From TreppWire: Preliminary Data Points to Large Jump in Loss Severities in August
Spoiler alert. We usually don’t do sneak previews, but the alarming number of loans resolved this month with big losses piqued our interest.
We’ve written about a number of them already this month: the 83% loss on the Westin O’Hare loan, the [...]
This report from today’s TreppWire on the CMBS market shows that for the first time ever a AAA rated tranche has been hit with a nonpayment of interest. You may recall that these big CRE mortgage pools are divided up into many tranches with different levels of risk for investors. Call [...]
This report today from Trepp give us a peek into one of the largest CMBS loans ever structured, a $2.6 billion loan that was funded across six big CMBS trusts. It lends truth to the old maxim that if you borrow large, the lenders are stuck with you. The loan was extended for five years [...]
Here is another commercial real estate credit report from Trepp on CMBS. This deal is off about 60% from its 2006 value. Never invest in a project that uses the words “Galleria” or “Centre” or “Pointe.” “Officentre”? Sounds more like “off center.”
Michigan Office Sees Value Shaved By More Than Half
The $86.2 million Galleria [...]