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Empty Hotels Might Just Be Next Big Short for Hedge Funds
Short sellers are starting to build up wagers against CMBX 9, which has outsized exposure to hotel debt. (Bloomberg)—Hedge funds and other short sellers are beginning to set their sights on a U.S....
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What Does the Stalled HEROES Act Mean for CRE Operators?
A comprehensive federal rescue package seems no closer to being passed by the Senate. Here’s what the impact has been on commercial real estate. While the CARES Act has helped multiple sectors of...
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CMBS Investors Likely to Get Dinged by Non-Recourse Loans
A key feature of how CMBS loans are structured is proving troublesome during the COVID-19 recession. One of the big selling points of CMBS loans—their non-recourse structure—may come back to haunt...
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Cerberus Is Repackaging Near-Junk CMBS Into Top-Rated Securities
The transaction is being referred to as a “resecuritization” in deal documents seen by Bloomberg. (Bloomberg) -- Wall Street’s alchemists are at it again, this time spinning supposedly safe...
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Special Servicer Activity Provides a Window into Assessing the Distressed Cycle
Experts expect a “second storm” as forbearance periods expire and borrowers are forced to act. CMBS special servicers battling a surge in distressed loans have been working to give borrowers more time...
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CRE CLO Issuance Picks Up After Coming to a Halt in the Spring
The CLO market is beginning to see more issuance, though the volume trails considerably behind last year’s. After a pause earlier in the year, the CRE CLO market is beginning to show signs of life,...
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CMBS Delinquency Rates Show Signs of Stabilizing
Help from lenders and the CARES Act helped keep CMBS delinquencies below the prior cycle’s peak. Lenders granting forbearance periods to struggling borrowers continued to bring the CMBS delinquency...
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Cerberus Said to Shelve Commercial Mortgage Bond That Mimics CDO
The firm has shelved the sale of a $390 million commercial mortgage bond because investors were demanding higher yields. (Bloomberg)—Cerberus Capital Management has shelved the sale of a $390 million...
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There’s Both Debt and Equity Available for Office Deals. Stringent...
While there is concern about distress in the short term, lenders of all kinds are willing to finance the right office transactions.A decline in office utilization if it lasts beyond the pandemic could...
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17 Books About CRE to Put on Your Reading List
From Stephen A. Schwarzman’s What It Takes to Vicky Ward’s The Liar's Ball, here are 17 of the more prominent books about commercial real estate.If you are looking to beef up your knowledge of...
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