CMBS

Park Hotels & Resorts, the real estate investment trust being spun out of Hilton Worldwide Holdings, is tapping the securitization market for a cash-out refinancing of two full-service hotels in San Francisco.

Late payments on securitized commercial mortgages climbed again in October, as they have for seven of the past eight months.

A first-lien mortgage loan issued for the new State Farm Mutual Insurance regional headquarters building in suburban Dallas, Tex., is being collateralized for a single-property securitization.

Citigroup Global Commercial Mortgage Trust 2016-3 is a $756.4 million asset-backed pool of 44 fixed-rate loans secured by 72 commercial properties. Forty-four of the properties in the pool are hotels or office, all tied to loans originated within the last five months.

Velocity Commercial Capital is marketing its second small balance commercial loan securitization of the year.

Morgan Stanley, Wells Fargo and Bank of America are marketing $725.6 million of commercial mortgage bonds designed to meet requirements from regulators on both sides of the Atlantic to keep “skin in the game” of their deals.

Credit Suisse is marketing bonds backed by a $280 million floating-rate mortgage collateralized by 27 standalone retail properties leased to Mills Fleet Farm.

Blackstone Real Estate Partners is tapping the securitization market for a cash out refinancing of The Cosmopolitan Las Vegas hotel and casino.

A new $1.12 billion CMBS deal being marketed by JPMorgan and German American Capital Corp. includes notes backed by a portion of a loan backing the 51-story 10 Hudson Yards office building, part of the largest-ever private real estate development in the U.S.

Deutsche Bank is securitizing a $710 million mortgage backed by a portfolio of 155 skilled nursing, assisted and independent living facilities with 18,870 licensed beds, in 20 states.