Monthly Archives: May 2016

5.27.16: CMBS Lenders Test Risk-Retention Structures

Effective December 24, 2016, CMBS issuers — or B-piece buyers in their stead — will be required to retain 5% of transactions for at least five years. CMBS issuers can retain a “vertical strip” encompassing 5% of every tranche, a … Continue reading

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5.24.16: CMBS Spreads Decline Due to Lack of Supply

CMBS spreads continue to decline as the pace of new CMBS issuance falls well behind last year. U.S. CMBS volume as of late May was $28.5 billion versus $44.1 billion at the same time last year. Volume has fallen due … Continue reading

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5.17.16: deadmalls.com

When I first began to analyze CMBS bonds with my associate, Jim Brett, he discovered a website called deadmalls.com. There are a lot of mall loans in CMBS, and in 2008, when Jim and I began analyzing distressed CMBS for our … Continue reading

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ValueXpress Arranges $4.54-Million CMBS Conduit Loan for the Refinance of a 63-Room Country Inn & Suites in Pensacola, FL

ValueXpress has arranged a $4,536,000 CMBS conduit loan for the refinance of a 63-Room Country Inn & Suites in Pensacola, FL. The property is a 4-story, 63-room Inn & Suites constructed in 2008. The property is located adjacent to Interstate … Continue reading

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5.13.16: How Drugstore Loans Are Viewed in CMBS

A significant amount of drugstore loans are in CMBS, and they are dominated by stores leased to the top three U.S. drugstore chains: Walgreens, CVS and Rite Aid. All of the drugstores are corporately operated (no franchises). Few, if any, … Continue reading

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5.10.16: Walgreens and Rite Aid Merger CMBS Underwriting Considerations

In November 2015, Walgreens entered into a contract to buy Rite Aid for $17 billion. The transaction is being reviewed by regulators as the combination of the nation’s number one and number three drugstore chains could be anti-competitive. Walgreens has … Continue reading

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5.6.16: Self-Storage in High Demand in New York City

With tiny, expensive apartments and a lot of stuff, decluttering may be what New Yorkers talk about, but what they really do is rent more space. And self-storage companies and real-estate investors are ready and waiting to fill the demand. … Continue reading

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