CMBS

With fewer CMBS deals coming to market — partly as a result of risk-retention rules — an independent finance company like Ladder Capital can’t always wait to piggyback on Wall Street’s transactions.

The portfolio includes six loans for office, hotel and multfamily properties; the largest is an office park in Austin Texas' high-tech corridor.

The private equity firm obtained an $825 million mortgage on the portfolio from Citi, Deutsche Bank and Barclays; proceeds, along with $500 million of mezzanine debt, will be used to repay exist debt and cash out $207 million of equity.

The delinquency rate for securitized commercial mortgages, which jumped in June, retreated just as quickly in July, falling 26 basis points to 5.49%. It's now only two basis points above its May level.

It's the second multifamily lender to debut in the CRE-CLO market this year, following Greystone, which completed its first deal in March. Like Greystone's deal, this one has a reinvestment period.

The sponsors obtained a $500 million mortgage on the office building at the corner of Madison Avenue and 42 Street; proceeds were used to repay debt and fund a $330 million equity distribution.

Unlike some other large loans obtained by affiliates of the private equity firm, this one is not being carved up into bits; rather, the entire $1.4 billion mortgage is securitized in a single transaction.

Citigroup and Deutsche Bank are marketing $931.6 million of commercial mortgage bonds with heavy exposure to three Manhattan skyscrapers.

A joint venture between Paramount Group and a wealthy New York family is tapping the commercial mortgage bond market to refinance a 52-story trophy office building in midtown Manhattan.

BANK 2017-BNK6 is a transaction backed by 72 fixed-rate commercial property loans covering 189 properties, including midtown Manhattan's iconic General Motors Building.