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Articles by Jack LaForge
CMBS in Transition: Structural Shifts, Investor Selectivity, & the Rise of SASB
« View All Posts CMBS | Interest Rates | Maturing CMBS | CMBS 2.0 | CMBS 1.0 | CMBS News Print/Save as PDF Disclaimer: This is an excerpt from Trepp's CMBS in Transition: Structural Shifts, Investor Selectivity, & the Rise of SASB Report. Complete the form below to request a copy of the complete report.
TreppTalk
Commercial Real Estate | Maturing CMBS | Commercial Real Estate Finance | CMBS News This research comes from Trepp and Commercial Real Estate Direct's 2024 edition of The Mid-Year Magazine, a half-year recap of the commercial real estate finance and commercial mortgage-backed securities markets. Access the magazine here. A total of $75.74 billion of CMBS loans against office properties mature by the end of next year.
Maturing Mortgages Face Lease Rollover Risk
This research comes from Trepp and Commercial Real Estate Direct's 2024 edition of The Mid-Year Magazine, a half-year recap of the commercial real estate finance and commercial mortgage-backed securities markets. Access the magazine here. A total of $75.74 billion of CMBS loans against office properties mature by the end of next year. That's more than half of the $135 billion of all CMBS loans that were slated to mature this year and next.
Tracking Lease Expirations for Smaller-Scale Office Properties
When thinking about the commercial real estate (CRE) office problem, many attribute it to the excess of space in overvalued office assets, and the subsequent reset of office valuations that are due to occur when accounting for post-pandemic demand. It is scary, and certainly noteworthy to talk about a $400 million downtown office losing 50% of its appraised value and a top-five tenant before a 2024 loan maturity date, and assets such as these have been front-and-center of Trepp’s recent research.
Loan Extensions Rise in 2023: CRE's Response to Uncertainty and High Interest Rates
Below is an excerpt from Trepp's Loan Modification Report, which examines loan modifications and their Role in the 2023 CRE Market. Access the full report here. For most of 2023, CRE delinquency rates have been creeping up as higher interest rates and the overall health of the macroeconomy have resulted in more distress, lower valuations, and tighter capital conditions.
Looking For a Place to Hide Amid Growing CRE Distress? Think About Small Balance CRE Loans
Print/Save as PDF In July 2023, the Trepp commercial mortgage-backed securities (CMBS) delinquency rate ballooned again, this time rising 51 basis points to 4.41%. If you have been following trends in the commercial real estate (CRE) market, you probably know by now the challenges that certain property types are facing, particularly in the office sector. The office delinquency rate has risen 338 basis points since December of last year and is the highest it has been since May 2018.
Special Servicing Rate Up 20Bps from June: Lodging & Mixed-Use San Francisco Loans At Fault
Disclaimer: This text is an excerpt from Trepp's July 2023 Special Servicing Report. To access the full analysis of the report, click here. The Trepp CMBS Special Servicing Rate rose 20 basis points in July to 6.62% – the sixth increase in a row. Six months ago, the rate was 5.11%, and 12 months ago, the rate was 4.79%. For the first time in several months, the office sector wasn’t leading the charge, up a modest nine basis points from June.
Market Pulse: Fed Comments & Economic Data Sends Equity Markets Higher; What's in Store for CRE?
« View All Posts CMBS Spreads Activity | CMBS Issuance | US Stocks | CMBS Pricing | Economy | CMBX Spreads | Agency CMBS | CMBS News Print/Save as PDF Stay on top of weekly market news by subscribing to TreppTalk, your source for complete coverage of the macroeconomic, commercial real estate, and structured finance markets.
Special Servicing Rate Jumps Again in June 2023: Office, Mixed-Use, & Multifamily are Main Contributors
Disclaimer: This text is an excerpt from Trepp's June 2023 Special Servicing Report. To access the full analysis of the report, click here. The Trepp CMBS Special Servicing Rate climbed 31 basis points in June to 6.42% – the fifth increase in a row and the third largest this year. Six months ago, the rate was 5.17%, and 12 months ago, the rate was 4.91%. Most notable was the increase in the office sector, an 81-basis point increase from May to 7.24%.
Is “Extend and Pretend” Keeping Commercial Real Estate Afloat? Monitor Maturity Wall with Trepp Dashboard
Print/Save as PDF In 2023, the commercial real estate (CRE) market has been under the microscope, singled out as a troubled asset class by participants in financial markets and the Federal Reserve. The headlines have painted a dire picture for CRE as a whole, but the reality is much more nuanced. For property types like multifamily, industrial, and student housing, there may be more buyers’ regret than distress. For other property types, the dire narrative is much more accurate.
CREFC Confidential June 2023: Optimism Hard to Find in a Changing Landscape
Print/Save as PDF For those who attended CRE Finance Council's June 2023 conference, Trepp and Commercial Real Estate Direct released The Mid-Year 2023 Magazine. If you could not make the trip to New York City this year and would like a copy, please access and download the full magazine here. At this year’s CREFC, there was both lively and ominous discussion with a wide range of market participants on the current state of CRE finance.
TreppTalk
For those who attended CRE Finance Council's June 2023 conference, Trepp and Commercial Real Estate Direct released The Mid-Year 2023 Magazine. If you could not make the trip to New York City this year and would like a copy, please access and download the full magazine here. At this year’s CREFC, there was both lively and ominous discussion with a wide range of market participants on the current state of CRE finance.
Special Servicing Rate Spikes in May 2023: More Office Worries; Mixed-Use Falls in Line with Office Distress
Disclaimer: This text is an excerpt from Trepp's May 2023 Special Servicing Report. To access the full analysis of the report, click here. The Trepp CMBS Special Servicing Rate climbed 49 basis points in May 2023 to 6.11% – the fourth and most significant month-to-month increase this year. Six months ago, the rate was 4.95%, and 12 months ago, the rate was 4.76%. The two property types that were mainly responsible for the May special servicing spike, were office and mixed-use.
The Ecosystem of Commercial Real Estate: Impact of WFH on Multifamily CRE CLO Performance
« View All Posts CMBS | Commercial Real Estate | Multifamily Loans | Multifamily Real Estate | Maturing CMBS | CLO | CMBS Loans | CMBS News Print/Save as PDF In this preview analysis, the Trepp team takes a deep dive into the property financials of outstanding CRE CLO loans. Access the full report. The commercial real estate collateralized loan obligation (CRE CLO) market has taken off, with CRE CLO issuance outpacing the conduit CMBS market in 2021 and 2022.
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