A $100.3 million sliver of the $1.7 billion loan is being used as collateral for a conduit securitization called Benchmark 2018-B5 Mortgage Trust, according to DBRS. It represents 9.9% of the $1.04 billion transaction.

Should cash flow for subordinate classes fall short, a debt-service coverage ratio trigger would defer interest payments and prevent a default event.

The Chicago-based corporate small-business lender and CLO management firm also reduced the cost in subordinate notes as it chose to maintain the existing reinvestment and maturity periods limiting the deal's shelf life.

Nonbank mortgage-backed securities servicers increase their exposure to agency loans as the housing market distances itself from last decade's crash, according to Fitch Ratings.

Kroll Bond Rating Agency says the riskiest notes issued in the 2016 transaction are at “substantial risk of loss,” following on the heels of a similar move by S&P last week. Kroll also put a more senior class of notes under review for a possible downgrade.

Extell Development obtained a 119-month, $110 million mortgage and two mezzanine loans totaling $140 million from Natixis; proceeds repaid existing debt of $209.2 million and funded closing costs as well as a rent step-up reserve.

It's the Canadian bank's second deal of the year aimed at U.S. investors and adds to what has been a slow pace of credit card issuance this year. Two subordinate Canadian dollar tranches will be retained.

The triple-A rated senior tranche of Ares European CLO X has a coupon of 85 basis points above Euribor, an indication that a four-month widening trend in Europe CLO spreads continues; the deal is expected to close in September.

The Federal Housing Finance Agency is suspending its ongoing review of new credit scoring models and will instead move forward with creating a regulatory framework for providers of alternative credit scores to apply and be evaluated for use by Fannie Mae and Freddie Mac.

The transaction, Shelter Growth CRE 2018-FL1, is backed by 22 properties with a total balance of $415.1 million; it is static, meaning the only new loans to be added to the trust will be "companion” interest in loans secured by existing assets.

The New York State Supreme Court has ruled that Sound Point is within its rights to enforce a 90-day noncompete agreement with a manager who joined GoldenTree two weeks after his resignation.

The federal bank regulators are considering roughly a dozen new rulemakings in response to the bill rolling back certain sections of Dodd-Frank.