Commercial mortgage – Purple Payday http://purplepayday.loan/ Wed, 14 Sep 2022 10:47:29 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://purplepayday.loan/wp-content/uploads/2021/10/favicon-1-120x120.png Commercial mortgage – Purple Payday http://purplepayday.loan/ 32 32 DBRS Morningstar assigns MOR CS1 Commercial Mortgage Special Servicer rating to LNR Partners, LLC https://purplepayday.loan/dbrs-morningstar-assigns-mor-cs1-commercial-mortgage-special-servicer-rating-to-lnr-partners-llc/ Thu, 01 Sep 2022 08:59:19 +0000 https://purplepayday.loan/dbrs-morningstar-assigns-mor-cs1-commercial-mortgage-special-servicer-rating-to-lnr-partners-llc/ DBRS, Inc. (DBRS Morningstar) assigned a special MOR CS1 Commercial Mortgage Manager ranking to NRL Partners, LLC (NRL or the Company). The ranking trend is Stable. LNR is a wholly owned subsidiary of Starwood Property Trust, Inc.which is a subsidiary of a private equity investment firm Starwood Capital Group Global, LP The assigned ranking reflects […]]]>

DBRS, Inc. (DBRS Morningstar) assigned a special MOR CS1 Commercial Mortgage Manager ranking to NRL Partners, LLC (NRL or the Company).

The ranking trend is Stable.

LNR is a wholly owned subsidiary of Starwood Property Trust, Inc.which is a subsidiary of a private equity investment firm Starwood Capital Group Global, LP

The assigned ranking reflects the following considerations:

LNR’s decades-long experience as an accomplished asset manager and special duty agent for commercial mortgage-backed securities (CMBS) transactions. The Company also has strong asset experience in secured loan obligation (CLO) transactions. DBRS Morningstar also recognizes NRL’s success since the onset of the coronavirus disease (COVID-19) pandemic in resolving a high volume of distressed loans, many of which are being processed as non-transfer consent requests. in collaboration with main repairers.

The company’s solid professional depth of highly experienced managers and employees, many of whom have exceptionally long tenures with the company. Despite the difficult labor market for employers, NRL has experienced relatively moderate turnover over the past two years. Internal redeployments of managers and staff to and from special asset management roles during the pandemic accounted for much of this turnover. The Company also shows reasonable workload ratios for asset managers, especially as the volume of the portfolio has decreased over the past year.

A well-designed organizational structure that covers all essential functions, including teams for borrower consent applications, monitoring, loan administration support, asset accounting and investor reporting. The operation includes dedicated in-house legal and compliance staff as well as an asset management team specifically for hotel assets.

The company’s comprehensive and proactive procedures, which reflect its deep expertise in CMBS transactional compliance and its understanding of best practices.

LNR’s excellent computing environment, mainly cloud-based. The technology suite includes a proprietary asset management application integrated with a purchased and customized workflow tracking application and data repository/business analytics tools, which collectively provide in-depth data management and scheduled mechanisms to monitor loan level and compliance with pooling and service agreements. Data backup, security, and recovery protocols are robust and based on recent audits and assessments, routine testing, and upgraded software. LNR also has strict data security requirements for its suppliers.

Strong CMBS-centric audit and compliance practices, which include comprehensive annual operational audits, AB rules certificates and formal procedures for the qualification and monitoring of suppliers. LNR also regularly audits property managers for real estate assets (REO).

Of the June 30, 2022LNR was the named special duty officer on 166 CMBS transactions containing 5,884 loans with a total outstanding principal balance (UPB) of $98.74 billion. He was also the special repairman on nine Freddie Mac– sponsored securitisations (four series K transactions and five low value transactions) containing 631 loans with a total UPB of $5.90 billion. Additionally, LNR was the special servicer on seven CLO transactions containing 127 loans with a total UPB of $3.80 billion. It was affiliated with the controlling holder (CCH) in 24% of these CMBS and CLO transactions. However, LNR holds minority B-coin investments in numerous CMBS transactions with third-party CCHs in which it is the named special provider.

Of the June 30, 2022the total active special services portfolio (all in securitized transactions) contained 134 loan positions and 188 REO assets (101 consolidated by asset relationships) with a combined UPB of $6.10 billion. Since the creation of LNR in 1993 until June 30, 2022the Company resolved 7,133 specially managed assets with a total UPB of approximately $86.20 billionincluding 418 specially equipped assets with a cumulative UPB of $8.10 billion resolved since early 2020.

All ratings are subject to monitoring, which may result in ratings being increased, decreased, revised, confirmed or discontinued by DBRS Morningstar.

DBRS Morningstar North American Commercial Mortgage Manager Ratings are not credit ratings. Instead, they are designed to assess the quality of the parties that service commercial mortgages. Although the financial condition of the Servicer Agent contributes to the applicable rating, its relative importance is such that a Servicer’s rating should never be considered an indicator of its creditworthiness.

Remarks:

All figures are in WE dollars unless otherwise specified.

The primary methodology is North American Commercial Mortgage Servicer Rankings (September 3, 2021), which can be found on dbrsmorningstar.com under Methodologies and Criteria.

For more information about this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com >info@dbrsmorningstar.com.

DBRS, Inc.

140 Broadway43rd floor

New York, NY 10005 United States

Such. +1 212 806-3277

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1 Minute Read for Commercial Mortgage Lenders: Real or Registered Ownership – Real Estate https://purplepayday.loan/1-minute-read-for-commercial-mortgage-lenders-real-or-registered-ownership-real-estate/ Wed, 24 Aug 2022 07:00:00 +0000 https://purplepayday.loan/1-minute-read-for-commercial-mortgage-lenders-real-or-registered-ownership-real-estate/ August 24, 2022 Gardiner Roberts LLP To print this article, all you need to do is be registered or log in to Mondaq.com. Ownership of real property in Ontario is divided into legal or registered title and beneficial ownership. Legal ownership and beneficial ownership of real estate are often held in the same […]]]>

To print this article, all you need to do is be registered or log in to Mondaq.com.

