CMBS

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.

The completed securitization features seasoned, pre-crisis commercial mortgages acquired from GE Capital, CNL Financial, PMC Property and CIT Group.

Unlike some recent transactions in this space, this one is backed by a mix of "transitional" properties, including office, retail, and industrial, and not just multifamily.

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.