CMBS

The complex, among the tallest buildings in San Francisco, is one of two Trump-linked office towers that Vornado is refinancing.

Short-term late payment rates rose again and later stage delinquencies remain at elevated levels compared to those prior to the pandemic, the Mortgage Bankers Association said.

A new commercial-mortgage loan for seven facilities operated by the self-storage REIT is the largest of 41 loans in the conduit deal.

However, conditions for commercial mortgages overall worsened slightly due to persistent concerns in the hotel and office sectors, a Moody’s Investors Service report found.

Thanks to a series of government measures, the pandemic did not cause the massive wave of distressed debt flooding the market that many expected, but certain property types remain vulnerable.

Wells Fargo has tightened up a few credit characteristics in its latest offering of $826 million in commercial mortgage-backed securities notes.

The pool of pass-through commercial mortgage-backed securities is mostly made up of single-family and multifamily residences.

Investors are pouring money into bonds backed by U.S. offices, shrugging off concerns about whether workers will ever fill them up like they did before the pandemic.

The conduit transaction will carry a $120 million portion of a $750 million debt financing package for Facebook's newly built Oculus R&D center near San Francisco.

The two buildings included in the single-borrower transaction were both 94.8% leased as of February 2021.