Ownership of real property in Ontario is divided into legal or registered title and beneficial ownership. Legal ownership and beneficial ownership of real estate are often held in the same entity, but in many cases they are held in different entities. Lenders must take certain steps to properly secure their interest in real estate when there is separation of legal and beneficial ownership. A simple investigation of the ownership structure behind the underlying real estate asset can have a big impact on a loan transaction.

A common type of separation between legal and beneficial ownership is done using an agency relationship. This exists where there is an asset held by a bare trustee or agent for the benefit of a third party beneficiary or beneficiaries. Beneficial owners may wish to appoint an agent to hold assets where, for example, the beneficiaries do not wish to be disclosed; facilitate contract execution logistics; or when the beneficiaries are not legal persons capable of holding real estate titles.

Under a nominee agreement, the beneficial owner appoints a bare trustee or nominee to act as agent and generally has no discretion to manage the asset other than at the direction of the beneficial owner. . Since the beneficial owner retains the power to manage the asset and the agent or bare trustee only acts on the instructions of the beneficial owner, it is ultimately the beneficial owner who is responsible for the debts and obligations incurred. by the mandatary or the bare trustee.

Jurisprudence has confirmed the principle which allows an undisclosed principal to be protected from all liability when a simple fiduciary or an agent enters into a contract under seal, such as a mortgage on an immovable. Where an asset is held in trust by an agent or bare trustee for third party beneficiaries, it is essential that a beneficial ownership agreement is included in the security package. An agent and beneficiary beneficial owner agreement is a non-title agreement to charge for the beneficial owner’s interest in the subject property.

Where there is a separation of legal title and beneficial ownership, the following should be closely considered by a commercial lender when securing their interest in the underlying real estate:

  • Ensure that a well-drafted beneficial owner agreement is in place that: confirms the relationship between the agent and the beneficial owner, authorizes the agent to incur the mortgage, confirms that the beneficial interest in the property is subordinated or deferred to the mortgage and other security interests and confirms that there are no existing liens on the beneficial interest in the property and limits the transfer of the beneficial interest.

  • Attached to the beneficial owner agreement must be the attorney or bare trustee agreement that confirms the terms under which the property is held and who the beneficiaries are and what threshold of beneficiaries is required to authorize action by the attorney.

  • The lender must ensure that the appropriate authorization resolutions are obtained to guarantee the authorization of all parties to enter into the transaction.

  • To the extent that there is a security interest in personal property tied to the real property (i.e. PPSA registrations), the lender will want to register under the PPSA not only against the nominee but also against the beneficial owners.

  • The lender must require the beneficial owner to undertake that there will be no change in the beneficial ownership of the property without the prior written consent of the lender.

  • The beneficial owner must confirm that the lender has the right to deal with the title and the nominee without notifying the beneficial owner. However, a lender would not necessarily want to rely on this clause when there are material changes to obligations or security or when taking steps to enforce ownership.

  • The lender shall require the beneficial owner to agree to execute such other documents and provide any other delivery required by the lender, including regular financial statements.

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

POPULAR ARTICLES ON: Real Estate and Construction in Canada

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Aeon to invest in UK commercial mortgages via Assetz | New https://purplepayday.loan/aeon-to-invest-in-uk-commercial-mortgages-via-assetz-new/ Mon, 15 Aug 2022 10:54:33 +0000 https://purplepayday.loan/aeon-to-invest-in-uk-commercial-mortgages-via-assetz-new/ Aeon Investments is investing an initial £200m (€236m) in commercial mortgages in the UK through a funding deal with SME finance platform Assetz Capital. Over the next three years, London-based, credit-focused investment firm Aeon is set to inject an initial investment of £200m into SME loans arranged by Assetz, enabling the firm to provide commercial […]]]>

Aeon Investments is investing an initial £200m (€236m) in commercial mortgages in the UK through a funding deal with SME finance platform Assetz Capital.

Over the next three years, London-based, credit-focused investment firm Aeon is set to inject an initial investment of £200m into SME loans arranged by Assetz, enabling the firm to provide commercial mortgages of up to £10 million on commercial investment properties.

Assetz said the partnership allows it to further diversify its commercial mortgage lending and “expand its ability to lend across the widest range” of commercial properties used by UK SMEs.

Stuart Law, CEO of Assetz Capital, said: “We are delighted to enter into a new relationship with a like-minded company equally committed to supporting the SME sector.

“The need for SME financing has never been more evident, as an increasing number of traditional lenders do not offer financing solutions to SMEs. Together, through innovative and alternative financing, we can enable UK businesses to grow and grow.

Oumar Diallo, CEO of Aeon Investments, said: “Our agreement with Assetz Capital is the latest example of our commitment to the commercial real estate sector.

“If you have a strong risk management focus and have conservative LTVs and conservative debt coverage, we believe commercial real estate lending is a very attractive asset class, especially in the current environment with a depressed fixed income market and declining equity prices.”

To read the latest edition of the latest IPE Real Assets magazine, click here.

