Commercial mortgage – Purple Payday http://purplepayday.loan/ Sat, 21 May 2022 02:20:10 +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 upgrades four categories from JP Morgan Chase Commercial Mortgage Securities Trust 2011-C4 https://purplepayday.loan/dbrs-morningstar-upgrades-four-categories-from-jp-morgan-chase-commercial-mortgage-securities-trust-2011-c4/ Thu, 19 May 2022 09:13:10 +0000 https://purplepayday.loan/dbrs-morningstar-upgrades-four-categories-from-jp-morgan-chase-commercial-mortgage-securities-trust-2011-c4/ DBRS Limited (DBRS Morningstar) has raised the ratings of four classes of Commercial Mortgage Transfer Certificates, Series 2011-C4 issued by JP Morgan Chase Commercial Mortgage-Backed Securities Trust 2011-C4. Class E to AA (sf) from AA (low) (sf) Class F to A (sf) from BBB (low) (sf) Class G to BBB (sf) from BB (low) (sf) […]]]>

DBRS Limited (DBRS Morningstar) has raised the ratings of four classes of Commercial Mortgage Transfer Certificates, Series 2011-C4 issued by JP Morgan Chase Commercial Mortgage-Backed Securities Trust 2011-C4.

Class E to AA (sf) from AA (low) (sf)

Class F to A (sf) from BBB (low) (sf)

Class G to BBB (sf) from BB (low) (sf)

Class H to BB (low) (sf) to B (sf)

DBRS Morningstar also confirmed the remaining category ratings as follows:

Class C to AAA (fs)

Class D to AAA (fs)

All trends are stable. The rating upgrades and confirmations reflect the pool’s significant deleveraging and sufficient credit support against the remaining collateral in the trust. Since the April 2022 installment, the trust balance had been reduced by 89.7% since issuance, following the recent repayment of the IPCC – Capview Portfolio A and B loans, which contributed approximately $22.7 million in principal to the Class C certificate. Only one loan, Newport Center (Prospectus ID#1, 100.0% of the pool) remains outstanding in the pool.

The Newport Center loan is secured by a 782,000 square foot (sf) portion of a 1.15 million square foot regional shopping center in Jersey City, New Jersey. The mall is owned by a joint venture between Melvin Simon & Associates and the LeFrak family, which also developed the Newport Master Planned Community where the property is located. The management company of Simon Real Estate Group manages the mall. The loan was transferred to the special service in July 2020 when the borrower has applied for relief for coronavirus disease (COVID-19) and the loan has been returned to the repairing master in January 2021 following an amendment that allowed for a brief deferral of reserve payments.

The loan was transferred a second time to the special service after the borrower failed to repay the loan on the date May 2021 due date. An amendment was granted in August 2021the terms of which provided for an extension of the maturity date to May 2023 and an additional 12 month extension option. In addition, the borrower was required to reinstate the loan, execute a new recourse guarantee for 10% of the outstanding principal balance, and maintain the loan in cash management for the duration of the extension. The loan was returned to the master repairer in November 2021 and remains relevant.

Despite slight cash declines since the start of the pandemic, real estate operations continue to comfortably cover debt service payments. According to September 2021 report, the annualized debt service coverage ratio was 1.74x(x), compared to 1.85x in YE2020 and 2.08x in YE2019. The slight year-over-year (YOY) decrease reflects higher expenses and lower expense reimbursements. Occupancy has always been strong, reported at 99.9% as of February 2022compared to 96.0% at December 2019, with no significant rolling short-term leases. Online sales for the 12 month period ended February 28, 2022have been reported as $728 per square foot (psf), according to the latest sales report, up from YE2020 sales of $522 psf.

Newport Center is anchored by Macy’s (23.6% of the total net lettable area (NRA), at maturity January 2028), sear (19.8% of total NRA, subject to ground lease expiring in October 2027), JCPenney (18.5% of total NRA, expiring January 2050), Kohl’s (14.9% of total NRA, expiring January 2028), and an 11-screen AMC Theaters (4.9% of total NRA, expiring January 2026), all of whom reported difficulties before and during the pandemic. Although there are concerns about the property’s anchor mix, the property is well located in an infill urban submarket, with high barriers to entry and minimal direct competition in the immediate area.

DBRS Morningstar remains cautious about the prospects for short-term refinancing of regional shopping centers in general, given the lack of liquidity for this type of property and changing consumer trends. Mitigating this concern is the continued support of the guarantee by the sponsor, historical performance including the pandemic, strong sales and a continued cash flow sweep which can be used to repay the loan on a quarterly basis. Moreover, given the ideal position of the subject in City of Jersey-with direct access to manhattan through the dutch tunnel and the PATH train – and lack of competition, DBRS Morningstar believes the asset is well positioned to continue to attract buyers and stable projects to improve performance through loan maturity. DBRS Morningstar also notes that the mall was able to retain its value even throughout the pandemic, based on the April 2021 estimated value of $315.0 millioni.e. a decrease of only 6.5% compared to the issue value of $337.0 million and is well above the current loan amount of $151.0 million. As part of its analysis, DBRS Morningstar incorporated a conservative property cash flow stress test to determine the sustainability of the ratings and further support upgrades.

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/373262.

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 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.

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/baseline-macroeconomic-scenarios-application-to-credit-ratings.

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	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

18-May-22	Commercial Mortgage Pass-Through Certificates, Series 2011-C4, Class C	Confirmed	AAA (sf)	Stb	CA
18-May-22	Commercial Mortgage Pass-Through Certificates, Series 2011-C4, Class D	Confirmed	AAA (sf)	Stb	CA
18-May-22	Commercial Mortgage Pass-Through Certificates, Series 2011-C4, Class E	Upgraded	AA (sf)	Stb	CA
18-May-22	Commercial Mortgage Pass-Through Certificates, Series 2011-C4, Class F	Upgraded	A (sf)	Stb	CA
18-May-22	Commercial Mortgage Pass-Through Certificates, Series 2011-C4, Class G	Upgraded	BBB (sf)	Stb	CA
18-May-22	Commercial Mortgage Pass-Through Certificates, Series 2011-C4, Class H	Upgraded	BB (low) (sf)	Stb	CA
]]>
DBRS Morningstar Affirms All Natixis Commercial Mortgage Securities Trust 2018-ALXA Ratings https://purplepayday.loan/dbrs-morningstar-affirms-all-natixis-commercial-mortgage-securities-trust-2018-alxa-ratings/ Tue, 26 Apr 2022 08:29:07 +0000 https://purplepayday.loan/dbrs-morningstar-affirms-all-natixis-commercial-mortgage-securities-trust-2018-alxa-ratings/ DBRS, Inc. (DBRS Morningstar) has confirmed the following ratings on Commercial Mortgage Transfer Certificates, Series 2018-ALXA issued by Natixis Commercial Mortgage-Backed Securities Trust 2018-ALXA. Class A to AAA (fs) Class B to AA (sf) Class C to A (high) (sf) Class D to BBB (high) (sf) Class E to BB (high) (sf) All trends are […]]]>

