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National Real Estate Investor March 1, 2003 John B. Levy |
Loans in Demand Commercial mortgage whole loans and CMBS bonds are performing extraordinarily well, despite the fact that real estate fundamentals are continuing to deteriorate, especially in the office sector. |
National Real Estate Investor October 1, 2002 John B. Levy |
Falling Rates Spark Deals Extraordinarily low Treasury rates and the largest offering of collateralized mortgage-backed securities in more than three years made for a vibrant August. Meanwhile, a new single-asset transaction marketed by Lehman Brothers may help allay buyers' concerns about terrorism insurance. |
National Real Estate Investor April 1, 2003 John B. Levy |
Yield Spreads Reverse Course In a classic case of having gone "too far, too fast," the yield spreads on commercial mortgage-backed securities (CMBS) returned from the extraordinarily low levels they had briefly reached, according to the Barron's/John B. Levy & Co. National Mortgage Survey. |
National Real Estate Investor January 1, 2003 John B. Levy |
Bustling Market Six separate CMBS offerings totaling more than $6 billion were due in late December... Impact of terrorism insurance legislation on new construction still unclear... Mezzanine debt, secured by the borrower's ownership interest in properties, heats up... |
National Real Estate Investor July 1, 2004 John B. Levy |
Stability of Spreads Spurs Deals Commercial mortgage players experienced few Maalox moments in May, as spreads on both Treasury rates and interest-rate swaps stayed stable. But the market was awash in loan originations and new securitizations. |
National Real Estate Investor September 1, 2004 John B. Levy |
Full Throttle Ahead It looks as if the summer doldrums in the commercial-mortgage market have been canceled this year, at least according to the Barron's/John B. Levy & Co. National Mortgage Survey. |
National Real Estate Investor May 1, 2003 John B. Levy |
A Go-Go Time for CMBS The war, a lingering recession, a roller-coaster ride on Treasuries and impressive commercial mortgage volume all showed up in March, according to the Barron's/John B. Levy & Co. National Mortgage Survey. |
National Real Estate Investor December 1, 2004 |
CMBS Issuance On Track for Record Volume in 2004 Issuance of Commercial Mortgage-Backed Securities is Headed for Record Levels... Ripple Effect of Insurer Scandal... Impact of Prepayment Penalties... etc. |
National Real Estate Investor October 1, 2004 John B. Levy |
Investor Interest in CMBS Reaches New Heights Nowhere is the surplus of new capital more visible than in CMBS tranches rated double-B --- a highly rated non-investment grade tranche. Investments are coming from individuals, as well as insurance companies, money managers and other institutions |
National Real Estate Investor January 1, 2005 John B. Levy |
High CMBS Volume is Double-Edged Sword Commercial mortgage volume was on a non-stop tear in 2004, much to the surprise of most observers. Early in the year, commercial mortgage players thought that first-half volume would be robust while the second half would be lackluster. |
National Real Estate Investor December 1, 2002 John B. Levy |
Big Events, Small Impact The market-moving events of Nov. 4-8 left the commercial mortgage-backed securities market surprisingly unimpressed. |
National Real Estate Investor January 1, 2006 John B. Levy |
Wider Spreads Yield Opportunity Commercial mortgage-backed securities spreads have a habit of tightening early in the New Year, and the smart money seems to be betting on that occurring again in early 2006. But a new CMBS player has emerged, too -- hedge funds. |
National Real Estate Investor July 1, 2005 John B. Levy |
CMBS Deal Pipeline Bursting at the Seams The heated competition for new commercial mortgage transactions, mixed with a seeming complacency about risk, has caused some investors some measure of anxiety. With the 10-year Treasury plunging through 4%, borrowers had a new incentive to refinance existing transactions. |
National Real Estate Investor March 1, 2005 John B. Levy |
Where Have All the Good Loans Gone? Recent underwriting trends in fixed-rate CMBS originations may well lead to higher defaults and losses in the years ahead. Perhaps the most widely discussed issue is the increase in interest-only loans. |
National Real Estate Investor April 1, 2006 John B. Levy |
Big Supply, Tight Spreads A wave of commercial mortgage-backed securities hit the market in early March, following a dearth of issuance in January and February. Despite the volume, spreads over comparable Treasuries narrowed, perhaps reflecting pent-up demand. |
