Allison Bisbey

FORT CRE 2018-1 will include four loans recycled from the prior deal, including one that Kroll has identified as a loan of concern due to weak operating performance.

Over the past five years, 2nd lien RPL have defaulted at a similar rate to 1st liens, and have prepaid much faster; the senior tranche of notes to be issued has a weighted average life of around 1.5 years.

The sponsor appears to be paying for the privilege; the deal is structured with a super senior tranche of notes that benefits from considerably more subordination than the senior tranche of its prior deal.

It's the lessor's first trip to the securitization market since its 2017 acquisition of AWAS, which quadrupled, and significantly diversified, its fleet. The new deal finances 18 primarily narrowbody aircraft.

The overall delinquency rate for securitized U.S. commercial real estate loans is now 3.33%, a decrease of nine basis points from the October level, according to Trepp.

CleanFund has created a division that helps structure Property Assessed Clean Energy financing to meet a mortgage lender's credit criteria; its also talking to lenders about co-financing the energy upgrades.

It’s a trend that bears watching, particularly for holders of the riskiest securities issued in subprime auto securitizations, according to S&P Global Ratings.

It's the first time the refinance student lender used this feature to lock in current funding costs, according to Moody's Investors Service.

Loans with terms of more than five years represent around 65% of the pool of collateral, down from 67% and 68% for the two prior transaction - but still higher than exposure in 2017 and 2016 transactions.

Proceeds from issuance of $298 million of new notes backed by wireless towers will be used to repay debt issued from the trust in 2013, pay down a line of credit, and fund up to $45 million of additional towers.

The $175 million deal is backed by loans with an average balance of $2,365; fewer of them are "renewal loans" to existing borrowers who qualify to borrow more because of previous on-time payments.

Just 0.06% of leases are closed-end, down from 0.08% and 0.10% for the two prior deals issued via the master trust.

The rating agency is now considering lowering its BBB rating on the class B notes. The rating agency also downgraded the class C notes issued in the deal, for a second time, to CC from CCC+.

Accessory dwelling units are gaining attention as a way to boost the supply of rental housing; dedicated financing could help those who need it the most.

The $378.5 million transaction is more heavily leveraged than the sponsor's prior deal, completed in 2015; it is also rated one notch lower by Kroll.

Proceeds from the deal, which is rated by Kroll Bond Rating Agency, will be used to repay unrated notes that the company issued earlier in 2018.

Calling a $149 million transaction and securitizing the notes allows Goal Structured Solutions to benefit from a reduction in spreads since 2016.

The $600 million FORT CRE 2018-1 is more highly leveraged than the private equity group's debut transaction in August 2016, it is also actively managed and includes a $50 million tranche of revolving notes.

Commercial mortgages on retail buildings account for 45.2% of assets in the trust; many of these properties will be familiar to CMBS investors.

The transaction, which consists of a single tranche of notes with a preliminary A rating from Kroll Bond Rating Agency.