DBRS, Inc. (DBRS Morningstar) has confirmed the following ratings on Commercial Mortgage Transfer Certificates, Series 2018-ALXA issued by Natixis Commercial Mortgage-Backed Securities Trust 2018-ALXA.

Class A to AAA (fs)

Class B to AA (sf)

Class C to A (high) (sf)

Class D to BBB (high) (sf)

Class E to BB (high) (sf)

All trends are stable. The rating confirmations reflect the overall stable performance of this transaction, which is in line with DBRS Morningstar expectations.

The loan is secured by Center 425 Bellevue, a 356,909 square foot (sf), Class A, LEED Silver-certified downtown office building Bellevue, Washingtonabout 10 miles east of Seattle. The condominium interest includes 98.3% of the leasable area of ​​the 16-story structure in addition to an eight-level underground parking garage. The property is close to the Bellevue Transit Center, which is undergoing an extension which is expected to be completed in 2023. The property is primarily occupied by the investment grade tenant Amazon.com, Inc. (Amazon) under a 16-year triple net lease that extends to December 31, 2032.

The loan is sponsored by RFR Holdings LLC and Capital Tristar, whose principals act as guarantors of the operation. the $124.5 million the trust loan is part of a split loan structure that consists of four notes totaling $208.5 million, Notes A-1 and B being the assets of the trust in question. Part of the pari passu portion (21.1%; representing 5.3% of the pool) is held in CSAIL 2017-CX10, whose DBRS Morningstar ratings were reviewed and confirmed in September 2021. The additional debt consists of a $57.6 million mezzanine loan, which coincides with the mortgage in trust. The interest-only (IO) fixed-rate mortgage has an expected repayment date of 2027 and a final loan maturity of 2033.

According to December 2021 rent roll, the property is 98.2% occupied by Amazon, which pays a base rent of $38.45/sqft, subject to annual rent increases of 2.25%. According to the lease agreement, Amazon has three five-year extension options and no termination options. Although it can reduce its space in whole-floor increments, Amazon must keep at least 175,000 square feet as collateral. Its lease is also guaranteed by Amazon, subject to a ceiling of $190.0 million during the first five years, which reduces $19.0 million each year thereafter. As of YE2021, the servicer reported net cash flow (NCF) of $16.0 million with a debt service coverage ratio (DSCR) of 1.78x(x), an increase over the YE2020 FNC of $15.5 million with a DSCR of 1.72x, and the transmitter NCF of $15.2 million with a DSCR of 1.69x.

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/373262.

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 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.

Remarks:

All figures are in WE dollars unless otherwise specified.

The main methodology is the North American CMBS Surveillance 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.

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, Inc.

140 Broadway43rd floor

New York, NY 10005 United States

Such. +1 212 806-3277

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

25-Apr-22	Commercial Mortgage Pass-Through Certificates, Series 2018-ALXA, Class A	Confirmed	AAA (sf)	Stb	US
25-Apr-22	Commercial Mortgage Pass-Through Certificates, Series 2018-ALXA, Class B	Confirmed	AA (sf)	Stb	US
25-Apr-22	Commercial Mortgage Pass-Through Certificates, Series 2018-ALXA, Class C	Confirmed	A (high) (sf)	Stb	US
25-Apr-22	Commercial Mortgage Pass-Through Certificates, Series 2018-ALXA, Class D	Confirmed	BBB (high) (sf)	Stb	US
25-Apr-22	Commercial Mortgage Pass-Through Certificates, Series 2018-ALXA, Class E	Confirmed	BB (high) (sf)	Stb	US
]]>
Gantry Achieves $1.07 Billion in Commercial Mortgage Production in Q1 2022 https://purplepayday.loan/gantry-achieves-1-07-billion-in-commercial-mortgage-production-in-q1-2022/ Wed, 20 Apr 2022 13:26:00 +0000 https://purplepayday.loan/gantry-achieves-1-07-billion-in-commercial-mortgage-production-in-q1-2022/ SAN FRANCISCO–(BUSINESS WIRE)–Portico, the largest independent commercial mortgage bank in the United States, achieved $1.07 billion in new commercial mortgage originations across all major property types during the first quarter of 2022. As the market disruption Due to a series of significant economic forces putting upward pressure on rates and tightening underwriting criteria, Gantry’s production […]]]>

SAN FRANCISCO–(BUSINESS WIRE)–Portico, the largest independent commercial mortgage bank in the United States, achieved $1.07 billion in new commercial mortgage originations across all major property types during the first quarter of 2022. As the market disruption Due to a series of significant economic forces putting upward pressure on rates and tightening underwriting criteria, Gantry’s production totals hit early guidance for a strong start to the year. Expectations remain for a productive year ahead with a wide range of lending sources actively pursuing 2022 allocation targets, with variable rate allocations set to increase significantly.

“Our first quarter production totals have met expectations year-to-date, with lenders and borrowers remaining active and resilient in response to inflationary forces and global economic disruption from the war in Ukraine,” said Gantry Director Andrew Mekjavich. “Commercial real estate will remain a favored allocation for capital, but we expect the upward pressure on rates to create challenges for property owners looking for the last dollar of leverage, with the most competitive debt being reserved for the most conservative owners.”

