Wireless Realty Advisors, LLC (WRA), a Norfolk, MA-based owner, operator and manager of wireless infrastructure assets, has closed the $120-million WRA Fund III LLC. The fund represents WRA’s fifth equity investment with Peppertree Capital Management and is focused on investing the acquisition of wireless real estate assets throughout the U.S.

“Since our introduction to the market 30 years ago, we have always been passionate about how data can be leveraged to create better operating efficiencies and scale,” said Tom Remillard, founder and CEO of WRA. “For WRA, data is more than just one of several hundred thousand dots on a map – it’s a relationship builder and a strategic tool that we will continue to grow and inject into our business model.” 

Additionally, WRA has promoted James Huth to president. Huth has been with WRA for seven years and has been instrumental in the growth of the company. 

Asset performance outlooks across many North American structured finance sectors are deteriorating for 2025, Fitch Ratings reported, noting that higher-leveraged and lower-income borrowers especially vulnerable to affordability and refinancing challenges. A cooling labor market is likely to offset some of the benefits of falling interest rates, according to Fitch.

The rating agency said CMBS asset performance will continue to diverge between older assets attracting lower demand and in need of capital funding, and newer, more flexible and green properties in prime locations. Tighter lending conditions and demand-side pressures will also continue to hinder performance, as will a continued increase in expenses, driven by rising insurance, labor and climate-related costs.

Fitch’s outlook for most RMBS subsectors is neutral, except non-prime RMBS, where delinquencies are forecast to increase to 3.25% in 2025, from 2.38% in October 2024. ABS asset performance will be broadly stable in 2025, although subprime borrowers remain vulnerable to cost of living stresses and higher debt servicing costs.

“Supportive market conditions over the last 12 months led to a high level of refinancing and repricing by both loan and CLO issuers,” according to Fitch. “The asset performance outlook for CLOs is improving in 2025, with broadly syndicated loans leveraged defaults expected to fall as investor confidence and falling interest rates support market activity.”

Fitch sees increased policy uncertainty with the incoming Trump administration. Increased tariffs may introduce inflationary pressures that slow the pace of rate cuts, increasing the financial burden on households and businesses and leading to higher delinquencies and defaults. However, tax cuts may compensate for higher costs stemming from tariffs.

At the Connect Distressed Investment & Finance conference earlier this month in Los Angeles, commercial real estate capital markets experts provided candid views of the current landscape—and how much it has changed compared to what we saw in 2021 and 2022. 

“Right now, the borrowing rate is so low, because the debt service coverage ratio math is off, because you can’t borrow at a percentage of what you used to be able to,” said Brad Ross, managing director, head of originations at Parkview Financial. However, he continued, “ultimately it will revert back, based on the Treasury.” 

Click on the video below for more insights from Ross, along with Chris Porter, SVP research, John Burns Research & Consulting; Jenna Unell, VP, senior managing director—special servicing, Greystone; Steve Pumper, executive managing partner, Transwestern; Mark Grace, senior managing director, Walker & Dunlop; and Malcolm Johnson, founder and CEO, Langdon Park Capital. 

Next Wednesday, learn from and network with experts from ICSC, Caruso, Anderson Real Estate, Primestor, and more at this year’s Connect Retail West conference. Don’t miss out, be at the Luxe Sunset Blvd Hotel for the leading retail CRE event next week on Nov. 6! Be sure to register in advance, registration pricing increases on event day!