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DBRS Morningstar Confirms All Citigroup Commercial Mortgage Trust 2016-C2 Ratings https://purplepayday.loan/dbrs-morningstar-confirms-all-citigroup-commercial-mortgage-trust-2016-c2-ratings/ Thu, 07 Jul 2022 10:03:06 +0000 https://purplepayday.loan/dbrs-morningstar-confirms-all-citigroup-commercial-mortgage-trust-2016-c2-ratings/ DBRS Limited (DBRS Morningstar) confirmed its ratings on the following categories of Commercial Mortgage Transfer Certificates, Series 2016-C2 issued by Citigroup Commercial Mortgage Trust 2016-C2. Class A-1 to AAA (fs) Class A-2 to AAA (fs) Class A-3 to AAA (fs) Class A-4 to AAA (fs) Class A-AB at AAA (fs) Class AS to AAA (fs) […]]]>

DBRS Limited (DBRS Morningstar) confirmed its ratings on the following categories of Commercial Mortgage Transfer Certificates, Series 2016-C2 issued by Citigroup Commercial Mortgage Trust 2016-C2.

Class A-1 to AAA (fs)

Class A-2 to AAA (fs)

Class A-3 to AAA (fs)

Class A-4 to AAA (fs)

Class A-AB at AAA (fs)

Class AS to AAA (fs)

Class XA to AAA (fs)

Class B to AA (sf)

Class XB to A (high) (sf)

Class C to A (sf)

Class D to BBB (sf)

Class XD to BBB (sf)

Class E-1 to BB (high) (sf)

Class E-2 to BB (sf)

Class E to BB (sf)

Class F-1 to BB (low) (sf)

Class F-2 to B (high) (sf)

Class F to B (high) (sf)

Class EF to B (high) (sf)

Class G-1 to B (sf)

Class G-2 to B (low) (sf)

Class EFG at B (weak) (sf)

Class G to B (low) (sf)

All trends are stable.

The rating confirmations and stable trends reflect the transaction’s generally stable performance since DBRS Morningstar’s last rating action, although some loans are showing signs of heightened stress from issuance, as detailed below.

Since the June 2022 disbursement report, all 44 original loans remain in the pool, which has seen a nominal collateral reduction of 4.2% due to scheduled amortization. Additionally, there has been $2.3 million realized losses that were contained in the unrated Class H2. Five loans, representing 8.7% of the current pool balance, have been canceled and two loans, representing 6.4% of the current pool balance, are currently under special management. Thirteen loans, representing 22.8% of the current pool balance, are being watched on the manager’s watchlist for a variety of reasons, including stressed occupancy rates and low debt service coverage ratios (DSCRs).

The largest special services loan, Welcome Hospitality Portfolio (Prospectus ID#8; 3.9% of the pool), is guaranteed by a Hilton hotel in Scranton, Pennsylvaniaand one Hampton Inn in West Springfield, Massachusetts. The loan was initially transferred to a special service in May 2020 in the event of an imminent monetary default, due to cash constraints caused primarily by the coronavirus disease (COVID-19) pandemic. The borrower benefited from a six-month forbearance in September 2020which expired in January 2021. According to the administrator, the loan has been in arrears since the March 2022 “updated” payment date. The borrower would have requested an extension and is currently negotiating a second forbearance. According to the 2021 Year End (YE) financial reports, consolidated occupancy, average daily rate (ADR) and revenue per available room (RevPAR) figures of 71.1%, $111and $79, respectively, are comparable to emission metrics, suggesting an overall improvement in portfolio performance compared to the previous year. As of YE2021, the Hilton property’s cash flow had rebounded to pre-pandemic levels, with a net operating income (NOI) of $3.2 million; However, the Hampton Inn published property YE2021 NOI of $1.3 million, a difference of -46.1% compared to the issue. The portfolio had a combined land value of $34.1 million on issue; however, an evaluation conducted in August 2020 reported a combined value of $25.3 million. The decline in value is explained by a 44% drop in the Hampton Inn’s as is the value of the property.

The biggest loan on the servicer’s watch list, Staybridge Suites Times Square (Prospectus ID#6; 4.9% of the pool), is secured by a long-stay hotel in from manhattan Times Square district. The loan was added to the server agent’s watch list in May 2020 due to non-compliance with covenants related to a drop in DSCR. The loan was last modified in March 2021, date on which the reserve deposits for furniture, fittings and equipment were deferred for three months. Since the June 2022 discount report, the loan remains outstanding. According to YE2021 financial reports, the DSCR of the loan was -0.55x (x) compared to -1.34x in YE2020 and 2.09x at issuance. Additionally, the subject property had an average occupancy rate of 35.8% as of YE2021, with ADR and RevPAR figures of $117.67 and $42.17, respectively. In comparison, the competitive set reported occupancy, ADR and RevPAR figures of 67%, $149.46and $100.13. Given recent declines in collateral yields and general challenges facing the extended-stay hotel asset class, DBRS Morningstar’s outlook for this loan has deteriorated since issuance and, as a result, a penalty probability of default was applied in the analysis to reflect the increased risk profile.

Upon issuance, DBRS Morningstar assigned a fictitious investment grade rating to the loan from Vertex Pharmaceuticals HQ (Prospectus ID#1; 10.3% of the pool). The loan is secured by the borrower’s interest on Vertex Pharmaceuticals’ headquarters, a 1,133,723 square foot Class A office building consisting of two Jetty of fans development within from boston Seaport district. The loan continues to perform well, with a YE2021 occupancy rate of 98.9% and a DSCR of 6.4x. Additionally, gross revenue and free cash flow have increased by approximately 11.2% and 1.5%, respectively, since issuance. With this review, DBRS Morningstar confirms that the performance of this loan remains consistent with the characteristics of higher quality loans.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

No environmental/social/governance factor had a significant or relevant effect on the credit analysis.

A description of how DBRS Morningstar considers ESG factors in the DBRS Morningstar analytical framework is available in DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/396929/dbrs-morningstar-criteria-approach-to-environmental-social-and-governance-risk-factors-in-credit-ratings.