Notable trends in relevant Gantry verticals include:

Production

Gantry issued a total of 111 unique loans in the first quarter of 2022, meeting quarterly performance expectations. During the period, the company funded loans from more than 60 unique sources of capital. Life insurance company and bank lenders accounted for more than 85% of loans funded, with agency lenders and bridge lenders responding to demand for higher leverage investments and value-added acquisitions in the multifamily market, respectively. Banks and credit unions continue to be an attractive source for medium-term loan structures, with bridge lenders becoming the preferred source of value-added financing. Additionally, life insurance companies continue to venture into the bridging loan space in search of short-term returns to offset inflationary forces and are now competing with loan funds and alternative lenders for properties in transition or in the process of stabilization.

“Our first quarter production is a direct reflection of the unique combination of correspondent lenders we represent, the cautious clientele we serve and the skilled staff in our nine country offices,” added Mekjavich.

Key trends to consider from Gantry’s Q1 2022 production totals include:

  • Expect the pace and magnitude of planned Fed rate increases to accelerate in the coming quarters, which will put overall economic pressure on higher commercial real estate rates.

  • Spreads rose to as much as 50 basis points above typical thresholds as lenders sought to mitigate risk caused by unexpected economic disruptions earlier in the year.

  • Expect Agency lenders to become less accessible to market-rate multi-family developers as Freddie and Fannie enforce prioritization of affordable housing allowances.

  • As interest rates rise, cap rates will compress, which could affect asset pricing and slow the pace of new investment, a trend that could become apparent as early as the summer.

  • Viable alternatives to CMBS structures are emerging in the long-term permanent and fixed rate financing market, particularly in multi-family markets.

  • Expect a significant increase in the availability of floating rate capital in 2022 from a range of capital sources, including fixed rate lenders historically looking for shorter term yield.

Culture

Gantry marked its 30th year of continuous operations as a leading commercial mortgage banking platform, independently owned and operated in partnership by its board of directors of leading producers, which still includes its founders. This milestone was celebrated last March at a private summit in Phoenix attended by a national roster of affiliated lenders to discuss key issues and expectations for commercial mortgage financing in 2022, followed by a business retreat focused on on team building and cultural enrichment programming.

Maintenance

Gantry, a long-time Senior Servicing Officer rated by Standard & Poor’s, continues to deliver nearly 100% of expected performance from its managed commercial mortgage portfolio, which now stands at nearly $18 billion, spanning over of 2,100 loans in 43 states. These loans represent financing across all asset classes, including hospitality, which remains the most contested asset class post-pandemic.

About the gate

Gantry, a privately held company headquartered in San Francisco, is a full-service mortgage banking company with an extensive line of correspondent lenders utilizing Gantry’s origination, closing and servicing capabilities. Founded in 1991, Gantry currently has nearly 90 professionals in regional offices across the western United States and New York with more than 40 production teams that generated more than $5.1 billion in 2021. The platform -the nearly $18 billion company’s national service form represents more than 2,100 loans located in 43 states. Gantry is rated as a Primary Servicer by Standard & Poor’s and is one of the few non-banking/unlicensed insurance companies to have this designation. For more information, please visit gantryinc.com.

]]>
Gantry Achieves $1.07 Billion in Commercial Mortgage Origination in Q1 2022 https://purplepayday.loan/gantry-achieves-1-07-billion-in-commercial-mortgage-origination-in-q1-2022/ Wed, 20 Apr 2022 07:00:00 +0000 https://purplepayday.loan/gantry-achieves-1-07-billion-in-commercial-mortgage-origination-in-q1-2022/ Lenders remain active, become more disciplined in early 2022; Commercial mortgage rates hold at generational lows as upward pressure builds from inflation and conflict disruption in Ukraine SAN FRANCISCO, April 20, 2022–(BUSINESS WIRE)–Portico, the largest independent commercial mortgage bank in the United States, achieved $1.07 billion in new commercial mortgage originations across all major property […]]]>

Lenders remain active, become more disciplined in early 2022; Commercial mortgage rates hold at generational lows as upward pressure builds from inflation and conflict disruption in Ukraine

SAN FRANCISCO, April 20, 2022–(BUSINESS WIRE)–Portico, the largest independent commercial mortgage bank in the United States, achieved $1.07 billion in new commercial mortgage originations across all major property types during the first quarter of 2022. As the market disruption Due to a series of significant economic forces putting upward pressure on rates and tightening underwriting criteria, Gantry’s production totals hit early guidance for a strong start to the year. Expectations remain for a productive year ahead with a wide range of lending sources actively pursuing 2022 allocation targets, with variable rate allocations set to increase significantly.

“Our first quarter production totals have met expectations year-to-date, with lenders and borrowers remaining active and resilient in response to inflationary forces and global economic disruption from the war in Ukraine,” said Gantry Director Andrew Mekjavich. “Commercial real estate will remain a favored allocation for capital, but we expect the upward pressure on rates to create challenges for property owners looking for the last dollar of leverage, with the most competitive debt being reserved for the most conservative owners.”

Notable trends in relevant Gantry verticals include:

Production

Gantry issued a total of 111 unique loans in the first quarter of 2022, meeting quarterly performance expectations. During the period, the company funded loans from more than 60 unique sources of capital. Life insurance company and bank lenders accounted for more than 85% of loans funded, with agency lenders and bridge lenders responding to demand for higher leverage investments and value-added acquisitions in the multifamily market, respectively. Banks and credit unions continue to be an attractive source for medium-term loan structures, with bridge lenders becoming the preferred source of value-added financing. Additionally, life insurance companies continue to venture into the bridging loan space in search of short-term returns to offset inflationary forces and are now competing with loan funds and alternative lenders for properties in transition or in the process of stabilization.

“Our production in the first quarter is a direct reflection of the unique combination of correspondent lenders we represent, the cautious clientele we serve and the skilled staff in our nine country offices,” added Mekjavich.

Key trends to consider from Gantry’s Q1 2022 production totals include:

  • Expect the pace and magnitude of planned Fed rate increases to accelerate in the coming quarters, which will put overall economic pressure on higher commercial real estate rates.

  • Spreads rose to as much as 50 basis points above typical thresholds as lenders sought to mitigate risk caused by unexpected economic disruptions earlier in the year.

  • Expect Agency lenders to become less accessible to market-rate multi-family developers as Freddie and Fannie enforce prioritization of affordable housing allowances.

  • As interest rates rise, cap rates will compress, which could affect asset pricing and slow the pace of new investment, a trend that could become apparent as early as the summer.

  • Viable alternatives to CMBS structures are emerging in the long-term permanent and fixed rate financing market, particularly in multi-family markets.

