CMBS

Speculators who bet on declines in commercial mortgage bond indexes as a way to profit from the expected demise of regional shopping malls may still be waiting for a big payout, according to Trepp.

Commercial real estate collateralized loan obligations appeal to investors now because they issue short-term, floating-rate notes; several nonbanks are using them to finance bridge lending.

The trend of putting ever-smaller pieces of the same commercial mortgages into multiple transactions means investors can end up with more exposure to a single property than they realize.

A £366.2 million mortgage on 127 industrial properties is being used as collateral for a transaction called Taurus 2017-2 UK DAC.

The $280 million securitization is also expected to boost capital levels and lower Dime's loan-to-deposit ratio.

The 2-million-square-foot office complex in Tempe, Ariz., was acquired by JDM Partners and Transwestern Investment Group in a sale-and-leaseback agreement.

The Alpharetta, Ga.-based manager of Hilton, InterContinental, Marriott and other branded hotels recently obtained a $600 million mortgage from three banks: Goldman Sachs, Citigroup and JPMorgan Chase.

A $300 million, interest-only first mortgage that the REIT obtained from Wells Fargo this month is being used as collateral for a transaction called WFCM 2017-SMP.

A lower Manhattan office building that serves as the headquarters of the New York Department of Financial Services is the largest loan in a $891 million CMBS from UBS.

The $1.5 billion FREMF 2017-K1 has a in-trust stressed loan-to-value ratio of 120%, as measured by Kroll; that's projected to fall to 108.7% when the deal matures.