National Real Estate Investor October 1, 2005 John B. Levy |
New Orleans' Hotel Sector Faces Grim Prospects Investors in commercial mortgage-backed securities are rightly concerned about their New Orleans' holdings because a number of securitizations hold liens on major area hotels, and significant losses could cause losses to the lower investment-grade tranches. |
National Real Estate Investor June 1, 2005 John B. Levy |
Buyers Get Leverage Jitters For a while there, it sure looked to the commercial real estate gang as if leverage had no natural limits. In early May, buyers decided that they had finally had enough, causing bankers and traders to sit up and take notice. |
National Real Estate Investor March 1, 2006 John B. Levy |
A Shot Across The Bow Investors in loans on commercial real estate -- insurance companies, pension funds and Wall Street firms -- continued competing for business in January, squeezing spreads between interest rates on commercial mortgages and rates on Treasuries. |
National Real Estate Investor December 1, 2005 John B. Levy |
End to Frothy Underwriting in Sight Specs Commercial-mortgage originators and CMBS buyers continue to grouse about the market's lack of underwriting discipline, but their appetites continue unabated... National Mortgage Survey: Selected CMBS Spreads... Whole Loans... |
National Real Estate Investor May 1, 2005 John B. Levy |
CMBS Issuance in U.S. Breaks Another Record A general weakness in corporate bond yields, exacerbated by the performance of the auto sector led to sharply wider CMBS spreads. Investors seem reluctant to buy until spreads widen a bit further. |
National Real Estate Investor November 1, 2004 John B. Levy |
Commercial Mortgage Market Reloads After a reasonably quiet September, the commercial mortgage market heated up again in October. |
National Real Estate Investor September 1, 2005 John B. Levy |
CMBS Issuance Hovers in the Stratosphere Just when you thought the commercial real estate market should be taking a well-deserved summer breather, volume has exploded again. Total offerings of $17 billion to $20 billion were expected to come to market in the commercial mortgage-backed securities arena. |
National Real Estate Investor April 1, 2005 John B. Levy |
Undaunted By Unsettling Trends Retail consolidations, highly leveraged loans, and rock-bottom spreads are having no impact on commercial mortgage lending. |
National Real Estate Investor May 1, 2006 John B. Levy |
Is the CMBS Party Over? The next few months will show modest volume in CMBS, largely because of a downtrend in sales of income property, most of which trigger fresh financing. |
National Real Estate Investor July 1, 2006 John B. Levy |
Higher Rates to Crimp Borrowing It was the calm before the storm in June -- literally and figuratively -- as the commercial real estate market prepared for an onslaught of securitizations, and coastal areas braced for the start of hurricane season. |
National Real Estate Investor June 1, 2006 John B. Levy |
CMBS Deals Ramp Up After a white-hot pace of issuance in March, new offerings of commercial mortgage-backed securities have practically disappeared, according to a recent survey. |
National Real Estate Investor February 1, 2003 John B. Levy |
The Good Times Roll On It was the best of times; the worst of times never showed up in 2002, according to the Barron's/John B. Levy & Co. National Mortgage Survey. |
National Real Estate Investor August 1, 2004 John B. Levy |
A Pleasant Surprise for CMBS Volume In today's commercial property market, lenders are competing fiercely for business. In fact, most observers say that they have never seen such liquidity in the commercial real estate sector. |
National Real Estate Investor August 1, 2005 John B. Levy |
CMBS Volume Hits Record High Securitizations of commercial mortgages ran at a record volume in June, continuing a pace that has prevailed all year. Monthly offerings totaled $23 billion in the U.S. market. |
National Real Estate Investor June 1, 2005 Matt Hudgins |
Sounding the Alarm Bell on CMBS Lending The capital pouring into commercial real estate isn't limited to conduit loans, but the industry at large can't afford to ignore changes in CMBS standards because securitization has evolved to influence nearly all commercial real estate lending. |
FDIC FYI October 28, 2003 |
The Changing Paradigm in Commercial Real Estate A transcript of a roundtable discussion with commercial real estate and commercial mortgage-backed securities experts |
