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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 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 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 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 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 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 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 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 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 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 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 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, 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 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 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 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 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 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 November 1, 2002 John B. Levy |
Interest rates in limbo With interest rates at their lowest levels since the Twist was the rage in the early '60s, some real estate developers have accelerated their borrowing while others are hoping for still lower rates. |
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 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 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. |
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 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 February 1, 2006 Beth Mattson-Teig |
Encore Performance? Mortgage bankers are hoping that 2006 will be a repeat performance of 2005 -- a phenomenal year for commercial and multifamily mortgage originations. But whether those expectations materialize depends largely on interest rates. |
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. |
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. |
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 June 1, 2006 Matt Hudgins |
Are Borrowers Over-Leveraged? The central question is whether the low capitalization rates generating today's high property values and loan amounts are temporary or will be around for at least the next decade, when those loans will roll over and require new financing. |
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 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. |
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 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. |
Commercial Investment Real Estate Jan/Feb 2003 Thomas Jaekel |
Low Rates Help Insulate Commercial Markets From Unstable Economy Slower growth is an indication of the market's discipline and bodes well for the commercial real estate industry in light of an unpredictable economy. |
National Real Estate Investor July 1, 2005 Thomas MacManus |
Why Investors Are Still Flocking to Real Estate The flow of excess capital into U.S. commercial real estate is expected to continue as both domestic and foreign investors target the sector. Investment and hedge funds awash with cash to invest will continue to bolster liquidity in the sector. |
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. |
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 Mar/Apr 2012 |
Capital Markets 2012 Many economic issues converged late last year to slow commercial real estate's recovery. |
National Real Estate Investor January 1, 2005 Matt Hudgins |
Leaping Through The Lending Trough According to the normal rhythms of the real estate industry, the first years of this decade should have been a slow period for lenders. To the delight of the mortgage industry, it hasn't worked out that way. |
The Motley Fool January 21, 2009 Alex Dumortier |
This Tiny Bankruptcy's Bad News for Megabanks On the back of a disastrous week for the big money-center banks, Boscov's bankruptcy could be a harbinger of continued losses in the first quarter. |
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. |
National Real Estate Investor February 1, 2005 Joe Gose |
Lenders Draw Up Plays to Land Big Deals Aggressive. Innovative. Creative. Those are all fitting words to describe today's lenders as they stretch underwriting terms in ways that were unheard of just two years ago. |
Commercial Investment Real Estate Jul/Aug 2011 David F. Webb |
The Lending Scene Commercial mortgage-backed securities' return brightens the picture in primary markets. |
Commercial Investment Real Estate Jan/Feb 2004 Thomas Jaekel |
Wait and See Commercial real estate capital market activity hinges on interest rates and job growth. |
U.S. Banker July 2009 Heather Landy |
A Matter of Maturity Banks holding commercial real estate mortgages may be on the cusp of a major problem. |
Commercial Investment Real Estate Nov/Dec 2010 William E. Jones |
Climbing the Capital Hill Owners and investors face steep obstacles on the path to financing. |
Commercial Investment Real Estate Jul/Aug 2003 |
Ready for the Re Lender restraint helps keep markets stable. |