Classes XA, XB, and XD are certificates of interest only (IO) that refer to a single rated tranche or multiple rated tranches. The IO rating reflects the lowest rated applicable benchmark obligation tranche adjusted up one notch if senior in the cascade.

All ratings are subject to monitoring, which could result in ratings being upgraded, downgraded, revised, confirmed or discontinued by DBRS Morningstar.

DBRS Morningstar provides updated analysis and in-depth commentary on the DBRS Viewpoint platform for this transaction.

The DBRS Viewpoint platform provides additional information about this transaction and the underlying loan, including DBRS Morningstar metrics, commentary, servicing agent reported cash flow, and other performance-related data. For free access to this content, please register with the DBRS Viewpoint platform at www.viewpoint.dbrsmorningstar.com.

Remarks:

All figures are in WE dollars unless otherwise specified.

The primary methodology is the North American CMBS Monitoring Methodology (March 4, 2022), which can be found on dbrsmorningstar.com under Methodologies and Criteria. For a list of structured finance related methodologies that may be used during the rating process, please see the DBRS Morningstar Global Structured Finance Related Methodologies document, which can be found on dbrsmorningstar.com in the Commentary tab under Regulatory Affairs. Please note that not all associated methodologies listed in a Principal Structured Finance Asset Class Methodology can be used to assess or monitor an individual structured finance or debt security.

DBRS Sovereign Morningstar group publishes reference macroeconomic scenarios for rated sovereigns. DBRS Morningstar’s analysis considered impacts consistent with baseline scenarios as set out in the following report: https://www.dbrsmorningstar.com/research/384482.

Related regulatory information pursuant to National Instrument 25-101 Designated Rating Organizations is incorporated by reference and may be viewed by clicking the link under Related Documents or by contacting us at info@dbrsmorningstar.com.

The rated entity or its related entities participated in the rating process for this rating metric. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

Please see the relevant appendix for more information on the sensitivity of the assumptions used in the rating process.

For more information about this credit or this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

DBRS Limited

DBRS tower, 181 University Avenueoffice 700

Toronto, ON M5H 3M7 Canada

Such. +1 416 593-5577

Ratings

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi

US = Lead Analyst based in the USA

CA = Lead Analyst based in Canada

EU = Lead Analyst based in EU

UK = Lead Analyst based in UK

E= EU approved

U = UK approved

Unsolicited participation with access

Unsolicited participation without access

Unsolicited Non Participating

06-Jul-22	Commercial Mortgage Pass-Through Certificates, Series 2016-C2, Class A-1	AAA (sf)	Stb	Confirmed	CA
06-Jul-22	Commercial Mortgage Pass-Through Certificates, Series 2016-C2, Class A-2	AAA (sf)	Stb	Confirmed	CA
06-Jul-22	Commercial Mortgage Pass-Through Certificates, Series 2016-C2, Class A-3	AAA (sf)	Stb	Confirmed	CA
06-Jul-22	Commercial Mortgage Pass-Through Certificates, Series 2016-C2, Class A-4	AAA (sf)	Stb	Confirmed	CA
06-Jul-22	Commercial Mortgage Pass-Through Certificates, Series 2016-C2, Class A-AB	AAA (sf)	Stb	Confirmed	CA
06-Jul-22	Commercial Mortgage Pass-Through Certificates, Series 2016-C2, Class A-S	AAA (sf)	Stb	Confirmed	CA
06-Jul-22	Commercial Mortgage Pass-Through Certificates, Series 2016-C2, Class X-A	AAA (sf)	Stb	Confirmed	CA
06-Jul-22	Commercial Mortgage Pass-Through Certificates, Series 2016-C2, Class B	AA (sf)	Stb	Confirmed	CA
06-Jul-22	Commercial Mortgage Pass-Through Certificates, Series 2016-C2, Class X-B	A (high) (sf)	Stb	Confirmed	CA
06-Jul-22	Commercial Mortgage Pass-Through Certificates, Series 2016-C2, Class C	A (sf)	Stb	Confirmed	CA
06-Jul-22	Commercial Mortgage Pass-Through Certificates, Series 2016-C2, Class D	BBB (sf)	Stb	Confirmed	CA
06-Jul-22	Commercial Mortgage Pass-Through Certificates, Series 2016-C2, Class X-D	BBB (sf)	Stb	Confirmed	CA
06-Jul-22	Commercial Mortgage Pass-Through Certificates, Series 2016-C2, Class E-1	BB (high) (sf)	Stb	Confirmed	CA
06-Jul-22	Commercial Mortgage Pass-Through Certificates, Series 2016-C2, Class E	BB (sf)	Stb	Confirmed	CA
06-Jul-22	Commercial Mortgage Pass-Through Certificates, Series 2016-C2, Class E-2	BB (sf)	Stb	Confirmed	CA
06-Jul-22	Commercial Mortgage Pass-Through Certificates, Series 2016-C2, Class F-1	BB (low) (sf)	Stb	Confirmed	CA
06-Jul-22	Commercial Mortgage Pass-Through Certificates, Series 2016-C2, Class EF	B (high) (sf)	Stb	Confirmed	CA
06-Jul-22	Commercial Mortgage Pass-Through Certificates, Series 2016-C2, Class F	B (high) (sf)	Stb	Confirmed	CA
06-Jul-22	Commercial Mortgage Pass-Through Certificates, Series 2016-C2, Class F-2	B (high) (sf)	Stb	Confirmed	CA
06-Jul-22	Commercial Mortgage Pass-Through Certificates, Series 2016-C2, Class G-1	B (sf)	Stb	Confirmed	CA
06-Jul-22	Commercial Mortgage Pass-Through Certificates, Series 2016-C2, Class EFG	B (low) (sf)	Stb	Confirmed	CA
06-Jul-22	Commercial Mortgage Pass-Through Certificates, Series 2016-C2, Class G	B (low) (sf)	Stb	Confirmed	CA
06-Jul-22	Commercial Mortgage Pass-Through Certificates, Series 2016-C2, Class G-2	B (low) (sf)	Stb	Confirmed	CA
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Hotel trust issues $465 million in commercial mortgage-backed notes https://purplepayday.loan/hotel-trust-issues-465-million-in-commercial-mortgage-backed-notes/ Wed, 06 Jul 2022 21:35:00 +0000 https://purplepayday.loan/hotel-trust-issues-465-million-in-commercial-mortgage-backed-notes/ A single loan initially backed by a portfolio of 36 hotel properties is one of the main collateral elements of the HIT Trust 2022-HI32 issue which has been provisionally rated by Moody’s Investor Services. The transaction’s sponsor, Hospitality Investors Trust, is an unlisted real estate investment trust. Crestline Hotels & Resorts, Hilton Worldwide Holdings and […]]]>