  • Expect a significant increase in the availability of floating rate capital in 2022 from a range of capital sources, including fixed rate lenders historically looking for shorter term yield.

Culture

Gantry marked its 30th year of continuous operations as a leading commercial mortgage banking platform, independently owned and operated in partnership by its board of directors of leading producers, which still includes its founders. This milestone was celebrated last March at a private summit in Phoenix attended by a national roster of affiliated lenders to discuss key issues and expectations for commercial mortgage financing in 2022, followed by a business retreat focused on on team building and cultural enrichment programming.

Maintenance

Gantry, a long-time Senior Servicing Officer rated by Standard & Poor’s, continues to deliver nearly 100% of expected performance from its managed commercial mortgage portfolio, which now stands at nearly $18 billion and covers more than of 2,100 loans in 43 states. These loans represent financing across all asset classes, including hospitality, which remains the most contested asset class post-pandemic.

About the gate

Gantry, a privately held company headquartered in San Francisco, is a full-service mortgage banking company with an extensive line of correspondent lenders utilizing Gantry’s origination, closing and servicing capabilities. Founded in 1991, Gantry currently has nearly 90 professionals in regional offices across the western United States and New York with more than 40 production teams that generated more than $5.1 billion in 2021. The platform -the nearly $18 billion company’s national service form represents more than 2,100 loans located in 43 states. Gantry is rated as a Primary Servicer by Standard & Poor’s and is one of the few non-banking/unlicensed insurance companies to have this designation. For more information, please visit gantryinc.com.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220420005209/en/

contacts

Peter Vestal, Gantry, pvestal@gantryinc.com
Chris Egger, CME Mar Com, chris@chrisegger.com

]]>
Commercial Real Estate Fintech Startup Emerges From Stealth, Helping Commercial Mortgage Brokers Generate Over $2 Billion in Loan Applications https://purplepayday.loan/commercial-real-estate-fintech-startup-emerges-from-stealth-helping-commercial-mortgage-brokers-generate-over-2-billion-in-loan-applications/ Tue, 15 Mar 2022 07:00:00 +0000 https://purplepayday.loan/commercial-real-estate-fintech-startup-emerges-from-stealth-helping-commercial-mortgage-brokers-generate-over-2-billion-in-loan-applications/ After a successful $1.1 million pre-seed fundraiser, including Ascend.vc and notable founders from DocuSign and LegalZoom, LOANtuitive announces a marketplace to empower – rather than remove commercial mortgage brokers from transactions . SEATTLE, March 15, 2022–(BUSINESS WIRE)–LOANtuitive, a Seattle-based B2B commercial real estate loan marketplace that supercharges commercial real estate loan brokers to match loan […]]]>

After a successful $1.1 million pre-seed fundraiser, including Ascend.vc and notable founders from DocuSign and LegalZoom, LOANtuitive announces a marketplace to empower – rather than remove commercial mortgage brokers from transactions .

SEATTLE, March 15, 2022–(BUSINESS WIRE)–LOANtuitive, a Seattle-based B2B commercial real estate loan marketplace that supercharges commercial real estate loan brokers to match loan applications with lenders, announced today that its software has now been used by commercial real estate loan brokers to generate over $2 billion in commercial real estate loan applications since launching in April 2021.

“We believe that modern technology and commercial real estate mortgage brokers are key to reducing the complexity and transactional bias inherent in this industry,” said Dave Siegfried, CEO and Co-Founder. “Rather than removing brokers from a transaction, LOANtuitive focuses on supercharging brokers with modern technology to increase efficiency and remove the opacity that surrounds all parties when financing commercial real estate.”

Founded in 2020 by a team of commercial real estate and technology entrepreneurs, LOANtuitive is a B2B SaaS commercial real estate debt marketplace. LOANtuitive enables commercial mortgage brokers to collect, assess, and submit loan applications to lenders through a machine learning-assisted marketplace.

The process is simple, clear and efficient. LOANtuitive’s smart app collects only the information needed to quickly prepare a polished executive summary that highlights relevant facts for lenders. The platform then searches a universe of lending programs to assess each loan and find the lenders most likely to fund your application. This next-generation process allows brokers to close more loans in a shorter time frame for their clients.

Kirby Winfield, General Partner of Ascend.vc, explains, “I invested in LOANtuitive, in part because of the outdated way in which over $900 billion of commercial real estate debt is placed in the United States every year. I believes Dave and the rest of LOANtuitive have the experience and insight to successfully disrupt commercial real estate debt in the same way that Insurtech has transformed the insurance industry.”

LOANtuitive has captured the attention of venture capitalists in the tech landscape.

In addition to Ascend.vc and the founders of DocuSign and LegalZoom, LOANtuitive’s pre-seed raise included notable investors from Underdog Labs, Revelry Venture Partners and Iterative Venture.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220315005240/en/

contacts

David Siegfried
CEO
LOANtuitive
206.395.5829
dave@loantuitive.com

]]>
How to get commercial mortgage approval fast for your business? – Via private loans https://purplepayday.loan/how-to-get-commercial-mortgage-approval-fast-for-your-business-via-private-loans/ Sun, 06 Mar 2022 21:11:15 +0000 https://purplepayday.loan/how-to-get-commercial-mortgage-approval-fast-for-your-business-via-private-loans/ A business mortgage is one of the best ways to small business owners to develop their business. Moreover, such a practice can help you start a new source of income for yourself. The advantage of small business loans is that one can get them within days of approval and can return them in easy installments. […]]]>

A business mortgage is one of the best ways to small business owners to develop their business. Moreover, such a practice can help you start a new source of income for yourself. The advantage of small business loans is that one can get them within days of approval and can return them in easy installments. However, special interest will be charged on these loans. But how do you get commercial mortgage approval fast? This is a major problem for those who do not know how to proceed with such a loan.

Private lending is a professional choice and especially for people who are unable to meet banks’ requirements for a commercial mortgage. Like debt ratio and credit score etc. You must know all your alternative options and if the bank does not approve, apply for a commercial mortgage with a trusted mortgage lender.

Commercial Mortgage Requirements

There are different types of business loans that a small business owner can avail of. Although some minor requirements may vary, the main requirements remain almost the same. Here are the main things that major lending companies check before issuing the loan amount.

