Commercial mortgage-backed security

KBRA Releases Research – CMBS Loss Compendium

Retrieved on: 
Wednesday, January 20, 2021
Banking, Professional services, Finance, Finance, Money, Economy, Bank regulation, Mortgage-backed security, Commercial mortgage-backed security, Structured finance, Credit risk, KBRA, Exposure at default, Asset-backed commercial paper program, Credit rating agency

Kroll Bond Rating Agency (KBRA) releases a CMBS Loss Compendium, which provides base loss estimates for 266 KBRA-rated conduit transactions.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases a CMBS Loss Compendium, which provides base loss estimates for 266 KBRA-rated conduit transactions.
  • Since the onset of the COVID-19 pandemic, surveillance has taken center stage in KBRAs ongoing discussions with CMBS investors.
  • In this report and the accompanying spreadsheet, we provide insight on loss estimates for 266 KBRA-rated conduit transactions.
  • The compendium uses the following two tables 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.

Trepp and Commercial Real Estate Direct Release The Year-End Magazine: Assessing the 2020 Wreckage

Retrieved on: 
Wednesday, January 13, 2021
Structured finance, Commercial mortgage-backed security, Finance, Money

NEW YORK, Jan. 13, 2021 /PRNewswire-PRWeb/ -- Trepp, a leading provider of data, insights, and technology solutions to the structured finance, commercial real estate, and banking markets in collaboration with Commercial Real Estate Direct, which provides breaking news and information on recent real estate transactions, have released their Year-End Magazine: "Assessing the 2020 Wreckage."

Key Points: 
  • NEW YORK, Jan. 13, 2021 /PRNewswire-PRWeb/ -- Trepp, a leading provider of data, insights, and technology solutions to the structured finance, commercial real estate, and banking markets in collaboration with Commercial Real Estate Direct, which provides breaking news and information on recent real estate transactions, have released their Year-End Magazine: "Assessing the 2020 Wreckage."
  • But, still, I'm an optimist," says Orest Mandzy, Managing Editor of CRE Direct.
  • Trepp, founded in 1979, is the leading provider of data, insights, and technology solutions to the structured finance, commercial real estate, and banking markets.
  • CRE Direct provides the most up-to-date market intelligence on the mortgage business, equity raising, investment sales, and CMBS sectors.

Greystone Adds Michael Zampetti to Commercial Finance Team

Retrieved on: 
Wednesday, January 13, 2021
Finance, Money, Financial markets, Mortgage industry of the United States, Structured finance, Corporate finance, Greystone, Fannie Mae, Commercial mortgage-backed security, Commercial finance

NEW YORK, Jan. 13, 2021 (GLOBE NEWSWIRE) -- Greystone , a leading national commercial real estate finance company, announced that Michael Zampetti, Jr., Managing Director, has joined the Commercial finance team led by Scott Chisholm, based in New York.

Key Points: 
  • NEW YORK, Jan. 13, 2021 (GLOBE NEWSWIRE) -- Greystone , a leading national commercial real estate finance company, announced that Michael Zampetti, Jr., Managing Director, has joined the Commercial finance team led by Scott Chisholm, based in New York.
  • Mr. Zampetti brings to Greystone 20 years of CRE lending, asset management, and securitization.He comes to Greystone after seven years at CIBC, where he focused on balance sheet and CMBS lending.
  • Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors.
  • Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates.

KBRA Releases Research - ARAs Surge: Are They a Good Proxy for CMBS Loan Losses?

Retrieved on: 
Friday, January 8, 2021
Banking, Professional services, Finance, Finance, Money, Commercial mortgage-backed security, Mortgage-backed security, Structured finance, Aras, Securitization

Kroll Bond Rating Agency (KBRA) releases a report on the acceleration in 2020 of Appraisal Reduction Amounts (ARAs), as well as our analysis of whether they are a good indicator for predicting CMBS loan losses.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases a report on the acceleration in 2020 of Appraisal Reduction Amounts (ARAs), as well as our analysis of whether they are a good indicator for predicting CMBS loan losses.
  • ARAs, which serve to limit servicer advances, are also a key factor used to determine shifts in a securitizations controlling class.
  • KBRA recently reviewed ARAs across the CMBS 2.0 conduit universe, with some of the reports key observations as follows:
    409 ARAs have been effectuated year-to-date (YTD) through November 2020 on CMBS 2.0 conduit transactions.
  • Actual realized losses exceeded the ARAs initially effectuatedautomatic ARAs were excludedin more than 80% of the resolved loans.

KBRA Releases Research – CMBS Year-End 2020 Delinquency Rate Improving But up 5.5% Year-Over-Year

Retrieved on: 
Monday, January 4, 2021
Banking, Other Professional Services, Professional services, Finance, Finance, Money, Structured finance, Mortgage-backed security, Fixed-income securities, Mortgage, Commercial mortgage-backed security, Loans, Mortgage loan, Commercial mortgage, Credit rating agency

Kroll Bond Rating Agency (KBRA) releases a report on U.S. commercial mortgage-backed securities (CMBS) loan performance trends observed in the December 2020 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 December 2020 servicer reporting period.
  • The December delinquency rate of 6.5% came in 30 basis points (bps) lower than the prior month among KBRA-rated CMBS.
  • This is the sixth consecutive month that delinquencies either declined or were flat from its 8.2% June peak.
  • Underlying the decrease in the delinquency rate, the balance of newly delinquent loans in December fell 50% from last month.

