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KBRA estimates that the property has a net operating income of $101.4 million; a 7.25% cap rate, and an in-trust debt service coverage of 1.18x at term Secured Overnight Financing Rate (SOFR).
August 17 -
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
March 19 -
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.
March 16 -
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.
March 2 -
Declining month-over-month delinquency levels and the rollout of COVID-19 vaccinations potentially give hope to more normalized economic activity.
January 20 -
The largest U.S. shopping center became delinquent on its debt last year after its owner Triple Five Group began skipping mortgage payments, citing hardships from the COVID-19 pandemic.
January 6 -
Reports indicate distressed owners would rather surrender their hotel or retail properties instead of negotiate workouts on delinquent loans as the pandemic spread carries on.
January 4 -
The more-than-$550 billion market for bonds backed by U.S. commercial mortgages may face losses even after promising Covid-19 vaccines become widespread, as key parts of the real estate market may not return to full strength anytime soon.
December 8 -
Debt delinquencies have soared for mall owners, which lost market share to e-commerce and were hit with tenant bankruptcies even before the pandemic forced shoppers and diners to stay home. By last month, more than 9% of retail commercial mortgage-backed securities were managed by special servicers.
June 19 -
As revenue-starved retailers fall further behind on rent payments, landlords' cash flow will be strained, and defaults on commercial real estate loans could rise.
June 10