While there has been recovery in the retail and lodging sectors, challenges remain.
The asset class continues to experience pricing pressure given the uncertain market outlook.
The loan, which is secured by properties owned by the manager’s Sponda platform, has been placed into special servicing.
Short-term fixed-rate SASB offerings are coming to market despite funding costs remaining volatile.
The issuers are responding to more borrowers seeking shorter-term loans in the current interest rate environment.
As this shift occurs, the firm is seeing more interest from investors who like the way debt looks when stacked up against an uncertain equity market.
Brookfield will transfer outstanding CMBS debt to the JV with the deal.
The tax could be up to 2.8% for New York City.
The firm also believes CMBS delinquencies could rise to top 4%.
The agency continues to see the rise of e-commerce as a threat to brick-and-mortar retailers.