CMBS

Brookfield's Capital Automotive is marketing a new series of bonds secured by revenues from property sale-leaseback agreements with large auto dealer groups.

The deal is among the largest Freddie Mac has on its fourth-quarter K-Deal platform issuance calendar.

While the overall rate fell in October, S&P noted a sharp rise in the proportion of loans overdue 60 days as many roll out of COVID-19 forbearance.

Brookfield and JV partner Swig Co. are refinancing debt and cashing out $200M in equity in the iconic, sloped-base midtown Manhattan office tower.

Rescuing malls will be unusually complicated because the properties have byzantine webs of financing that have only grown more elaborate with time.

Deals, trends and research in structured finance and asset-backed securities for the week of Oct. 23-29

Brookfield will securitize part of a $255 million loan that was applied to its purchase of three high-end hotels in Atlanta, Washington, D.C., and San Diego.

Property debt funds, including at Blackstone Group Inc., raised $14.1 billion from April through September, compared with $15.7 billion a year earlier, according to research firm Preqin Ltd. Yet the expected flood of deals has so far been just a trickle.

Trepp research finds that high demand, especially during the COVID-19 outbreak, has rewarded MBS investors' faith in a sector with 'negligible' delinquency rates and healthier leverage levels among operators.

Deals, trends and research in structured finance and asset-backed securities for the week of Oct. 16-22