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Tag Archives: CMBS

Moody’s: Commercial Property Prices Increase 0.9%

In the month of June, U.S. commercial real estate prices rose 0.9 percent, according to the latest Moody's/REAL Commercial Property Price Indices released Monday. June is the second consecutive month of price gains. The ratings agency says the increase represents a firming up of the market bottom, but turmoil in the capital markets and a drop-off in secondary market lending may delay realization of any significant near-term pricing gains. Sales of distressed properties accounted for 29 percent of June's volume.

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Sabal Financial Group Names CRE Portfolio Manager

Sabal Financial Group, L.P., the financial services management firm formerly known as Milestone Asset Resolution Company, LLC, has appointed Kevin McKenzie as portfolio manager. McKenzie's expertise span investment, banking, advisory, development, and architecture. In his new role, he oversees the firm's growing commercial real estate portfolio of assets under management and will play a role in expanding the company's acquisition and valuation services platform.

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Trepp: CMBS Delinquencies Spike in July to Hit an All-Time High

The commercial mortgage-backed securities (CMBS) market had been abuzz with positive momentum and murmurings of recovery for the better part of this year, but Trepp says that has all but vanished within the past few weeks. The research firm reported Tuesday that its latest monthly CMBS delinquency reading surpassed the previous record. In July, the delinquency rate for U.S. commercial real estate loans in CMBS shot up 51 basis points to 9.88 percent, as spreads widened and a highly publicized new issue was pulled from the market.

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Auction.com Hosts Sale of Texas Commercial Real Estate

Auction.com is in the midst of a three-day online auction of Texas commercial real estate properties and nonperforming notes. The company says in total, the assets up for sale are valued at more than $300 million, making it the largest conglomerate of commercial real estate assets to be auctioned online in Texas history. Barclays Capital matched the list of assets to be sold to its database of commercial mortgage-backed securities (CMBS). The firm pegs CMBS exposure to the Texas auction at about $262.5 million.

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Fitch: Is CMBS 2.0 a Sign of Healthy Growth or Cause for Concern?

Concerns have begun to mount that underwriting standards for loans in newly issued commercial mortgage-backed securities (CMBS) are on the decline. Addressing this issue, the analysts at Fitch Ratings say they believe there is quite a way to go before standards approach levels seen in 2007, a year viewed by many as the most volatile vintage for CMBS. While Fitch agrees that underwriting standards have declined in recent months, the company stressed that deterioration so far has been off of ""very high standards.""

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Commercial Property Prices Rise as Distressed Values Increase

Sales prices of commercial real estate properties rose 6.3 percent in May, according to Moody's Investors Service. The agency's latest reading marked the first positive move in its property price index in six months and the largest one-month increase since Moody's began tracking commercial real estate prices in 2000. The firm's analysts attribute much of the turnaround to an increase in prices of distressed transactions, which rose 4.8 percent during May.

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Loan Liquidations Send CMBS Delinquency Rate Plummeting

For the first time since the credit crisis began in 2008, the delinquency rate on loans held in commercial mortgage-backed securities (CMBS) has fallen for two consecutive months. After a modest reduction in May, the research firm Trepp LLC says the delinquency rate fell 23 basis points in June to 9.37 percent. Unfortunately, the company says, the rate reduction was driven primarily by a sharp spike in loans being resolved with losses, rather than delinquent loans actually curing.

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Milestone Asset Resolution Company Undergoes Corporate Changes

Milestone Asset Resolution Company, a diversified financial services management firm, announced several changes last week regarding the expansion of its business operations following a corporate investment from Oaktree Investment Holdings. Oaktree will acquire a non-controlling equity position in the company, and going forward, Milestone will be known as Sabal Financial Group.

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Moody’s: U.S. CMBS Loan Delinquencies Slip to 9.18%

The delinquency rate on loans included in commercial mortgage-backed securities (CMBS) fell four basis points in May to 9.18 percent, according to Moody's. The dollar balance of past due loans was approximately $56 billion. While loans totaling $3.4 billion became newly delinquent, previously delinquent loans totaling $4.1 billion became current, worked out, or were disposed. The top 25 metros continue to outperform the broader market with a delinquency rate of 8.48 percent, 70 basis points below the national average.

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Commercial Mortgage Delinquencies Mixed with CMBS Faring Worst

Delinquency rates among different groups of commercial and multifamily mortgage investors were mixed in the first quarter, the Mortgage Bankers Association (MBA) reports. Delinquency loans held in commercial mortgage-backed securities (CMBS) reached their highest level since 1997, but MBA says the climb was slower than in recent quarters. On the other hand, delinquency rates for other investors, including Fannie and Freddie, remain below levels seen in the last major real estate downturn - some by large margins.

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