CMBS

Market volatility and new regulatory burdens are thinning the ranks of commercial mortgage lenders that underwrite loans for securitization. Activity is slowing down as a result, and it is unclear if banks and insurers will fill the void, especially outside the largest cities.

Bank of America Merrill Lynch is securitizing a single commercial mortgage that real estate investment trust Ashford Hospitality Trust is using to refinance an existing 17 hotel properties in seven states.

The Securities and Exchange Commissioner took to the podium in the convention center of the Aria Resort & Casino to express to attendees his admiration for the economic benefits of securitization – and his disagreement with the risk-retention regulatory regime that has enveloped it.

Issuance of commercial mortgage bonds has gotten off to a slow start this year, and the pace is unlikely to pick up soon, as origination of loans used as collateral has slowed.

Goldman Sachs is securitizing a $349.75 million loan secured by a portfolio of rent-controlled apartment buildings in one of the most expensive cities in the U.S. – San Francisco.

The market for commercial mortgage bonds is becoming “fragile,” even before new regulations take effect that will drive up the cost of borrowing, a trade group warned Thursday.

Deutsche Bank has pieced together an $806.2 million commercial mortgage securitization highlighted by the $42 million mortgage for Netflix’ expanded headquarters space under construction in Las Gatos, Calif.

Kroll Bond Rating Agency placed the ratings of $67.3 million of commercial mortgage bonds from three transactions under review for a possible downgrade due to their exposure to buildings with tenants in North Dakota’s oil industry.

Deutsche Bank is securitizing a portion of a loan used to purchase an office building on Manhattan’s Westside, according to rating agency reports.

Morgan Stanley’s first offering of commercial mortgage bonds of the year offers unusually concentrated exposure to a few large properties.