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Nomura plans to launch its own conduit during second half of 2026
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Deal represets second green securitization of a New York office tower this month
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The US CMBS market has surprised to the upside in 2017, with year to date issuance set to surpass full year 2016 volumes and spreads touching their tightest levels since 2014. However, the outlook for 2018 is looking less clear on the back of fewer loan maturities and a slowdown in commercial real estate transaction volume. -
Commercial real estate lenders have filled over half of the pool of a new conduit CMBS with office loans, a sector that is drawing increased credit concerns, while also plugging the portfolio with higher than average volume of multifamily properties, an asset type which is seen as one of the strongest.
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JP Morgan and Deutsche Bank priced the latest conduit CMBS deal at year tight levels last Friday, as analysts predict further tightening in CMBS debt after the market lagged a rally in corporate debt last month.
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KKR closed a $1.1bn risk retention fund on Tuesday, and the firm’s co-head of real estate credit told GlobalCapital that market consolidation brought on by risk retention has strengthened credit quality in the asset class.
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Blackstone is in the CMBS market this week with $1.4bn of paper across two deals, financing a pool of office properties in one of California’s media and entertainment hotspots and a group of furniture store rooms in Las Vegas and North Carolina.
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As the CMBS market starts to claw back some of the market share it lost after the financial crisis, bankers have said the resurgence comes down to a simple factor — pricing.
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Ladder Capital closed its first CLO backed by bridge loans on commercial real estate properties on Tuesday, the second time this year it has stepped into the capital markets with a deal from its own shelf.
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Lone Star’s portfolio of Hyatt properties and a Hong Kong fund’s loan on the Standard Hotel in Manhattan are both expected to surface in the CMBS market soon, as JP Morgan warns the sector still has credit concerns worthy of more attention.
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The US CMBS delinquency rate fell in September, according to Trepp data, with the performance of outstanding deals beginning to improve after the market digested a wave of maturing pre-crisis deals.
