & Resorts Inc. has struck a deal to modify another $370 million of mortgage debt. That brings the volume of loans that the Dallas REIT, formerly Ashford Hospitality Prime Inc., has been able to modify to $695 million....
Commercial Real Estate Direct Staff Report Pyramid Cos. has negotiated the workout of a $430 million CMBS loan against the two phases of its Destiny USA Mall in Syracuse, N.Y., and is moving toward getting the securitized loans against five...
The volume of CMBS loans in special servicing continued to balloon last month as another 291 mortgages with a balance of $11.2 billion transferred, according to DBRS Morningstar. Since the coronavirus pandemic started in March, 652 loans with a balance...
The volume of CMBS loans in special servicing continued to balloon last month as another 291 mortgages with a balance of $11.2 billion transferred, according to DBRS Morningstar. Since the coronavirus pandemic started in March, 652 loans with a balance...
Pyramid Cos. has negotiated the workout of a $430 million CMBS loan against the two phases of its Destiny USA Mall in Syracuse, N.Y. and is moving toward getting the securitized loans against five other shopping malls modified as well.
The volume of delinquent CMBS loans against hotel and retail properties has risen at an alarming rate. Meanwhile, those against other property types have held up relatively well.
The need for industrial space nationwide has been on the rise despite national lockdowns in place to stem the spread of coronavirus.
Some retailers' inability to adapt to the effects of the coronavirus pandemic, coupled with the sector's decline in recent years, are not good signs for the CMBS universe.
The hotel property sector, which has suffered greatly as a result of the coronavirus pandemic, is not expected to rebound until 2023. That's bad news for CMBS hotel loans.
The apartment market seems to have weathered the storm caused by the coronavirus pandemic.
No one anticipated the coronavirus, which has caused more than 135,000 deaths in the United States and hammered the commercial real estate mortgage sector, with CMBS delinquencies approaching record levels. Here's a rundown of what happened and what might come.
A total of 3.8 million square feet of office leases were signed in Manhattan during the second quarter, a 66.4 percent decline from the 11.2 million sf of deals inked at the same time last year, according to CBRE. Restrictions...
PGIM Real Estate, the global investment management arm of Prudential Financial Inc., has lent $100 million against 52 Broadway, a 399,935-square-foot office building in Manhattan. The loan, which closed on Monday, was used to retire $79.5 million of securitized debt...
The Pikesville, Md., company is under contract to acquire four retail properties totaling 358,685 square feet in secondary and tertiary markets, where it already owns 356 shopping centers totaling 19 million sf in 42 states. It's been receiving concessions from...
CBRE has originated $72.5 million of Fannie Mae financing against Hub25, a 278-unit apartment property in Boston. The loan allowed the owner, Qianlong Property Development, to retire securitized debt against the complex.
KKR Real Estate Credit Opportunity Partners retained its spot at the top of a ranking of CMBS B-piece buyers for the first half of the year, with a nearly 23 percent share of the market. It also is the top...
The second quarter saw only $9 billion of domestic, private-label CMBS issuance, the lowest quarterly total since the first three months of 2012, when the sector was just pulling itself out of the post-Global Financial Crisis funk. JPMorgan Securities jumped...
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© 2023 Commercial Real Estate Direct All rights reserved.