CMBS

With recovery underway in the US hotel sector, securitisation activity is gradually picking up in select sub-sectors – albeit with more conservative underwriting.

The follow up to KKR’s 2017 fund will continue to focus on junior tranches of commercial mortgages.

Retail icons are being toppled, spelling major trouble for US shopping malls as a cascade of defaults looms.

Ratings agency S&P expects the delinquency rate to climb higher for June, although European CMBS are so far weathering the storm.

The economic fallout from covid-19 has stoked fears of a liquidity crisis in US commercial property lending.

Last month’s real estate debt fire sales at the outset of the covid-19 outbreak in the US were just the tip of the iceberg for private real estate.

Coronavirus shutdowns have pushed nearly $25bn of US CMBS loans to the brink of delinquency, and the worst is yet to come.

Colony Capital’s CEO calls for lender leniency to avert a mortgage market collapse, triggering a financial crisis.

Rising interest rates, CMBS volatility and the likelihood of higher spreads are among the factors borrowers in the US need to think about, writes Ryan Krauch of Mesa West Capital.

Private real estate debt vehicles need to prove their value to investors in a more crowded and competitive market.