1- Debt to income ratio

You may know that most small businesses suffer losses if started without a good understanding of the domain. So, lenders tend to check the total debt and total profit income that your business is currently generating. The purpose of this survey is to check the flow of money to make sure you can repay the debt.

2- Company credit score

To schedule the repayment period and interest rate, lenders will confirm the credit score.

3- Sources of personal income

Whether you want to start a small business only or want to do it as part of a partnership, commercial mortgage companies will check your sources of income. This will include the money-generating source other than that particular business.

4- Liquidation of property

Most commercial mortgage organizations, like real estate mortgages, provide loans against the security of the property. Before issuing the loan, they will check all the necessary details of that particular property.

5- Reference

Another thing that is mandatory for applying for a commercial mortgage is a reliable reference. This will also accompany the property.

Ways to increase the chances of getting the loan:

If you are considering applying for a commercial mortgage from a trusted mortgage lender, here are some aspects that can help increase your chances of getting the amount.

  • By improving credit rating and paying off existing debt.
  • Improve your guarantees.
  • Sign a pact with an investor who can issue the amount for your business.
  • Accept the refund terms and conditions.
  • Choose the lowest amount for a short period.

Conclusion

When you go to apply for a commercial mortgage from a trusted mortgage lender, you should consider the above requirements. All lenders like banks, commercial mortgage lenders, SBA lenders, hard money lenders and many more can issue a commercial mortgage for your business instantly if you meet their requirements as mentioned above. So, go for any lender with good credit so that you can get the amount to support your business.

]]>
No negative impact on the WFRBS 2014-C19 rating following the proposed transfer of special service rights https://purplepayday.loan/no-negative-impact-on-the-wfrbs-2014-c19-rating-following-the-proposed-transfer-of-special-service-rights/ Fri, 04 Mar 2022 08:00:00 +0000 https://purplepayday.loan/no-negative-impact-on-the-wfrbs-2014-c19-rating-following-the-proposed-transfer-of-special-service-rights/ Valuation Announcement: Moody’s: No Negative Impact on WFRBS 2014-C19 Rating Following Proposed Transfer of Special Management Rights Withdrawal of LNR Partners, LLC, as General Special Manager and Appointment of Argentic Services Company LP as as successor general special manager for WFRBS Commercial Mortgage Trust 2014-C19 (“WFRBS 2014-C19”) pursuant to the provisions of Pooling and Servicing […]]]>

Valuation Announcement: Moody’s: No Negative Impact on WFRBS 2014-C19 Rating Following Proposed Transfer of Special Management Rights Withdrawal of LNR Partners, LLC, as General Special Manager and Appointment of Argentic Services Company LP as as successor general special manager for WFRBS Commercial Mortgage Trust 2014-C19 (“WFRBS 2014-C19”) pursuant to the provisions of Pooling and Servicing Approval of WFRBS 2014-C19 by the Subordinate Class Representative would not, in itself, and at this stage, a reduction, review for possible downgrade or withdrawal of Moody’s current ratings for WFRBS 2014-C19. the methodologies used for rating monitoring are “US and Canadian Conduit/Fusion Commercial Mortgage-Backed Securitizations Methodology” published in November 2021, “Moody’s Approach to Rating Repackaged Securities” published in June 2020, and “Moody’s Approach to Rating Structured Finance Interest-Only (IO) Securities” published February 2019. Please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies. Moody’s opinion addresses only the credit impact associated with the proposed transfer of special management rights, and Moody’s expresses no opinion as to whether the proposed transfer of special management rights has, or could have, other non-credit related effects which could have a detrimental impact on the interests of the holders or the rated obligations and/or the counterparties. This publication does not announce a credit rating action. For all credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most up-to-date credit rating action information and rating history. Kevin Li Asst Vice President – Analyst Structured Finance Group Moody’s Investors Service, Inc. 250 Greenwich Street New York, NY 10007 USA JOURNALISTS: 1 212 553 0376 Customer Service: 1 212 553 1653 Romina Padhi VP – Senior Credit Officer Structured Finance Group JOURNALISTS: 1 212 553 0376 Customer Service: 1 212 553 1653 Release Office: Moody’s Investors Service, Inc. 250 Greenwich Street New York, NY 10007 USA JOURNALISTS: 1 212 553 0376 Customer Service: 1 212 553 1653 © 2022 Moody’s Corporation, Moody’s Investors Service , Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved. CREDIT RATINGS ISSUED BY MOODY’S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS OR INDEBTEDNESS OR SECURITIES ASSOCIATED WITH INDEBTEDNESS, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS” MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY FAILURE TO MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS WHEN DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE THE APPLICABLE PUBLICATION OF MOODY’S RATINGS SYMBOLS AND DEFINITIONS FOR MORE INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISKS, INCLUDING INCLUDING, BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT RATINGS (“RATINGS”) AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE MODEL-BASED QUANTITATIVE ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, RATINGS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, RATINGS, OTHER OPINIONS AND PUBLICATIONS ARE AND DO NOT PROVIDE ANY RECOMMENDATION TO BUY, SELL OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, RATINGS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF ANY INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE CARE AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE, WITH ALL DUE CARE, HIS OWN RESEARCH AND EVALUATION OF EVERY SECURITY THAT IS CONSIDERED FOR PURCHASE, HOLDING OR SALE. MOODY’S CREDIT RATINGS, RATINGS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE UNKNOWN AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE CREDIT RATINGS, RATINGS, OTHER ADVICE OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT, YOU SHOULD CONTACT YOUR FINANCIAL ADVISOR OR OTHER PROFESSIONAL. DISTRIBUTED, REDISTRIBUTED OR RESOLD OR STORED FOR FUTURE USE FOR SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER, BY ANY PERSON WITHOUT THE PRIOR WRITTEN CONSENT OF MOODY’S. AND THE POSTINGS ARE NOT INTENDED FOR USE BY ANY PERSON AS A REFERENCE AS THIS TERM IS DEFINED FOR REGULATORY PURPOSES AND SHOULD NOT BE USED IN ANY WAY THAT MIGHT CONSIDER THEM AS A REFERENCE. All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. However, due to the possibility of human or mechanical error and other factors, all information contained herein is provided “AS IS” without warranty of any kind. MOODY’S takes all necessary measures to ensure that the information it uses to assign a credit rating is of sufficient quality and comes from sources that MOODY’S considers to be reliable including, where applicable, independent third-party sources. However, MOODY’S is not an auditor and cannot in any way independently verify or validate the information received as part of the rating process or the preparation of its Publications. To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and Suppliers disclaim all liability to any person or entity for any indirect, special, consequential or incidental loss or damage, howsoever arising. either arising out of or in connection with the information contained herein or the use or inability to use such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers are notified in advance of the possibility of such loss or damage, including, but not limited to: (a) any loss of present or future profits or (b) any loss or damage occurring when the financial instrument concerned is not subject to a specific credit rating assigned by MOODY’S. To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim all liability for any direct or compensatory loss or damage caused to any person or entity, including, but not limited thereto, any negligence (but excluding fraud, willful misconduct or any other type of liability which, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency under or outside the control of MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising out of or in connection with the information contained herein or the use or inability to use this information. , OTHER OPINIONS OR INFORMATION ARE GIVEN OR PROVIDED BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER. Moody’s Investors Service, Inc., a credit rating agency wholly owned by Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to the assignment of any credit rating, agreed to pay Moody’s Investors Service, Inc. for the notices credit rating and the services rendered by it charges ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to ensure the independence of credit ratings and Moody’s Investors Service credit rating processes. Information regarding certain affiliations that may exist between MCO directors and rated entities, and between entities that hold Moody’s Investors Service credit ratings and that have also publicly disclosed to the SEC an ownership interest in MCO of more than 5% , are published annually on www .moodys.com under the heading “Investor Relations – Corporate Governance – Director and Shareholder Affiliation Policy.” Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended for supply only to “wholesale customers” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from Australia, you represent to MOODY’S that you are, or are accessing to the document as a representative of a “wholesale customer” and that neither you nor the entity you represent will directly or indirectly distribute this document or its contents to “retail customers” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion of the creditworthiness of a debt security of the issuer, and not of the equity securities of the issuer or any form of security available to investors in retail. Additional Terms for Japan Only: Moody’s Japan KK (“MJKK”) is a credit rating agency subsidiary of Moody’s Group Japan GK, which is wholly owned by Moody’s Overseas Holdings Inc., a wholly owned subsidiary of MCO. Moody’s SF Japan KK (“MSFJ”) is a wholly owned subsidiary credit rating agency of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Accordingly, the credit ratings assigned by MSFJ are non-NRSRO credit ratings. Non-NRSRO credit ratings are assigned by an entity that is not an NRSRO and therefore the rated obligation will not qualify for certain types of treatment under US law. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively. MJKK or MSFJ (as applicable) disclose by that most issuers of debt securities (including municipal bonds, debentures, notes and commercial paper) and preferred stocks rated by MJKK or MSFJ (as applicable) have, prior to the assignment of any credit rating, agreed to pay MJKK or MSFJ (as applicable) for credit rating opinions and services rendered by its fees ranging from 100,000 JPY to approximately 550,000,000 JPY. MJKK and MSFJ also maintain policies and procedures to respond Japanese regulatory requirements.​

