CMBS

The 23-hotel CMBS financing will recapitalize properties across 10 states.

The loan on One Market Plaza, a San Franciso office tower, was one of the largest CMBS loans slated to mature in 2024.

The Federal Reserve has not changed the target rate, which has stood at a level of 5.25-5.5 percent, since July.

The $308m loan is expected to be sold for a 50% discount.

The firm anticipates opportunities on the debt and equity side as the commercial real estate market moves closer to a reboot.

An increase in parties overseeing the workout of CMBS loans is expected as the right to appoint new servicers shifts across the capital structure, Academy Securities' Stav Gaon notes.

Expectations are that there will be $5bn-$7bn of new conduit issuance in the fourth quarter, market analysts told Real Estate Capital USA.

The New York-based rating agency is also forecasting a rebound in commercial mortgage-backed securities issuance in 2024.

Nominations close at midnight on Friday November 17 2023 for Real Estate Capital USA’s third annual awards and a shortlist will be announced on Monday, December 4.

The acquisitions are part of the firm’s focus on workforce housing.