CMBS

The $425 million loan securitization is among two single-asset, commercial-mortgage deals launching this week. Brookfield Asset Management's global real estate arm is also tapping investors to finance an $825 million loan backed by a downtown Manhattan office building.

Hedge funds are eyeing malls, hotels, and office buildings hobbled by the Covid-19 pandemic in what some say may be the most lucrative commercial real estate move of 2021.

But late payments for all other investor types rose compared with the second quarter.

Industrial warehouses, including cold storage facilities, are among the best-performing categories of commercial real estate as hotels, malls and offices face uncertain futures in the wake of the coronavirus pandemic.

The more-than-$550 billion market for bonds backed by U.S. commercial mortgages may face losses even after promising Covid-19 vaccines become widespread, as key parts of the real estate market may not return to full strength anytime soon.

Other portions of the casino-property loan have been previously assigned to nine other commercial-mortgage securitizations.

Coronavirus-related disruptions at retail and hotel properties are fueling a surge in conduit CMBS delinquencies, according to Moody's Investors Service.

The Mills outlet property in Elizabeth, N.J., has been hit hard by tenant bankruptcies but kept its AAA with Fitch thanks to its proximity to New York and underlying debt-related metrics.

Three major commercial mortgage lenders have teamed up again this year to securitize $871 million in properties in a CMBS deal that provides investors with a highly concentrated loan pool and higher leverage.

Deals, trends and research in structured finance and asset-backed securities for the week of Nov. 6-12