]]>
Two more commercial mortgage bonds suspended due to market weakness https://purplepayday.loan/two-more-commercial-mortgage-bonds-suspended-due-to-market-weakness/ Thu, 03 Mar 2022 08:00:00 +0000 https://purplepayday.loan/two-more-commercial-mortgage-bonds-suspended-due-to-market-weakness/ (Bloomberg) – A nearly $1.9 billion commercial mortgage bond tied to a portfolio of office properties owned by Columbia Property Trust Inc. and Allianz SE was delayed on Wednesday due to market weakness, according to two bond investors. And a commercial mortgage-backed security led by Deutsche Bank, known as COMM 2022-LSC, has also been delayed […]]]>

(Bloomberg) – A nearly $1.9 billion commercial mortgage bond tied to a portfolio of office properties owned by Columbia Property Trust Inc. and Allianz SE was delayed on Wednesday due to market weakness, according to two bond investors.

And a commercial mortgage-backed security led by Deutsche Bank, known as COMM 2022-LSC, has also been delayed after initial conversations with investors.

The two transactions bring to at least three the number of CMBS delayed in recent weeks as Russia’s invasion of Ukraine further upended capital markets already reeling from impending Federal Reserve rate hikes. On Monday, Deutsche Bank delayed another CMBS, a $1.5 billion offering tied to the company’s new headquarters at Columbus Circle.

The sale of all types of debt, from junk bonds to asset-backed securities, has become more unpredictable recently, as sharp swings in yields cause more deals to be postponed. It’s a sea change in the markets that for much of the past two years would extend credit to almost any borrower.

The Columbia Property deal, known as CXP 2022-CXP, originally went to market on Feb. 16 and was expected to price during the week of Feb. 21, according to deal documents seen by Bloomberg. The transaction securitized two loans related to seven office properties located in New York, Boston, San Francisco Jersey City and Washington, D.C.

Goldman Sachs Group Inc., Citigroup Inc. and Deutsche Bank funded the loans and arranged the CMBS, which was to help fund the privatization of Columbia Property Trust, according to the deal documents. Last September, Columbia Property announced that it was being taken private by Pacific Investment Management Company, a subsidiary of Allianz SE, for $3.9 billion, including debt.

Representatives from Goldman Sachs, Citigroup and Columbia Property declined to comment, while a representative from Allianz SE did not respond to inquiries. Deutsche Bank has not commented on the Columbia deal or the COMM 2022-LSC transaction.

Volatility, Office

In addition to general market weakness, some investors said the fact that Columbia Property’s deal was tied to office buildings – a class of property whose earnings are uncertain now that more and more people are working from home – did not help the question.

“Volatility and office don’t mix,” said Daniel McNamara, founder and CIO of Polpo Capital, a CMBS hedge fund.

The CXP transaction is tied to seven office properties in relatively strong locations, including 1800 M Street in Washington, DC and 229 West 43rd Street in Manhattan, according to deal documents. The DC building is attached to a loan and the six other buildings are attached to a second loan.

Even with fears over the future of office space last year, a string of high-profile properties were able to sell CMBS in 2021 as investors clamored for securitized bonds that offer a bit more yield than other debt backed by corporate assets and papers.

