CMBS

Expect even more actively managed CRE CLOs to be issued this year as investors get more comfortable with the idea of managers using proceeds from the repayment of collateral to acquire new bridge loan.

Industrial Logistics Properties Trust obtained a $650 million, 10-year fixed-rate mortgage on the portfolio from four banks; a $390 portion is being securitized in a single-borrower deal.

SmartStop Asset Management is tapping the securitization market to help finance the $350 merger of two real estate investment trusts that it manages, cashing out $56 million of equity in the process.

The real estate investment trust obtained $230 million of loans from four banks: Citi, Barclays, BofA and Deutsche. A $200 million first mortgage is being securitized.

The Renaissance and Grand Hyatt Seattle, both sponsored by R.C. Hedreen, account for 14.2% of the assets in the $774.1 million JPMCC 2018-COR4.

Late payments on loans backing commercial mortgage bonds continued falling at the start of the year, due to strong new issuance volume and continued resolutions for precrisis loans by special servicers, according to Fitch Ratings.

The $756 million GSMS 2019-GC38 is backed by with 36 loans secured by 53 properties; nine of the loans (29.2% of the total balance) are secured in whole or in part by 12 single-tenant properties.

The loan used as collateral is part of $410 million of financing the sponsor obtained from Societe Generale to refinance the redevelopment of a 10-story mixed-use building on Eleventh Avenue in Manhattan.

Office buildings account for roughly 40% of the collateral, and much of it is in suburbia, where defaults and losses can be higher, according to S&P Global Ratings.

A $1.1 billion mortgage from four banks on eight buildings in Cambridge, Mass., is being bundled into collateral for CAMB Commercial Mortgage Trust 2019-LIFE.