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The practice, formerly a niche financing strategy to upgrade properties, is set to become a driving force in ESG lending.
An inverted yield curve typically precedes a recession.
Lenders are starting to better understand the dynamics of energy retrogrades and giving credit for this in pricing.
The transition has been largely hassle-free because much of the work was completed behind the scenes and in staggered stages.
One potential stumbling block for the conduit and broader CMBS market, however, could be the impact of higher interest rates.
The journey may have been long, but commercial real estate debt is now ingrained in institutional portfolios.
The impact from the war in Ukraine could still disrupt the commercial real estate debt in several ways.
The new provision should keep LIBOR’s staggered sunset going smoothly.
The CMBS market saw record issuance in the first two months of the year.
Shevlin believes the historical performance and robust nature of the CMBS market will be a differentiator