A single loan initially backed by a portfolio of 36 hotel properties is one of the main collateral elements of the HIT Trust 2022-HI32 issue which has been provisionally rated by Moody’s Investor Services.

The transaction’s sponsor, Hospitality Investors Trust, is an unlisted real estate investment trust. Crestline Hotels & Resorts, Hilton Worldwide Holdings and McKibbon Hotel manage the properties, which have 4,669 rooms in 18 states.

The capital structure includes a P-6 grade note backed by a large commercial mortgage-backed securities transaction of $465 million and $123 million of Aaa (sf) rated (P) grade A notes with a actual debt service coverage ratio of 4.11X, and 28.2% return on debt. Analysts have provided preliminary ratings only for Class A to D tickets.

Moody’s used stabilized free cash flow and an expected variable interest rate of an estimated one-month guaranteed overnight rate of 1.50%, plus an expected lending spread of 5.35% and the cumulative product of the certificates in each category to calculate the actual debt service coverage ratio

The certificates “will not be registered under the Securities Act of 1933” and the issuance permits resale under SEC Rule 144A, according to a report by Moody’s Vice President and Chief Credit Officer Blair Coulson; Gregory Ingaglio, vice president and principal analyst; and Joseph Baksic, Associate Managing Director.

The borrowers are under contract to sell four of the properties to be released from collateral after the closing date, but no allocated loan amount has been allocated to these properties which are excluded from the portfolio calculations.

Analysts see credit strength as the key feature of this transaction fueled by portfolio diversity, pooling of multiple properties, brand recognition and strong management. However, such benefits are partially offset by the pandemic, “high leverage, non-sequential payment arrangements, deficient release arrangements, performance volatility inherent in the hotel industry, age of ownership and negative legal characteristics in terms of credit”.

The Herfindahl loan ownership score is 21.7 based on the loan amount allocated. Washington is the state with the highest concentration with two properties accounting for approximately 13.3% of the loan amount allocated.

The largest hotel, Hilton Garden Inn Monterey, accounts for 10.2% of the allocated loan amount. All hotels operate under a global hotel franchise and benefit from their national marketing efforts.

The portfolio received nearly $79.8 million in investments between 2015 and 2021.

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Commission-Free Commercial Mortgage Brokerage GPARENCY Releases Live Listings and Selling Offers for Real Estate Investors – Commercial Observer https://purplepayday.loan/commission-free-commercial-mortgage-brokerage-gparency-releases-live-listings-and-selling-offers-for-real-estate-investors-commercial-observer/ Mon, 27 Jun 2022 11:00:02 +0000 https://purplepayday.loan/commission-free-commercial-mortgage-brokerage-gparency-releases-live-listings-and-selling-offers-for-real-estate-investors-commercial-observer/ For investors who are still looking for their next big acquisition, GPARENCY most recent offer, Live registrations, is the easiest way to see the newest properties on the market. This exclusive new database includes off-market properties that aren’t even listed yet. Every week, at no cost, hundreds of properties are added by their in-house team […]]]>

For investors who are still looking for their next big acquisition, GPARENCY most recent offer, Live registrations, is the easiest way to see the newest properties on the market. This exclusive new database includes off-market properties that aren’t even listed yet. Every week, at no cost, hundreds of properties are added by their in-house team and listing brokers, now boasting over 1,000 listings in the short three weeks since launch. This database is growing rapidly with over 75 listings aggregated daily by their team and listing brokers.

Our team is amazed by the speed with which the market has adopted this new resource. The feedback has been amazing,” said Ira Zlotowitz, Founder and CEO of GPARENCY. “GPARENCY was launched to create equitable access for all, but with an obsession to create the greatest value for the borrower. Everything we offer and build is aimed at eliminating their pain points and creating the greatest leverage on their behalf. This registration database is just another way to show it. »

Properties remain on the database, which is powered by the same technology that runs Google Maps, until they are confirmed as sold by our team, the listing broker, or through information from clients who share our mission. equitable access. Currently, GPARENCY makes this database a valuable resource for anyone looking to buy or syndicate commercial real estate, available to the general public at no cost. Their goal is to always keep this resource free for investors and have hinted at many more tools to come for GPARENCY members as well.

“There is a lot of competition for trade agreements in today’s market. Anyone can browse our database in a Google-powered map view, and you can easily navigate between on and off-market offers, search location, and see sale offers. It’s a great way to find good opportunities before others do.said Zlotowitz.

Information included in the database will include address, property type and listing price, with listing broker information available so that you can easily access the listing broker directly without paying any commissions or fees to GPARENCY .

“We seek to reimagine the future of commercial real estate investors and make the process as easy as possible,” Zlotowitz said.

