Brookfield Defaults on Class B Office Portfolio Debt
A $161.4 million commercial mortgage-backed securities (CMBS) loan backing nine Brookfield-owned Class B office buildings has defaulted, according to CRED iQ data. The debt package was transferred to...
View ArticleCMBS Loan Maturity Defaults, Concerns on the Rise
The oft-publicized wall of maturities is at the forefront of concerns for the commercial real estate industry. In December 2022, CRED iQ highlighted its CRE Maturity Outlook showing $162 billion in...
View ArticlePoughkeepsie Mall’s Valuation Sinks $169M Since 2011 Issuance
The value of a Poughkeepsie, N.Y., mall securing two commercial mortgage-backed securities (CMBS) loans has plummeted by 71 percent since debt was issued on the property just over a decade ago, new...
View Article40 Wall Street Transfers to Special Servicing Amid Trump Fraud Trial
The Trump Organization has yet another fire to stamp out as the $160 million loan on 40 Wall Street just transferred to special servicing, according to reports. The transfer to special servicer,...
View ArticleDC’s Most Distressed Office Debt
The top 10 collateralized office loans facing distress in Washington, D.C. in December, amount to just over $1 billion in total and represent 4 million square feet of office space, according to data...
View ArticleCMBS Loan on Hollywood’s Biggest Retail Center Hits Special Servicing
A $211.3 million commercial mortgage-backed securities (CMBS) loan secured by the former Hollywood & Highland mixed-use entertainment center in Los Angeles has transferred to special servicing due...
View ArticleMultifamily Drives CRE Distress Rate to Another Record High
The CRED iQ team evaluated payment statuses reported for each loan securitized by CMBS financing along with special servicing status as part of our monthly distress update. The overall CRED iQ distress...
View ArticleCMBS Loan on Four Stamford Office Buildings Owned by RFR Hits Special Servicing
A $247.2 million commercial mortgage-backed securities (CMBS) loan backing four office buildings in Stamford, Conn., has entered special servicing after failing to pay off at its scheduled August 2024...
View ArticleCRE Loan Modifications, Foreclosures Continue to Increase
This week, our CRED iQ research team explored trends in workouts and resolutions for commercial real estate securitized loans so far in 2024. This analysis included the workout strategies across...
View ArticleHow the Big Special Servicers Are Tackling Troubled CRE Loans
This week, the CRED iQ research team addressed one of the most common topics requested by our readers, which is understanding workout strategies from the special servicers’ perspectives. Building...
View ArticleInterest Rate Trends Vary by Asset Class in CMBS Market
The CRED iQ research team recently analyzed underwriting metrics for the 28 commercial mortgage-backed securities (CMBS) conduit issuances in 2024. This analysis builds on our April report, which...
View ArticleCommercial Real Estate CLOs Confront Rising Distress From Higher Interest Rates
As commercial real estate collateralized loan obligation (CRE CLO) issuance accelerated in 2024, so did mounting distress due to rising interest rates. The 2024 U.S. CRE CLO volume was $6.8 billion as...
View ArticleOffice Distress Hits New Peak, Up 156% in Last 18 Months
The overall CRED iQ distress rate remained at a record high 9.1 percent for a second straight month in September. CRED iQ’s special servicing rate increased to 8.4 percent from 8 percent in September...
View ArticleValuation of San Francisco Luxury Apartment Building Dips 49% From 2018: Trepp
Ongoing distress within San Francisco’s commercial real estate market amid record-high office vacancies has permeated into the Bay Area city’s multifamily sector. A 754-unit luxury apartment complex...
View ArticleDistressed Loans Face Valuation Pressures
CRED iQ analyzed 480 properties that were reappraised in 2023. The top 25 valuation declines all received an updated appraisal in the third quarter, and each of these properties were either delinquent...
View ArticleCRE Valuations Dropped 42 Percent on Average in 2023
CRED iQ analyzed 556 properties that were reappraised during 2023, since we were interested in the overall valuation impacts by quarter and property type. The top 25 valuation declines all received an...
View Article43% Decline in Valuations for Distressed Properties So Far in 2024
As we passed the halfway point in 2024, CRED iQ analyzed properties that were reappraised this year and in 2023. Each of these properties were either delinquent or with the special servicer and...
View ArticleMultifamily Distress Jumps 100 Basis Points in July
The overall CRED iQ distress rate added 17 basis points in July to reach 8.8 percent, the fifth straight record high. The CRED iQ team evaluated payment statuses reported for each loan, along with...
View ArticleSL Green, Vornado Extend $1B Senior Loan at 280 Park, Buy Back Mezz at Discount
SL Green and Vornado Realty Trust, Manhattan’s two largest office landlords, announced Wednesday that they have modified and extended a $1.075 billion mortgage secured by 280 Park Avenue, 60-year old,...
View ArticleDistress Rate Hits All-Time High for CRE CLOs
The CRED iQ research team dove deep into the CRE collateralized loan obligation (CLO) ecosystem this week. We were interested to see how the market has evolved since our July report, and found that the...
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