CMBS

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

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