CMBS

Tricon American Homes launches the fifth securitization since mid-May secured by loans that finance institutional ownership and management of single-family residential rental homes.

The first-time transaction under Fortress Investment Group's new shelf will be backed by long-term leases on 11 Amazon fulfillment and last-mile distribution centers – three of which remain under construction.

While the multifamily loan forbearance rate is lower than the most pessimistic projections, Pat Jackson says borrowers are hardly out of the woods yet.

For banks with assets between $10 billion and $100 billion, the average exposure is 165% of capital.

A survey of 177 fund managers and institutional investors shows investors are still "jumping in", particularly in higher-rated tranches that continue to perform.

Debt delinquencies have soared for mall owners, which lost market share to e-commerce and were hit with tenant bankruptcies even before the pandemic forced shoppers and diners to stay home. By last month, more than 9% of retail commercial mortgage-backed securities were managed by special servicers.

As Las Vegas opens back up to tourists, MBS investors are being asked to roll the dice on the lodging industry that has been conspicuously absent from recent conduit deals amid the COVID-19 outbreak.

But deal sponsors are primarily restricting property assets to the lower risk multifamily and office buildings that lenders are more confident will weather the economic strains brought by the coronavirus pandemic.

Barclays Commercial Mortgage Securities Mortgage Trust 2020-C7 is backed by a pool of 49 fixed-rate loans collateralized by 153 commercial properties – of which 17 loans are tied to multifamily/manufactured housing properties representing 35.4% of the pool balance.

The private equity firm's REIT arm is seeking to price a second CRE loan portfolio for May, this time led by an industrial portfolio of warehouses and logistics centers. No hotel or shopping mall loans are included.