CMBS

The Terrorism Risk Insurance Act was created after 9/11 to serve as a crucial federal backstop for commercial real estate insurers, but an analysis of alternatives to fund the program reveals the continued challenges of measuring and predicting terror risk.

Stonemont Financial Group, an Atlanta-based real-estate-management firm, is tapping the commercial mortgage bond market to help finance its acquisition of a portfolio of 100 office buildings, industrial and retail properties.

The new Motel 6/Studio 6 deal is collateralized by the fee income of a refi commercial loan, as well as cash-flow pledges from company-owned and franchised properties.

Damages have typically not been a "disruptive problem" with hurricanes because of commercial properties' insurance, Trepp reports, but expiring leases of major tenants and the energy industry fallout have already had an impact on Houston-area office buildings.

A joint venture between Nightingale and WCP acquired the property, which is well known for the Claes Oldenburg Clothespin sculpture in its front plaza, for $328 million in July.

Although challenges have accelerated for certain segments of the U.S. retail industry, the exposure to troubled retail in U.S. structured finance sectors is limited, posing small-to-modest risks for some asset classes.

A $507.6 million first mortgage on the Hotel del Coronado, a 130-year-old landmark with 1,400 linear feet of direct ocean frontage, is being securitized in BBCMS 2017-DELC. Barclays is the loan seller.

Boston Properties and the Teachers Insurance and Annuity Association are refinancing the property, which occupies an entire block in the city's media and entertainment district.

Five deals launched in the first week include another whole loan participation in New York's GM Building, as well as a single-borrower ABS for the Park Avenue office tower complex that includes Facebook and Buzzfeed as tenants.

The 1999 Avenue of the Stars tower in the Century City submarket is part of a second Goldman Sachs CMBS transaction, and is the largest loan in the new 2017-GS7 portfolio.