Commercial mortgage-backed security

Trepp Report Reveals the Full Accounting of COVID-19 Crisis Shows Extent of Pain for Hotels, Malls

Retrieved on: 
Wednesday, July 14, 2021
Structured finance, Mortgage-backed security, Commercial mortgage-backed security, Trepp

On average, overall NOI, revenue, and occupancy behind CMBS loans contracted by 10.3%, 6.9%, and 5.3%, respectively, between 2019 and 2020.

Key Points: 
  • On average, overall NOI, revenue, and occupancy behind CMBS loans contracted by 10.3%, 6.9%, and 5.3%, respectively, between 2019 and 2020.
  • Trepp, founded in 1979, is a leading provider of data, insights, and technology solutions to the structured finance, commercial real estate, and banking markets.
  • Trepp provides primary and secondary market participants with the solutions and analytics they need to increase operational efficiencies, information transparency, and investment performance.
  • Trepp subsidiary, Commercial Real Estate Direct, is a daily news source covering the commercial real estate capital markets.

KBRA Releases Research – CMBS Loss Compendium Update: June 2021

Retrieved on: 
Monday, July 12, 2021
Banking, Other Professional Services, Professional services, Finance, Finance, Money, Economy, Bank regulation, Commercial mortgage-backed security, Mortgage-backed security, Structured finance, KBRA, Electrical conduit, Exposure at default, Asset-backed commercial paper program, Conduit

Kroll Bond Rating Agency (KBRA) releases the June 2021 issue of KBRA CMBS Loss Compendium, which provides base loss estimates for all KBRA-rated conduit transactions.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases the June 2021 issue of KBRA CMBS Loss Compendium, which provides base loss estimates for all KBRA-rated conduit transactions.
  • In this report and its accompanying spreadsheet, we provide insight into loss estimates for all 279 KBRA-rated conduit transactions, 120 of which have been reviewed since the December 2020 edition of this publication.
  • The compendium uses the following two metrics to present the loss figures: KBRA Lifetime Base Loss (KLBL), which represents our loss estimate for each transaction during its lifetime as a percent of its original balance; and KBRA Future Base Loss (KFBL), which represents potential future losses as a percent of outstanding deal balance as of the most recent rating action date.
  • As of June 2021, the average KLBL and average KFBL for the entire population are 5.0% and 5.4%, respectively, which increased from 4.5% and 4.9%, respectively, in December 2020.

KBRA Releases Monthly CMBS Trend Watch

Retrieved on: 
Thursday, July 8, 2021
Banking, Professional services, Finance, Structured finance, Commercial mortgage-backed security, Mortgage-backed security, Credit rating agency, KBRA, Kroll

Kroll Bond Rating Agency (KBRA) releases the June 2021 issue of CMBS Trend Watch.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases the June 2021 issue of CMBS Trend Watch.
  • CMBS private label pricing volume ended the month of June at $13.5 billion, almost 3x Mays volume ($4.7 billion), bringing the year-to-date (YTD) issuance total to $44.1 billion.
  • There were also 12 KBRA Performance Outlook (KPO) changes, including 11 to Underperform from Perform and one to Outperform from Perform.
  • KBRA is a full-service credit rating agency registered in the U.S., the EU and the UK, and is designated to provide structured finance ratings in Canada.

KBRA Releases Research – CMBS Single-Tenant Exposure Continues Climb

Retrieved on: 
Wednesday, July 7, 2021
Banking, Professional services, Finance, Landlord–tenant law, Articles, Law, Business law, Contract law, Lease, Property law, Commercial mortgage-backed security, Private law, Exposure

Kroll Bond Rating Agency (KBRA) releases research on CMBS single-tenant exposure.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases research on CMBS single-tenant exposure.
  • For the first time in the nine years since we have been tracking this exposure, it pierced the 20% threshold in 2020, and was 21.9% year-to-date as of 1H 2021.
  • In the report, we examine single-tenant exposure by its risk characteristics, property type, and lease expirations relative to their maturity dates.
  • As office represents more than half of the single-tenant exposure, the report also takes a closer look by market tier as well as provides office market research and our views on the sector.

KBRA Assigns Preliminary Ratings to PKHL Commercial Mortgage Trust 2021-MF

Retrieved on: 
Wednesday, July 7, 2021
Banking, Professional services, Finance, Finance, Money, Financial services, Loans, Banking, Mortgage, Structured finance, Commercial mortgage-backed security, Mortgage loan, Commercial mortgage, Securitization, Floating interest rate

Kroll Bond Rating Agency (KBRA) announces the preliminary assignment of ratings to 10 classes of PKHL Commercial Mortgage Trust 2021-MF, a CMBS singe-borrower securitization.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) announces the preliminary assignment of ratings to 10 classes of PKHL Commercial Mortgage Trust 2021-MF, a CMBS singe-borrower securitization.
  • The collateral for the transaction is a $225.0 million non-recourse, first lien mortgage loan.
  • The floating rate loan has an initial two-year term with three one-year extension options and requires monthly interest-only payments based on one-month LIBOR.
  • As of June 2021, the collateral was 79.6% leased, as one of the buildings is still in its initial lease up.