What Uber is to the taxi industry and what Airbnb is to hotel markets, GPARENCY is to commercial real estate. They are changing the way commercial real estate is Finished.

Thanks to this new acquisition tool, real estate investors now have the ability to find current ads on multi-family, commercial and industrial real estate transactions, plus all the sales comp information to help educate them on the best financial investment opportunities.

Still looking for your next business investment? Go HERE to register and access GPARENCY’s acquisition database and start shopping for commercial real estate offers near you.

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DBRS Morningstar Affirms Ratings for All Categories of KREST Commercial Mortgage Securities Trust 2021-CHIP https://purplepayday.loan/dbrs-morningstar-affirms-ratings-for-all-categories-of-krest-commercial-mortgage-securities-trust-2021-chip/ Wed, 15 Jun 2022 08:05:07 +0000 https://purplepayday.loan/dbrs-morningstar-affirms-ratings-for-all-categories-of-krest-commercial-mortgage-securities-trust-2021-chip/ DBRS Limited (DBRS Morningstar) has confirmed ratings for all categories of KREST Commercial Mortgage-Backed Securities Trust 2021-CHIP, 2021-CHIP series, as follows. Class A to AAA (fs) Class XA to AA (sf) Class B to AA (low) (sf) Class C to A (low) (sf) Class D to BBB (low) (sf) Class E to BB (low) (sf) […]]]>

DBRS Limited (DBRS Morningstar) has confirmed ratings for all categories of KREST Commercial Mortgage-Backed Securities Trust 2021-CHIP, 2021-CHIP series, as follows.

Class A to AAA (fs)

Class XA to AA (sf)

Class B to AA (low) (sf)

Class C to A (low) (sf)

Class D to BBB (low) (sf)

Class E to BB (low) (sf)

Class F to B (sf)

The rating confirmations reflect recent vintage and the overall stable performance of the transaction, which remains in line with DBRS Morningstar’s expectations at issuance. The transaction is secured by the fee simple interest in HQ@First, a 603,666 square foot (sf) LEED Gold certified office campus in San Jose, California. The property was designed and built in 2010 as a bespoke build for the network equipment producer, Brocade Communications Systemswhich occupied the campus until its acquisition by Broadcom, Inc. in 2017. In 2019, investment grade tenant, Micron Technology, Inc. (Micron) signed a 16-year lease for 100% of the property to serve as its Silicon Valley Headquarter. The 10-year loan is Interest Only (IO) and is structured with an early repayment date beginning in August 2031 and a final maturity date in November 2034.

The $408.0 million the entire loan includes $230 million in senior debt and $178.0 million in junior debt. The operation object of $267.0 million consists of $89.0 million senior debt and all junior debt.

The building benefits from a long-term institutional quality lease which results in a stable long-term cash flow with annual contractual rent increases of 3%. Micron’s lease expires on December 31, 2034, and has two five-year extension options at fair market rates as long as the tenant is not in default under the lease. Micron has leased the entire property with the intention of expanding in space over time, but has sublet approximately 20.0% of the net leasable area to Z-scale until September 2026which uses the space as its headquarters. Zscaler the sublease is structured with contractual expansion options in October 2022 and October 2025. According to Reis, the airport/Milpita the submarket recorded a vacancy rate in Q1 2022 of 24.6%, with an asking rent of $35.61 per square foot (psf), compared to Q1 2021 vacancy rate of 28.2% and asking rent of $34.77 psf, which is relatively lower than Micron’s rental rate of $41.83 psf for 2022.

Based on the most recent financial statements, the loan reported a period of six months ended December 31, 2021, debt service coverage ratio (DSCR) of 1.39x(x), versus DBRS Morningstar DSCR of 2.16x at issuance. DBRS Morningstar’s free cash flow analysis includes linearizing Micron’s rent over the term of the loan given its consideration as a long-term credit tenant. The sponsor of the transaction is KKR Real Estate Select Trusta private REIT for retail investors sponsored by KKR & Co. Inc.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

No environmental, social and governance factors had a significant or relevant effect on the credit analysis.

A description of how DBRS Morningstar considers ESG factors in the DBRS Morningstar Analytical Framework is available in DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/396929/dbrs-morningstar-criteria-approach-to-environmental-social-and-governance-risk-factors-in-credit-ratings>.

Class XA is an IO certificate that references a single rated slice or multiple rated slices. The IO rating reflects the lowest rated applicable benchmark obligation tranche adjusted up one notch if senior in the cascade.

All ratings are subject to monitoring, which could result in ratings being upgraded, downgraded, revised, confirmed or discontinued by DBRS Morningstar.

The DBRS Viewpoint platform provides additional information about this transaction and the underlying loans, including DBRS Morningstar metrics, commentary, servicing agent reported cash flow, and other performance-related data.

For free access to this content, please register with the DBRS Viewpoint platform at www.viewpoint.dbrsmorningstar.com. The platform includes issuer and service data for most current CMBS transactions (including transactions not rated by DBRS Morningstar), as well as loan and transaction level commentary for most rated transactions. and monitored by DBRS Morningstar.

Remarks:

All figures are in WE dollars unless otherwise specified.

The primary methodology is the North American CMBS Monitoring Methodology (March 4, 2022), which can be found on dbrsmorningstar.com under Methodologies and Criteria. For a list of structured finance related methodologies that may be used during the rating process, please see the DBRS Morningstar Global Structured Finance Related Methodologies document, which can be found on dbrsmorningstar.com in the Commentary tab under Regulatory Affairs. Please note that not all related methodologies listed in a Principal Structured Finance Asset Class Methodology can be used to assess or monitor an individual structured finance or debt security.

