July has been called one of the busiest months in terms of CMBS issuance ever, but as the month comes to a close, market players are saying that the number of deals coming to market is going to trail off come August.
Last week was distinctive in many ways. Aside from the heavy issuance that characterized the week and the one prior, it was also a bit unusual because a single property deal - the Banc of America-led World Trade Center transaction - was issued alongside the conduits. Typically conduit deals come to market before a single-property transaction would. And market players have said that it is remarkable how well these deals were received by investors.