CMBS

The multiborrower CMBS deal includes 71 single-tenant properties, representing more than 40% of the pool.

Deals, trends and research in structured finance and asset-backed securities for the week of April 30-May 6

The 30-acre luxury retail development is among four investment-grade-worthy loans included in the multiborrower deal.

According to Moody’s Investors Service, nearly 73% of the 33-obligor pool for ACRES Commercial Realty 2021-FL1 are apartment buildings that lack current revenue streams due to property rehabilitation efforts or being under transition.

The complex, among the tallest buildings in San Francisco, is one of two Trump-linked office towers that Vornado is refinancing.

Short-term late payment rates rose again and later stage delinquencies remain at elevated levels compared to those prior to the pandemic, the Mortgage Bankers Association said.

A new commercial-mortgage loan for seven facilities operated by the self-storage REIT is the largest of 41 loans in the conduit deal.

However, conditions for commercial mortgages overall worsened slightly due to persistent concerns in the hotel and office sectors, a Moody’s Investors Service report found.

Thanks to a series of government measures, the pandemic did not cause the massive wave of distressed debt flooding the market that many expected, but certain property types remain vulnerable.

Wells Fargo has tightened up a few credit characteristics in its latest offering of $826 million in commercial mortgage-backed securities notes.