CMBS

Horizon Land Co. is securitizing a $488 million single-asset, single-borrower loan that will fund its purchase of 93 rent-site communities in the Midwest and Southwest regions.

The lasting effects of work-from-home practices driven by the COVID-19 pandemic could slash some office property values to less than half of their original value – and lead to rating downgrades on affected CMBS transactions, according to Fitch Ratings.

Troubled properties aren’t coming to market because owners have little pressure to sell. Commercial real estate prices have held up – or even risen – because so much money is chasing so few deals.

The delinquency rate on regional mall commercial mortgage-backed securities was 22.9% in February, the highest of any real estate category, according to Moody’s

The Blackstone-affiliated company recently took out a cash-out refi mortgage for a 17-property portfolio, an opportunity aided by high demand for its R&D facilities for COVID-19 research.

The sponsor has refrained from multi-borrower deals since March 2020, but has pooled together 28 loan participations from 40 properties – including notable concentrations in retail and lodging.

The bond issuance out of Fortress' CF Hippolyta master trust will finance 19 newly constructed or planned Amazon distribution and logistics facilities in 15 states.

Deals, trends and research in structured finance and asset-backed securities for the week of Feb. 26-March 4

The 18 centers operated by industrial real estate management firm LBA Logistics are nearly all warehouse/distribution types, with no flex-industrial space pooled into the collateral mix.

About $4 billion in value was erased from 118 retail-anchored properties with commercial mortgage-backed securities debt after reappraisals triggered by payment delinquencies, defaults or foreclosures.