CMBS without the support of government-sponsored companies tied to offices and other types of real estate hit a post-crisis issuance record last year with sales of over $155 billion , according to data compiled by Bloomberg News.

–With help from Charles Williams, Carmen Arroyo and Erin Hudson.

© 2022 Bloomberg L.P.

]]>
No negative impact on the rating of two US commercial mortgage-backed securities following the proposed transfer of special management rights from JPMCC 2013-C16 https://purplepayday.loan/no-negative-impact-on-the-rating-of-two-us-commercial-mortgage-backed-securities-following-the-proposed-transfer-of-special-management-rights-from-jpmcc-2013-c16/ Wed, 02 Mar 2022 08:00:00 +0000 https://purplepayday.loan/no-negative-impact-on-the-rating-of-two-us-commercial-mortgage-backed-securities-following-the-proposed-transfer-of-special-management-rights-from-jpmcc-2013-c16/ Rating Announcement: Moody’s: No Negative Rating Impact on Two Commercial Mortgage-Backed Securities Conducted in the U.S. Following Proposed Transfer of Special Servicing Rights from JPMCC Moody’s”) announced today that the proposed withdrawal of CWCapital Asset Management LLC, as special manager and appointment of Mount Street US (Georgia) LLP as successor special manager of JP Morgan […]]]>

Rating Announcement: Moody’s: No Negative Rating Impact on Two Commercial Mortgage-Backed Securities Conducted in the U.S. Following Proposed Transfer of Special Servicing Rights from JPMCC Moody’s”) announced today that the proposed withdrawal of CWCapital Asset Management LLC, as special manager and appointment of Mount Street US (Georgia) LLP as successor special manager of JP Morgan Chase Commercial Mortgage Securities Trust 2013-C16 (“JPMCC 2013-C16”) pursuant to the provisions of the JPMCC 2013-C16 Pooling and Service Agreement by the holder of the JPMCC 2013-C16 Director Certificate would not, in itself and at this stage, result in a reduction, indictment for a possible downgrade or withdrawal of Moody’s current ratings of JPMCC 2013-C16 and JPMBB Commercial Mortgage Securities Trust 2013-C17 which holds the managed companion loan. unmanaged ns held by JPMCC 2013-C16. Asset/Single Borrower Commercial Mortgage-Backed Securitizations Methodology” published in November 2021, “Moody’s Approach to Rating Repackaged Securities” published in June 2020 and “Moody’s Approach to Rating Structured Finance Interest-Only (IO) Securities” published in February 2019. Please see the rating methodologies page on www.moodys.com for a copy of these methodologies. Moody’s opinion addresses only the credit impact associated with the proposed transfer of special management rights, and Moody’s expresses no opinion as to whether the proposed transfer of special service rights has, or could have , other non-credit related items which may adversely affect the interests of the holders or rated obligations and/or counterparties. This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most up-to-date information on credit rating actions and credit ratings. rating history. Kevin Li Asst Vice President – Analyst Structured Finance Group Moody’s Investors Service, Inc. 250 Greenwich Street New York, NY 10007 USA JOURNALISTS: 1 212 553 0376 Customer Service: 1 212 553 1653 Romina Padhi VP – Senior Credit Officer Structured Finance Group JOURNALISTS: 1 212 553 0376 Customer Service: 1 212 553 1653 Release Office: Moody’s Investors Service, Inc. 250 Greenwich Street New York, NY 10007 USA JOURNALISTS: 1 212 553 0376 Customer Service: 1 212 553 1653 © 2022 Moody’s Corporation, Moody’s Investors Service , Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved. CREDIT RATINGS ISSUED BY MOODY’S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS OR INDEBTEDNESS OR SECURITIES ASSOCIATED WITH INDEBTEDNESS, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS” MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY FAILURE TO MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS WHEN DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE THE APPLICABLE PUBLICATION OF MOODY’S RATINGS SYMBOLS AND DEFINITIONS FOR MORE INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISKS, INCLUDING INCLUDING, BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT RATINGS (“RATINGS”) AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE MODEL-BASED QUANTITATIVE ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, RATINGS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, RATINGS, OTHER OPINIONS AND PUBLICATIONS ARE AND DO NOT PROVIDE ANY RECOMMENDATION TO BUY, SELL OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, RATINGS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF ANY INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE CARE AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE, WITH ALL DUE CARE, HIS OWN RESEARCH AND EVALUATION OF EVERY SECURITY THAT IS CONSIDERED FOR PURCHASE, HOLDING OR SALE. MOODY’S CREDIT RATINGS, RATINGS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE UNKNOWN AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE CREDIT RATINGS, RATINGS, OTHER ADVICE OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT, YOU SHOULD CONTACT YOUR FINANCIAL ADVISOR OR OTHER PROFESSIONAL. DISTRIBUTED, REDISTRIBUTED OR RESOLD OR RETAINED FOR FUTURE USE FOR SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER, BY ANY PERSON WITHOUT THE PRIOR WRITTEN CONSENT OF MOODY’S. AND THE POSTINGS ARE NOT INTENDED FOR USE BY ANY PERSON AS A REFERENCE AS THIS TERM IS DEFINED FOR REGULATORY PURPOSES AND SHOULD NOT BE USED IN ANY WAY THAT MIGHT CONSIDER THEM AS A REFERENCE. All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. However, due to the possibility of human or mechanical error and other factors, all information contained herein is provided “AS IS” without warranty of any kind. MOODY’S takes all necessary measures to ensure that the information it uses to assign a credit rating is of sufficient quality and comes from sources that MOODY’S considers to be reliable including, where applicable, independent third-party sources. However, MOODY’S is not an auditor and cannot in any way independently verify or validate the information received as part of the rating process or the preparation of its Publications. To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and Suppliers disclaim all liability to any person or entity for any indirect, special, consequential or incidental loss or damage, howsoever arising. either arising out of or in connection with the information contained herein or the use or inability to use such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers are notified in advance of the possibility of such loss or damage, including, but not limited to: (a) any loss of present or future profits or (b) any loss or damage occurring when the financial instrument concerned is not subject to a specific credit rating assigned by MOODY’S. To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim all liability for any direct or compensatory loss or damage caused to any person or entity, including, but not limited thereto, any negligence (but excluding fraud, willful misconduct or any other type of liability which, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency under or outside the control of MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising out of or in connection with the information contained herein or the use or inability to use this information. , OTHER OPINIONS OR INFORMATION ARE GIVEN OR PROVIDED BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER. Moody’s Investors Service, Inc., a credit rating agency wholly owned by Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to the assignment of any credit rating, agreed to pay Moody’s Investors Service, Inc. for the notices credit rating and the services rendered by it charges ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to ensure the independence of credit ratings and Moody’s Investors Service credit rating processes. Information regarding certain affiliations that may exist between MCO directors and rated entities, and between entities that hold credit ratings from Moody’s Investors Service and that have also publicly disclosed to the SEC an ownership interest in MCO of more than 5% , are published annually on www .moodys.com under the heading “Investor Relations – Corporate Governance – Director and Shareholder Affiliation Policy.” Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended for supply only to “wholesale customers” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from Australia, you represent to MOODY’S that you are, or are accessing to the document as a representative of a “wholesale customer” and that neither you nor the entity you represent will directly or indirectly distribute this document or its contents to “retail customers” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion of the creditworthiness of a debt security of the issuer, and not of the equity securities of the issuer or any form of security available to investors in retail. Additional Terms for Japan Only: Moody’s Japan KK (“MJKK”) is a credit rating agency subsidiary of Moody’s Group Japan GK, which is wholly owned by Moody’s Overseas Holdings Inc., a wholly owned subsidiary of MCO. Moody’s SF Japan KK (“MSFJ”) is a wholly owned subsidiary credit rating agency of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Accordingly, the credit ratings assigned by MSFJ are non-NRSRO credit ratings. Non-NRSRO credit ratings are assigned by an entity that is not an NRSRO and therefore the rated obligation will not qualify for certain types of treatment under US law. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively. MJKK or MSFJ (as applicable) disclose by that most issuers of debt securities (including municipal bonds, debentures, notes and commercial paper) and preferred stocks rated by MJKK or MSFJ (as applicable) have, prior to the assignment of any credit rating, agreed to pay MJKK or MSFJ (as applicable) for credit rating opinions and services rendered by its fees ranging from 100,000 JPY to approximately 550,000,000 JPY. MJKK and MSFJ also maintain policies and procedures to respond Japanese regulatory requirements.​

