Office occupancy plunged by the most in Dallas. In San Francisco, where it had already been rock-bottom, it dipped into the single digits.
Then there’s the “single-asset” commercial mortgage-backed security (CMBS) backed only by the mortgage of this tower.
Despite the rampant indoorification of outdoor dining.
But these “valuations” are crucial to REITs and property mutual funds.
After years of brick-and-mortar meltdown, the Pandemic. Desperate measures are now required.
Unemployment and work-from-home or work-from-anywhere are massively shifting where people want to live.
CBL and Pennsylvania Real Estate Investment Trust were both toast before the Pandemic. The banks are stuck.
“Seated diners” get scarcer again as new Covid cases surge.
Landlords already know this: People are getting more toasted than Wonder Bread.
At the time of securitization into CMBS a few years ago, inflated collateral values led to soothingly low loan-to-value ratios. Then trouble hit.