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Nonbanks are originating more commercial mortgages on fixer-uppers in response to a sharp drop in the cost of funding in the securitization market. These deals are said to be "vastly different" than other CRE instruments that sustained big losses in the crisis — so far.
March 16 -
Just one year after it got a $1.05 billion loan from a trio of banks (Goldman, BofA and Citi), Blackstone has obtained a new, $1.3 billion loan from two more banks: Barclays and Deutsche.
March 15 -
It has obtained a $1.4 billion mortgage from four banks on a portfolio of 27 buildings that were previously securitized in a 2016 transaction, according to rating agency reports.
February 26 -
Demand for hotel rooms is running high, and mortgage bond investors are lining up to finance acquisitions and upgrades of even the largest resorts.
February 22 -
The new transaction, the $608 million Business Jet Securities, Series 2018-1, is less than half the size of the $1.48 billion deal pulled in September; it also appears to be less risky, by several measures.
February 15 -
Blackstone used the $189 million mortgage to help finance its purchase of the Turtle Bay Resort; it's planning to add rooms, but the new development will be held outside the trust.
January 17 -
A fund controlled by the PE group obtained a $192 million loan from Wells Fargo; proceeds, along with $127 million in subordinate financing, funded the $300 million purchase.
January 12 -
A £366.2 million mortgage on 127 industrial properties is being used as collateral for a transaction called Taurus 2017-2 UK DAC.
December 19 -
The collateral for the $59.9 million transaction from DRB Capital includes life-contingent structured settlement receivables; when the beneficiary dies, the insurer stops making payments.
December 13 -
Lee Shaiman, who oversaw $20 billion in leveraged finance and other fixed-income investments at Blackstone, will succeed Bram Smith. who announced his retirement in early 2017.
December 13