Fitch Ratings’ overall U.S. CMBS delinquency rate climbed 22 basis points to close 2024 at 2.98%, up from 2.76% in November and 2.31% a year ago. The increase was fueled by a surge in office delinquencies and reduced resolution volume. Five…
Kennedy Wilson has closed senior construction loans for the development of three student housing projects totaling $184 million at the University of Wisconsin – Madison, University of North Texas and University of California, Berkeley. These recent deals, completed through Kennedy…
U.S. banks reported a 20% sequential increase in total high-volatility commercial real estate (HVCRE) loans in the second quarter of 2024 following a four-year low balance in Q1, according to S&P Global Market Intelligence. The aggregate HVCRE loan balance for US…
The largest U.S. banks remain in the best position to weather further loan performance declines for office and multifamily, two commercial real estate sectors that Fitch Ratings cites as having different trajectories compared to other property types. Although the drop in office…
Large-scale loans helped drive significant credit changes in newly delinquent loans, cured loans and modified loans during July, Trepp reported. For example, the office CMBS delinquency rate rose 54 basis points last month to 8.09%, with a single loan–the $670-million…
An estimated $332 billion in potentially troubled commercial real estate debt is scheduled to mature this year, approximately one-quarter of a total of $1.3 trillion potentially troubled debt coming due between now and 2033, Newmark reported. Although loans tied to…
Detroit, Chicago and Denver have the highest risk scores among the top 25 metro areas for maturing multifamily loans, Kroll Bond Rating Agency (KBRA) said in a new report. KBRA weighed apartment supply and demand metrics from several sources to…
January saw $834.0 million in CMBS loans resolved at a loss, with $382.3 million in losses total, carrying an average loss severity of 45.84% for the month, reported Trepp. This was an increase in loan loss volume from December 2023,…
SVP Francisco Nacorda of Mag Mile Capital completed $23,650,000 in CMBS loans for three hotels as part of a Michigan select service hotel portfolio on behalf of the borrower, Stellar Hospitality. The three transactions cover a Staybridge Suites in Grand Rapids, a…
Hunt Real Estate Capital provided two Freddie Mac conventional loans totaling $18.3 million to refinance two multifamily properties located in Michigan for the same sponsor, ROCO Real Estate LLC. Both loans have a 10-year term with a 30-year amortization period. “The borrower is a repeat…
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