Monthly Archives: May 2014

5.16.14: 10-Year Treasury Yield Hits 9-Month Low; Swaps Follow

The yield on the benchmark 10-year Treasury note fell on Thursday, May 15, 2014 to close at 2.50%, a low not seen since last October. Intraday, the note touched 2.47%. Although investors have been expecting rates to rise, the bond … Continue reading

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5.12.14: Non-Recourse Construction Loans Are Back!

In another sign of real estate investors looking for opportunities for investment, financial services companies are beginning to offer non-recourse construction/rehabilitation loans for typical CMBS-quality assets. CMBS-quality assets are preferred as the expected exit strategy is a fixed-rate CMBS conduit … Continue reading

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5.6.14: Malls Struggle When Anchors Leave

Shopping malls, already negatively impacted by internet retailing (see our 2.18.14 post “More Thoughts on the Future of Retail”), often find themselves in a serious downward spiral when anchor tenants close their doors. Anchor tenants are traditionally defined as national … Continue reading

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ValueXpress Obtains $5.5-Million CMBS Conduit Loan for a Neighborhood Shopping Center in Suburban Atlanta, GA

ValueXpress obtained a $5.5-million first-mortgage loan that was utilized to refinance existing debt secured by a 20,000-square-foot neighborhood shopping center located in the Atlanta MSA. The property, currently 100% occupied by nine tenants, was constructed in 2004 and is in … Continue reading

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5.2.14: Three New CMBS Deals Warmly Received by Investors

After a lull in new CMBS issuance, the market easily absorbed three multi-borrower offerings this week. Senior classes priced in line with dealer guidance, while junior classes priced at levels tighter than seen in the last CMBS issue at the … Continue reading

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4.30.14: Swap Rates Decline on Poor GDP Report

Swap rates, an important financial index that is used to set interest rates on CMBS conduit loans, fell this week after the government reported annualized Gross Domestic Product (GDP) growth of a mere 0.01% in the first quarter of 2014, … Continue reading

Posted in CMBS, CMBS Securities, Commercial Lending, Commercial Mortgage-Backed Securities, Michael D. Sneden, News & Recent Closings, The Banker's Mortgage Conduit, Valuexpress | Tagged , , , , , , , , , , | Leave a comment

4.23.14: Who Holds the Most Commercial Loans?

The winner is commercial banks, which held $1.57 trillion in commercial real estate debt at year-end 2013, according to data from the Federal Reserve Board. The amount of commercial real estate debt held by banks represents 48.9% of the $3.20 … Continue reading

Posted in CMBS, CMBS Conduit Loans, Commercial Mortgage-Backed Securities, Commercial Real Estate Loans, Fannie Mae, Freddie Mac, HUD 221(d)(4), HUD 223(f), Michael D. Sneden, News & Recent Closings, The Banker's Mortgage Conduit, Valuexpress | Tagged , , , , | 1 Comment