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Latest news
Deal appeared on screens after its first book update
Last week Blackstone securitized Aria Resort in Vegas for $2.7bn in one of the largest hotel deals of the year
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Two political initiatives in the US have raised the prospect of public subsidies for low-income housing and rent controls, a move that real estate investment trusts are keen to resist. -
The Federal Reserve Bank of New York said on Tuesday it had completed the sale of the remaining securities in the $30bn Maiden Lane LLC portfolio of mortgage securities it bought to facilitate JP Morgan’s acquisition of Bear Stearns in March 2008.
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One of the biggest conduit deals of 2018 is in the market this week, backed by around $1.6bn of retail and office properties across the US, according to term sheets seen by GlobalCapital.
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Greystone Health has come to market this week with Greystone CRE 2018-HC1, a commercial real estate CLO backed by a $249.2m portfolio of loans on healthcare assets, including transitional loans for independent living facilities, assisted living facilities and skilled nursing facilities.
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Fannie Mae has issued a credit insurance risk transfer (CIRT) deal tied to an $11bn pool of multifamily loans, kicking off what the government-sponsored enterprise says will be a regular issuance program going forward.
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Deal flow is picking up across US structured products midweek, with investors offered a smattering of securitized assets including a Sallie Mae private student loan deal and a non-agency RMBS offering from Flagstar.
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According to regulatory filings with the SEC, JPMorgan plans to securitize a loan to Midwestern indoor waterpark operator Kalahari Resorts in SLIDE 2018-FUN, a single asset-single borrower CMBS deal backed by a three year loan that will help expand its recreational compound in Pocono Manor, Pennsylvania.
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Flanked by mounting competition from other sources of funding and a growing preference from investors for short dated securities, the top of the of CMBS capital stack is struggling to generate demand.
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European commercial real estate is posting strong returns, said Green Street Advisors in a note this week, with the real estate research and data company eyeing greater upside in European property markets compared to US counterparts.