National Real Estate Investor September 1, 2004 Nicholas Yulico |
Carving Up Investor Risk In the summer of 2001, the commercial mortgage-backed securities (CMBS) market was headed for a record year. |
National Real Estate Investor February 1, 2005 John B. Levy |
High Expectations for CMBS Market We're hard-pressed to envision the commercial real estate crowd being any happier than it was in 2004. |
Real Estate Portfolio May/Jun 2008 Kemba J. Dunham |
Rocky Road The commercial mortgage-backed securities market, after more than 15 years of riding a positive investment wave, swiftly crashed in late 2007. Currently, a recovery has yet to get under way. |
Commercial Investment Real Estate Jul/Aug 2015 Tim Koltermann |
CMBS Forecast Commercial mortgage-backed securities lending is alive and well -- maybe too well, depending on where you look in the market. |
National Real Estate Investor February 1, 2006 John B. Levy |
A Broken Record for CMBS Market A staggering amount of income-producing real estate was sold in 2005, and spreads between commercial-mortgage yields and comparable Treasury yields tightened. Here, a panel of experts provides its forecast for CMBS volume and spreads through June 30, 2006. |
Commercial Investment Real Estate Sep/Oct 2005 Andrew Stewart |
7 Real Estate Finance Myths Unveiled Discover the market factors that really are influencing today's real estate transactions. |
Commercial Investment Real Estate Jul/Aug 2012 Gantz et al. |
CMBS Concerns Are securitized loans worth the trouble? |
National Real Estate Investor October 1, 2002 Kathleen Fitzpatrick |
Taking the Floating-Rate Gamble A slow recovery in the U.S. economy has prompted more and more borrowers to bet that interest rates won't be rising anytime soon. And still others, fueled by fears of overall uncertainty, are satisfying their appetites with flexible financing. |
Real Estate Portfolio Sep/Oct 2007 Dees Stribling |
Coming into Focus Mortgage REITs of all stripes tighten their lending practices to improve their outlook going forward. The subprime event may mark a permanent change in the business environment for mortgage REITs, as well as mortgage lenders and investors. |
National Real Estate Investor February 1, 2007 W. Joseph Caton |
Attached Strings to Conduit Loans As a property investor's real estate management needs and development skills expand, the nature of the loans that investor buys into begins to take on new meaning. |
Financial Advisor November 2007 Mary Rowland |
Making Sense Of Chaos The mortgage meltdown has showed the uglier side of investing in dicey loans. |
The Motley Fool April 27, 2010 Dan Caplinger |
This Will Bring On the Real Recovery Now, some positive signs in mortgage financing are bolstering the argument that for real estate, the worst is truly over. |
National Real Estate Investor December 1, 2005 Parke M. Chapman |
Weathering The Storm The aftermath of Hurricane Katrina has exposed both the strengths and weaknesses of the commercial mortgage-backed securities (CMBS) market, say industry experts. |
National Real Estate Investor June 1, 2005 Matt Hudgins |
Why the Checkout Line to Defease is Lengthening Skyrocketing property values are the biggest engine driving defeasance in 2005. The capital pouring into commercial real estate has outstripped supply, with the resulting competition to acquire properties exerting upward pressure on sale prices and property values in general. |
National Real Estate Investor October 1, 2005 Jennifer Popovec |
Global CMBS Warming Investors and borrowers in several countries are just now beginning to realize the advantages of CMBS: liquidity, higher yields and favorable financing rates. But a perceived lack of transparency, or financial disclosure by borrowers, concerns investors in non-U.S. CMBS. |
National Real Estate Investor May 1, 2008 W. Joseph Caton |
Savvy Fund Managers Seize Opportunity Real estate investment funds have been on a capital-raising binge for the past two quarters. |
Commercial Investment Real Estate Jul/Aug 2003 |
Ready for the Re Lender restraint helps keep markets stable. |
National Real Estate Investor May 1, 2006 Matt Hudgins |
Year of the Mega Loan Large loans and mushrooming CMBS issuance drove commercial real estate financing levels to an all-time high last year, but lenders say a slowing pace of transactions could temper loan volume as 2006 unfurls. |
Real Estate Portfolio Nov/Dec 2006 Lynn Novelli |
Deluge of Debt REITs cannot live by equity alone. Like other companies, REITs must go to the debt markets for funding. What are the advantages and disadvantages of using secured versus unsecured debt? |