DBRS Sovereign Morningstar group publishes reference macroeconomic scenarios for rated sovereigns. DBRS Morningstar’s analysis considered impacts consistent with baseline scenarios as set out in the following report: https://www.dbrsmorningstar.com/research/384482>.

Related regulatory information pursuant to National Instrument 25-101 Designated Rating Organizations is incorporated by reference and can be found by clicking the link under Related Documents or by contacting us at info@dbrsmorningstar.com’ >info@dbrsmorningstar. com.

The rated entity or its related entities participated in the rating process for this rating metric. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

Please see the relevant appendix for more information on the sensitivity of the assumptions used in the rating process.

For more information about this credit or this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com’ >info@dbrsmorningstar.com.

DBRS Limited

DBRS tower, 181 University Avenueoffice 700

Toronto, ON M5H 3M7 Canada

Such. +1 416 593-5577

Ratings

Date Issued	Debt Rated	Action	Rating	Trend	Attributesi

US = Lead Analyst based in the USA

CA = Lead Analyst based in Canada

EU = Lead Analyst based in EU

UK = Lead Analyst based in UK

E= EU approved

U= UK approved

Unsolicited participation with access

Unsolicited participation without access

Unsolicited Non Participating

14-Jun-22	Class A	Confirmed	AAA (sf)	Stb	CA
14-Jun-22	Class X-A	Confirmed	AA (sf)	Stb	CA
14-Jun-22	Class B	Confirmed	AA (low) (sf)	Stb	CA
14-Jun-22	Class C	Confirmed	A (low) (sf)	Stb	CA
14-Jun-22	Class D	Confirmed	BBB (low) (sf)	Stb	CA
14-Jun-22	Class E	Confirmed	BB (low) (sf)	Stb	CA
14-Jun-22	Class F	Confirmed	B (sf)	Stb	CA
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6 Commercial Mortgage REITs With Huge Dividends May Benefit From Rising Interest Rates – 24/7 Wall St. https://purplepayday.loan/6-commercial-mortgage-reits-with-huge-dividends-may-benefit-from-rising-interest-rates-24-7-wall-st/ Fri, 03 Jun 2022 11:33:46 +0000 https://purplepayday.loan/6-commercial-mortgage-reits-with-huge-dividends-may-benefit-from-rising-interest-rates-24-7-wall-st/ One of the main reasons Americans are suffering from the worst inflation in 40 years is that the Federal Reserve waited too long to finally start raising interest rates from what was effectively zero. That mistake, which Treasury Secretary Janet Yellen finally admitted recently, combined with massive and, in many cases, unnecessary government spending, has […]]]>

One of the main reasons Americans are suffering from the worst inflation in 40 years is that the Federal Reserve waited too long to finally start raising interest rates from what was effectively zero. That mistake, which Treasury Secretary Janet Yellen finally admitted recently, combined with massive and, in many cases, unnecessary government spending, has beleaguered consumers struggling to fill their gas tanks and pay for groceries. .

One industry that could benefit from rising interest rates is commercial real estate (CRE) mortgage real estate investment trusts (REITs). Until recently, the specter of a rate hike was negative, after years of pandemic-driven rate cuts. Raymond James analysts believe the tide has turned for the group, and noted in a recent research report:

Over the past two years, CRE REIT corporate earnings have benefited from in-the-money LIBOR floors for pre-COVID vintage loans. As a result, the rate hikes since the start of the year have had a major negative impact on portfolio returns. However, we believe that the second quarter is the inflection point. Given the characteristics of the portfolio as of March 31 and the rate increases since the beginning of the quarter, we believe that higher rates are now a tailwind for the majority of these companies, and we expect higher rates be a tailwind for the ten companies in our coverage before the end of the year. given the current interest rate outlook.

We selected the 10 companies in the company’s coverage universe that were rated Strong Buy or Outperform, looking for those that pay the highest dividends. We’ve found six that look like solid ideas for growth and income investors looking for a reasonably safe total return. It is important to remember, however, that no single analyst report should be used as the sole basis for any buy or sell decision.

ARES Commercial Real Estate

Investors can acquire shares of this leading company before its next payment date. ARES Commercial Real Estate (NYSE: ACRE) is a specialty finance company that originates and invests in CRE loans and related investments in the United States. It offers a range of financing solutions for owners, operators and developers of CRE properties.

The company issues first mortgage loans, subordinated debt products, preferred equity investments in real estate, mezzanine loans and other CRE investments, including commercial mortgage-backed securities (CMBS).

ALSO READ: These 6 ‘Strong Buy’ Business Development Companies Are Paying Massive Dividends

Raymond James’ report said, “Given the benefits of higher rates, we expect ARES Commercial Real Estate to continue paying the additional quarterly dividend for the foreseeable future.”

Investors receive a distribution of 9.00%. Raymond James’ price target of $16.50 is the same as the consensus figure on Wall Street. The stock closed Thursday at $14.66.

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GPARENCY LAUNCHES NEW SERVICE TO HELP COMMERCIAL MORTGAGE BROKERS SECURE FINANCING ON BEHALF OF THEIR CLIENTS https://purplepayday.loan/gparency-launches-new-service-to-help-commercial-mortgage-brokers-secure-financing-on-behalf-of-their-clients/ Tue, 24 May 2022 18:41:00 +0000 https://purplepayday.loan/gparency-launches-new-service-to-help-commercial-mortgage-brokers-secure-financing-on-behalf-of-their-clients/ For a low flat fee, Broker Assist provides brokers with underwriting and processing assistance for any commercial real estate transaction. HOWELL, NJ, May 24, 2022 /PRNewswire/ — GPARENCEthe nation’s first commission-free commercial mortgage broker, announced the launch of Broker Helpa white label service for commercial mortgage brokers who need assistance in obtaining and underwriting commercial […]]]>

For a low flat fee, Broker Assist provides brokers with underwriting and processing assistance for any commercial real estate transaction.

