CMBS

Late payments on securitized commercial mortgages moved noticeably higher in June, as several large loans failed to pay off at maturity.

New rules designed to stop U.S. companies from moving their tax addresses offshore are so written so broadly that they could disrupt the securitization market, a trade group warned Thursday.

The Blackstone Group recently got $556.4 million in loans on the 1,047-room Waldorf Astoria Boca Raton Resort & Club, paying off debt it had taken out just three years earlier, cashing out $136.5 of equity in the process.

The mixed-use office/retail complex at 693 Fifth Avenue, which was sold last month by Thor Equities for $525 million, is one of 47 loans backing the $939 million portfolio being issued by the JPMorgan Chase Commercial Mortgage Securities Trust.

SG Commercial Mortgage Securities Trust 2016-C5 is the first publicly registered asset-backed commercial mortgage offering through the trust since forming its U.S. CMBS business 18 months ago, and closing its first commercial real estate loan in April 2015.

Cherrywood Commercial Lending, a specialty finance company that caters to owners of smaller commercial properties, is preparing a $115 million securitization, according to DBRS.

A survey of insurers conducted by the Commercial Real Estate Finance Council and Trepp indicates that participants allocated 11.08% of their invested assets to commercial mortgages at the end of 2015, an increase of 40 basis points over the end of 2014.

LStar Capital Finance, the credit affiliate of Lone Star Funds, a global private equity firm, is marketing a $500 million of commercial mortgage securitization, according to rating agency reports.

The delinquency rate on loans commercial mortgage-backed securities increased for the third consecutive month in May after significant declines at the start of the year, according to Trepp.