KBRA Releases Research – CMBS Loan Performance Trends: June 2021

Retrieved on: 
Tuesday, June 29, 2021
Banking, Professional services, Finance, Musical groups, Musicians, FEMM, Commercial mortgage-backed security, European Parliament

Kroll Bond Rating Agency (KBRA) releases a report on U.S. commercial mortgage-backed securities (CMBS) loan performance trends observed in the June 2021 servicer reporting period.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases a report on U.S. commercial mortgage-backed securities (CMBS) loan performance trends observed in the June 2021 servicer reporting period.
  • The June delinquency rate fell to 5.2%, down from 5.4% in May.
  • The improvement mainly reflects lodging sector performance, which recorded a 90-bp decrease this month, following a decline of 100 bps in May.
  • Despite three larger mall loans (each in excess of $100 million) becoming current this month, there were seven newly delinquent ones.

Alison Coen Joins CMBS Lending Group at Greystone

Retrieved on: 
Monday, June 28, 2021
Greystone, Commercial mortgage-backed security

NEW YORK, June 28, 2021 (GLOBE NEWSWIRE) -- Greystone , a leading national commercial real estate finance company, announced that Alison Coen has joined as a Senior Managing Director in the firms CMBS lending group, based in New York.

Key Points: 
  • NEW YORK, June 28, 2021 (GLOBE NEWSWIRE) -- Greystone , a leading national commercial real estate finance company, announced that Alison Coen has joined as a Senior Managing Director in the firms CMBS lending group, based in New York.
  • With 25 years of relevant CRE industry experience, Ms. Coen joins Greystone from Barclays, where she was a Managing Director.
  • Ms. Coen stated: I look forward to being involved in the multitude of capital solutions that Greystone offers, including Agency and Bridge lending.
  • Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates.

KBRA Assigns Preliminary Ratings to MSC 2021-L6

Retrieved on: 
Thursday, June 24, 2021
Banking, Professional services, Finance, Finance, Money, Financial markets, Structured finance, Mortgage-backed security, Fixed-income securities, Mortgage, Commercial mortgage-backed security, Commercial mortgage, KBRA, Capitalization rate

Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 36 classes of MSC 2021-L6, an $765.3 million CMBS conduit transaction collateralized by 43 commercial mortgage loans secured by 60 properties.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 36 classes of MSC 2021-L6, an $765.3 million CMBS conduit transaction collateralized by 43 commercial mortgage loans secured by 60 properties.
  • The collateral properties are located throughout 27 MSAs, of which the three largest are New York (18.3%), Pittsburgh (12.3%), and Los Angeles (10.9%).
  • The pool has exposure to most major property types, with two types representing more than 15.0% of the pool balance: retail (30.0%) and office (23.3%).
  • KBRA capitalization rates were applied to each assets KNCF to derive values that were, on an aggregate basis, 42.4% less than third party appraisal values.

Eliav Dan Joins Commercial Lending Group at Greystone

Retrieved on: 
Monday, June 21, 2021
Mortgage-backed security, Greystone, Commercial mortgage-backed security

NEW YORK, June 21, 2021 (GLOBE NEWSWIRE) -- Greystone , a leading national commercial real estate finance company, announced that Eliav Dan has joined Greystones Commercial team as a Senior Managing Director, based in Los Angeles.

Key Points: 
  • NEW YORK, June 21, 2021 (GLOBE NEWSWIRE) -- Greystone , a leading national commercial real estate finance company, announced that Eliav Dan has joined Greystones Commercial team as a Senior Managing Director, based in Los Angeles.
  • In this role, Mr. Dan will focus on structured large loan originations, CMBS, balance sheet lending, and Greystone Agency and FHA programs.
  • Mr. Dan joins Greystone from Barclays, where he served as West Coast Head, leading both Los Angeles- and New York-based origination teams, and oversaw large loan, CMBS, and balance sheet originations for the West Coast territory.
  • Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates.

KBRA Assigns Preliminary Ratings to ESA 2021-ESH

Retrieved on: 
Monday, June 21, 2021
Banking, Professional services, Insurance, Finance, Finance, Money, Loans, Economy, Structured finance, Banking, Fixed-income securities, United States housing bubble, Commercial mortgage-backed security, Securitization, Mortgage loan, Floating interest rate

Kroll Bond Rating Agency (KBRA) announces the assignment of preliminary ratings to 11 classes of ESA 2021-ESH, a CMBS single-borrower securitization.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) announces the assignment of preliminary ratings to 11 classes of ESA 2021-ESH, a CMBS single-borrower securitization.
  • The collateral for the transaction is a $4.65 billion non-recourse, first lien mortgage loan.
  • The floating rate loan has an initial two-year term with three one-year extension options and requires monthly interest-only payments based on one-month LIBOR.
  • To access ratings and relevant documents, click here .