CMBS revival masks big industry shifts

US skyscraper
By David Bell
23 Jan 2018

The US CMBS industry is clawing back market share in real estate lending by targeting high end hotel and office properties with single loan deals. But lenders have had to loosen their standards to do so, and the proliferation of single loan deals will concentrate risk in a market designed to diversify it.

Last year was seen as an unexpectedly successful year for the CMBS market. The industry was faced with the onset of risk retention requirements at the start of the year, and many felt the market would struggle to muster deal volumes, shrinking the market’s share of the Bloomberg ...

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