According to Trepp's warning, a $130.1 million commercial mortgage-backed securities (CMBS) hotel loan secured by the 1,004-room Los Angeles Airport Marriott is on the servicer's watch list due to a declining debt-to-service ratio. The rate drop was primarily due to rising operating and capital expenses, as well as increases in the department's room and food costs, according to the alert. This change in circumstances came on the heels of the loan being required to be modified to allow it to be repaid in 2022 after it was deemed at least a year and a half delinquent, Trepp explained. See also:…
Author: Private Lending Agent
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In San Francisco, a 20-story office building that sold 10 years ago for $146 million was listed for sale in December for just $80 million.In Chicago, a 200,000-square-foot office building in the city's Claiborne Corridor that sold for nearly $90 million in 2004 was purchased last month for $20 million, a 78 percent reduction in price.And in Washington, a 12-story building with a mix of office and retail space three blocks from the White House sold for $100 million in 2018 but recently sold for just $36 million.Such deep discounts have become the norm for office space across the U.S.…
The biggest news from the 2024 Budget released last month is that the State Government will soon implement a resale tax, first proposed by State Premier David Eby during the 2022 election campaign. The new resale tax applies to gains from the sale of residential property held for less than two years, with rates varying depending on the amount of time that has passed. The tax rate is 20% if the property is held for 365 days or less, and gradually decreases between 365 and 730 days.While legislation on the resale tax has yet to be introduced, the state has…
⏰ Estimated reading time: 10 minutestable of contents An SBA loan is a business loan that is partially guaranteed by the U.S. Small Business Administration and issued by participating financial institutions, usually banks. These loans have strict lending criteria, but if you qualify for an SBA loan, their flexible terms and low interest rates make them one of the best small business loans.Here is an overview of how SBA loans work, the types of SBA loans available, what each loan type is used for, and how to get an SBA loan for your small business.To better understand the unique needs…
Federal Reserve Chairman Jerome Powell's comments last week that a wave of bank failures were linked to a downturn in the commercial real estate sector sent shockwaves through the financial world, sending some investors fleeing and others seeking opportunities. Typical commercial lease terms in the U.S. are three to five years, but the rise of remote work and changes to urban land use have put time on the clock for office and retail property owners and financial sector creditors. According to data released by the Treasury Department's Financial Stability Oversight Council (FSOC), citing analytics firm CoStar, office vacancy rates had…
The Seattle skyline looking north from Lumen Field on Sept. 10, 2023. (GeekWire Photo/Kurt Schlosser) Seattle Mayor Bruce Harrell wants to make it easier for property owners to convert commercial buildings into residential use, citing a volatile commercial real estate market and the threat of declining city tax revenues. Mayor Harrell introduced a new bill to the City Council on Thursday that includes exemptions and cost reductions to ease the process of converting offices to residential properties. “We know that demand for office space remains, but this effort gives us the flexibility to optimize the built environment and create the…
WASHINGTON, DC (March 14, 2024) – Commercial and multifamily mortgage debt outstanding at the end of 2023 increased by $130 billion, or 2.8%, from the end of 2022, according to the Mortgage Bankers Association’s (MBA) latest Commercial and Multifamily Mortgage Debt Outstanding Quarterly Report.According to the MBA report, total mortgage debt increased 0.9%, or $41.8 billion, to $4.69 trillion in the fourth quarter of 2023. Multifamily mortgage debt increased $25 billion, or 1.2%, to $2.09 trillion in the fourth quarter and was up $88.5 billion, or 4.4%, for the year.”Commercial mortgage outstandings increased in the fourth quarter and for the…
Chicago Atlantic Real Estate Finance (NASDAQ:REFI) Q4 2023 Earnings Call Record March 12, 2024Chicago Atlantic Real Estate Finance Corp wasn't among the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).Operator: Good afternoon, thank you for waiting, and welcome to the Chicago Atlantic Real Estate Finance conference call. [Operator Instructions]Please note that today's call is being recorded, so I would now like to turn the call over to your moderator, Tripp Sullivan. Please go ahead.Trip Sullivan: Good morning and welcome to Chicago Atlantic Real Estate's financial conference call. On this call,…
US banks with the most exposure to commercial real estate This was originally posted on our Voronoi app. Download the app for free on iOS or Android to see amazing data-driven charts from a variety of trusted sources. There is currently roughly $5.7 trillion in outstanding commercial real estate debt, with U.S. banks holding roughly half of this total on their balance sheets. The commercial real estate sector, which includes office, retail, healthcare and multifamily properties, is facing increasing pressure from high interest rates and declining occupancy rates. Those headwinds are creating risk of rising defaults and big loan losses…