KBRA Assigns Preliminary Ratings to Benchmark 2020-B22

Retrieved on: 
Tuesday, December 15, 2020
Finance, Professional services, Commercial Building & Real Estate, Construction & Property, Insurance, Finance, Money, Financial services, Structured finance, Mortgage-backed security, Mortgage, Corporate finance, Commercial mortgage-backed security, Commercial mortgage, KBRA, Capitalization rate, Collateral

Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 13 classes of Benchmark 2020-B22, an $814.2 million CMBS conduit transaction collateralized by 33 commercial mortgage loans secured by 44 properties.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 13 classes of Benchmark 2020-B22, an $814.2 million CMBS conduit transaction collateralized by 33 commercial mortgage loans secured by 44 properties.
  • The collateral properties are located throughout 20 MSAs, the largest three of which are New York (37.2%), Salt Lake City (12.1%), Las Vegas (9.2%).
  • The pool has exposure to all of the major property types, with the top three being office (38.1%), mixed-use (21.5%), and lodging (14.1%).
  • KBRA capitalization rates were applied to each assets KNCF to derive values that were, on an aggregate basis, 45.1% less than third party appraisal values.

KBRA Assigns Preliminary Ratings to ONYP 2020-1NYP

Retrieved on: 
Monday, December 14, 2020
Banking, Professional services, Insurance, Finance, Money, Finance, Economy, United States housing bubble, Banking, Interest rates, Structured finance, Mortgage-backed security, Commercial mortgage-backed security, Securitization, Floating interest rate, Bond

Kroll Bond Rating Agency (KBRA) announces the assignment of preliminary ratings to six classes of ONYP 2020-1NYP, a CMBS single-borrower securitization.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) announces the assignment of preliminary ratings to six classes of ONYP 2020-1NYP, a CMBS single-borrower securitization.
  • 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.
  • The results of our analysis yielded a KBRA net cash flow (KNCF) of approximately $92.1 million.
  • To value the property, we applied a capitalization rate of 6.75% to arrive at a KBRA value of approximately $1.4 billion.

KBRA Assigns Preliminary Ratings to GSMS 2020-GSA2

Retrieved on: 
Monday, December 14, 2020
Consulting, Banking, Professional services, Finance, Finance, Money, Mortgage-backed security, Structured finance, Fixed-income securities, Commercial mortgage-backed security, Mortgage, Financial economics, Commercial mortgage, Credit rating agency, KBRA

Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 16 classes of GSMS 2020-GSA2, a $826.3 million CMBS conduit transaction collateralized by 46 commercial mortgage loans secured by 93 properties.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 16 classes of GSMS 2020-GSA2, a $826.3 million CMBS conduit transaction collateralized by 46 commercial mortgage loans secured by 93 properties.
  • The pool has exposure to all of the major property types, with three types representing more than 10.0% of the pool balance: office (41.8%) lodging (16.3%), and industrial (12.1%).
  • KBRA capitalization rates were applied to each assets KNCF to derive values that were, on an aggregate basis, 43.6% less than third party appraisal values.
  • To access ratings and relevant documents, click here .

Trepp and CompStak Release Report Analyzing How the Pandemic is Shaping the Manhattan Retail Market

Retrieved on: 
Tuesday, December 8, 2020
Articles, Trepp, Lease, Commercial mortgage-backed security, Law, Private law

In this report, Trepp and CompStak examined the impact of the coronavirus pandemic on the Manhattan retail sector amid the holiday shopping season.

Key Points: 
  • In this report, Trepp and CompStak examined the impact of the coronavirus pandemic on the Manhattan retail sector amid the holiday shopping season.
  • Distress rates for retail CMBS loans secured by Manhattan retail have climbed notably since the start of the coronavirus pandemic in March.
  • Following the recent integration of CompStak data within the Trepp product suite, joint Trepp and CompStak clients can now view property and space level leases within Trepp's Comps application.
  • Details such as in-place rents, lease dates, rent escalations, free rent, and other concessions are provided by CompStak and can be accessed by Trepp clients.

KBRA Releases Research – Delinquency Rate Holds Steady but Appraisal Values Fall 30%

Retrieved on: 
Monday, November 30, 2020
Banking, Professional services, Finance, Finance, Money, Structured finance, Loans, Financial services, Mortgage industry of the United States, Mortgage, United States housing bubble, Commercial mortgage-backed security, Commercial mortgage, Mortgage-backed security, KBRA

Kroll Bond Rating Agency (KBRA) releases a report updating commercial mortgage-backed security (CMBS) loan performance trends observed in the November 2020 remittance period.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases a report updating commercial mortgage-backed security (CMBS) loan performance trends observed in the November 2020 remittance period.
  • The November delinquency rate remained unchanged at 6.8% over the prior month among KBRA-rated U.S. CMBS.
  • Along with the performance trends, KBRA observed an average decline of 30.4% in appraisal values for nearly 600 specially serviced assets relative to appraisal values at loan origination, since the start of the pandemic.
  • The bigger fall in retail partly reflects a nearly 60% average decline in retail mall values.