HOWELL, NJ, May 24, 2022 /PRNewswire/ — GPARENCEthe nation’s first commission-free commercial mortgage broker, announced the launch of Broker Helpa white label service for commercial mortgage brokers who need assistance in obtaining and underwriting commercial real estate mortgages.

Currently, many commercial brokers are struggling with high turnover and struggle to recruit and train staff to underwrite and process commercial mortgages. Broker Assist eases this burden by allowing brokers to access the prodigious resources and expertise of GPARENCY staff. GPARENCY will also identify banks willing to extend credit and provide detailed term sheets, with the most competitive rates, terms and structure, outlining the general financing structure of a transaction.

“Broker Assist is a completely behind-the-scenes operation that we run on behalf of commercial mortgage brokers who may need a helping hand securing financing for their clients,” said Ira Zlotowitz, founder and CEO of GPARENCY. “By buying the deal and providing the full strength of our underwriting and processing service, Broker Assist enables brokers to deliver a smooth and seamless transaction for any size transaction and any type of property. The best part is that brokers only spend a fraction of the cost of maintaining in-house staff.”

GPARENCY is a growing, membership-based, full-service commercial mortgage brokerage that provides borrowers with access to 3,000 lenders nationwide. While most commercial brokers charge commissions based on the size of a real estate transaction, GPARENCY clients pay a membership fee of $5,000 per year and a flat rate of $11,000 to fund and close deals of any size.

To register, go to gparency.com/brokerassist.

About GPARENCE
GPARENCY is a leading commercial mortgage brokerage firm built around a revolutionary membership model. This allows us to only charge a fixed fee, i.e. zero commission dollars. Based on more $100 billion in closing expertise, we manage your entire transaction, from underwriting, to competition creation, to placement, through to closing. And you never pay more than $16,000. To learn more about our revolution and the future of commercial real estate, contact [email protected].

Media Contact:
Mike Murray
Communications Director
Strategic view
(240) 498-0863
[email protected]

SOURCE GPARENCE

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National Commercial Mortgage Manager – Commercial Mortgages – Location England and Wales (flexible) https://purplepayday.loan/national-commercial-mortgage-manager-commercial-mortgages-location-england-and-wales-flexible/ Tue, 24 May 2022 14:48:00 +0000 https://purplepayday.loan/national-commercial-mortgage-manager-commercial-mortgages-location-england-and-wales-flexible/ at £85,000 OTE £135,000 monthly commission paid, earnings uncapped. Our client is looking to hire a senior business developer to lead their penetration into the commercial mortgage industry. Although a major lender owned by a long-established prestigious parent company, the intention is to initially fund applications through a dedicated partner who has a loan portfolio […]]]>

at £85,000 OTE £135,000 monthly commission paid, earnings uncapped.

Our client is looking to hire a senior business developer to lead their penetration into the commercial mortgage industry.

Although a major lender owned by a long-established prestigious parent company, the intention is to initially fund applications through a dedicated partner who has a loan portfolio of >£4bn and intends to double that to £8billion. In time, it is expected that business will be kept on its own book.

Our client partner has a lender record ranging from £30,000 to financing a shopping center worth £130m, so it is expected that very few transactions will be unfinanceable.

This role is not one where you are expected to solicit offers directly. You will be the liaison between all the different business units of our clients, for an idea of ​​scale they have over a dozen business units and over 150 originators nationwide and have a customer base of over 25 000 customers for sale.

These originators will be paid for referring successful deals that you then manage and close, so you’ll have a captive audience to work with.

Accordingly, your role will have three main aspects:

  1. Train and evangelize the various sales teams, sales managers and business leaders on the type of transactions that are both interesting and viable to be funded in the market.
  2. Personally close these referral deals working at C level but with dedicated local administrative support.
  3. Work with internal operations staff and funding partner.

You will also need to work with the management team to advise on products, pricing, marketing, etc.

You may be expected to advise on the need for product and/or value-added service enhancements to both maximize fee income and improve customer satisfaction.

Although the role is an initiator, it has real potential to grow into a leadership role over time and will have completely unlimited earning potential.

Candidate profile

We are only looking for applications from individuals with extensive experience in commercial mortgages as a senior originator and who can demonstrate success.

Please do not apply if you do not have this commercial mortgage finance sales experience.

We are flexible on location as long as you are based in England or Wales but not Scotland. The role is a national role and one with national moves.

Our ideal candidate will have experience working in a similar capacity with a preferred funding panel or funding partner.

You need to have a high degree of seriousness and a genuine presence because you need to be able to get buy-in and the respect of your colleagues to make them want to refer sales opportunities to you.

They need to be convinced that you can add value to their existing relationships.

You also need to have broad business skills, in-depth product and solution knowledge, and well-developed credit skills to be able to quickly determine whether or not a transaction is viable.

The depth of credit skills is likely to become more important over time as our client decides to hold their own book of business – so we’re also interested in talking to people who not only have real in-depth experience with commercial mortgage loans, but hold or have recently held direct lending authority.

You must be a motivated high achiever who has a demonstrable record of success and who looks to the reasonable goal of the first year (we are happy to disclose this to suitably qualified candidates) and see that something that is the minimum expected and s strives to outperform and of course share the extra income you bring.

Finally, in an ideal world, we would like to see in you the possibility of becoming a leader to lead a team that you hire over time and then lead.

Excellent uncapped earnings and superb career progression opportunities exist for motivated, high achievers.

Contact: Please send your CV first to Sean Toms at: sean_toms@robinson-toms.com then call me on + 44 ( 0 ) 1691 670466 for a confidential interview.

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