105 search results for "cmbs"

WeWork Finally Files for Bankruptcy two Years after Going Public via SPAC. Office Landlords, CMBS Holders Face the Music, Stockholders Wiped Out

by Wolf Richter • Nov 7, 2023 • 94 Comments

Spent its entire life burning $13.8 billion of investor cash. Landlords got free manna from heaven and can’t complain. A good scheme while it lasted for everyone but investors.

Office CMBS Delinquency Rate Spikes to Nightmare Levels, Malls Have Been a Nightmare for Years

by Wolf Richter • Oct 2, 2023 • 127 Comments

Lodging is Bad, Multifamily hangs in there, Industrial remains unscathed.

Defaulted Crossgates Mall CMBS Loans Sold at 69% Below 2012 Appraised Value of the Mall

by Wolf Richter • Aug 18, 2023 • 112 Comments

CRE debt keeps on giving. Retail CMBS have been a bloodbath for years. Thankfully, banks largely not on the hook.

CRE Gets Messier: Office-CMBS Delinquency Rate Spikes the Fastest Ever. Bank-Held Office Mortgages also Hit

by Wolf Richter • Aug 3, 2023 • 125 Comments

Unlike the defaults during the Financial Crisis, this default cycle is structural, in addition to being financial.

Third Wave of Hotel CRE Defaults Has Started, Triggered by CMBS Maturities and Variable-Rate Mortgages

by Wolf Richter • Jul 11, 2023 • 121 Comments

CMBS holders are on the hook, not banks. Investors in hotel REITs have gotten totally crushed.

CRE Nightmare for CMBS Holders: Office Mortgage Delinquency Rate Has Biggest Six-Month Spike Ever. It’s just the Beginning

by Wolf Richter • Jul 5, 2023 • 133 Comments

And it’s structural. Variable-rate CRE mortgages and much higher rates just speed up the process.

Westfield Walks from Mall in San Francisco, after Walking from 2 Malls in Florida & others. Screws CMBS Holders, Said in 2021 it’ll Dump All Malls, but Suddenly Blames San Francisco?

by Wolf Richter • Jun 13, 2023 • 159 Comments

Default rate of mall CMBS rose to 7%. Simon Property Group, largest mall landlord, walked from malls for years. Tens of thousands of stores closed. Ecommerce is killing them one by one, not San Francisco.

Another CRE Giant, Brookfield again, Defaults on Floating-Rate Office Mortgage. Again, CMBS Get this Mess, Not Banks

by Wolf Richter • Apr 18, 2023 • 66 Comments

Maybe banks, instead of keeping the riskiest CRE loans, securitized them? Would be a hoot to find out over the next few years as this plays out.

Shopping Mall CMBS Remain Distressed

by Marc Joffe • Feb 22, 2023 • 51 Comments

Many Commercial Mortgage-Backed Securities received inflated ratings from rating agencies due to the phenomenon of “ratings shopping.”

Another Office Tower Goes Bust: Blackstone Walks from Manhattan Tower it Bought for $605 Million. CMBS Holders to Eat Remaining Losses

by Wolf Richter • Mar 22, 2022 • 150 Comments

Older office towers are besieged. Working-from-home and hybrid-work aren’t helping. The losses are huge.

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