]]>
DBRS Morningstar Finalizes Draft Ratings for BX Commercial Mortgage Trust 2022-LP2 https://purplepayday.loan/dbrs-morningstar-finalizes-draft-ratings-for-bx-commercial-mortgage-trust-2022-lp2/ Wed, 23 Feb 2022 08:55:07 +0000 https://purplepayday.loan/dbrs-morningstar-finalizes-draft-ratings-for-bx-commercial-mortgage-trust-2022-lp2/ DBRS, Inc. (DBRS Morningstar) has finalized its draft ratings on the following categories of Commercial Mortgage Transfer Certificates, Series 2022-LP2 issued by BX Commercial Mortgage Trust 2022-LP2 (BX 2022-LP2). Class A to AAA (fs) Class B to AA (low) (sf) Class C to A (low) (sf) Class D to BBB (low) (sf) All trends are […]]]>

DBRS, Inc. (DBRS Morningstar) has finalized its draft ratings on the following categories of Commercial Mortgage Transfer Certificates, Series 2022-LP2 issued by BX Commercial Mortgage Trust 2022-LP2 (BX 2022-LP2).

Class A to AAA (fs)

Class B to AA (low) (sf)

Class C to A (low) (sf)

Class D to BBB (low) (sf)

All trends are stable.

The BX 2022-LP2 single asset/single borrower transaction is secured by the borrower’s fee simple interest in a portfolio of 166 industrial properties totaling over 24.3 million square feet in 19 markets, including some of the major industrial centers in the Midwest and coastal areas of the country. markets in 16 states. real blackstone Acquisition of Estate Partners IX (Blackstone) industrial colonythe industrial assets and affiliated industrial operating platform of capital of the colonyin 2019 for $5.9 billion. Most of the assets involved in this acquisition were securitized as part of the BX 2020-BXLP transaction. This transaction will be securitized by 161 properties from the BX 2020-BXLP transaction and five new properties that were also part of the industrial colony transaction but are currently free.

DBRS Morningstar continues to have a favorable view of the long-term growth and stability of the warehouse and logistics industry, despite the uncertainties and risks that the current coronavirus disease (COVID-19) pandemic has created across all commercial real estate asset classes. Consumers’ increased reliance on e-commerce and door-to-door delivery during the pandemic has only accelerated pre-pandemic consumer trends, and DBRS Morningstar believes retail’s loss generally continues to be a gain. for industry. The portfolio exhibits strong functionality metrics, with weighted average clear heights (WA) of 27.1 feet and a WA year built in 1998. The portfolio is 94.5% occupied with incredibly granular rent; there are over 400 unique tenants, with no tenant accounting for more than 1.9% of gross rent. As a result, the risk of NOI volatility is minimized, as it is one of the most diversified industry portfolios rated by DBRS Morningstar in recent years. The portfolio has a remaining lease term WA of 3.8 years and no more than 18.1% of the net leasable area (NRA) is expected to roll over in any given year. While WA’s remaining lease term is not particularly strong, the sponsor believes that expiring leases are having a positive impact on the portfolio, as the sponsor has seen a positive lease spread of 17.3% since assets acquired in 2019. High-quality tenants occupy 19.3% of NRA, and one tenant qualifies for long-term tenant credit treatment in DBRS Morningstar’s Free Cash Flow by Maturity long-term lease, providing additional cash flow stability.

The portfolio of 166 properties is spread across 19 unique markets in 16 different states, primarily in major metropolitan statistical areas across the country. The portfolio is 94.5% occupied by over 400 unique tenants with a remaining lease term of 3.7 years, no property contributing more than 2.1% of the NOI and no year during the lease term will experience lease renewal representing more than 18.7% of NAV. Based on industry portfolios recently rated by DBRS Morningstar, the portfolio in question is one of the most diversified, with minimal NOI volatility risk.

The majority of the portfolio consists of functional bulk warehouse products with strong functionality metrics and relatively low proportions of office square footage. The portfolio benefits from strong WA headroom of 27.1ft and a relatively low proportion of office space at 9.7%.

The portfolio enjoys locations in many high-performing coastal gateway and Midwestern industrial markets, including the Atlanta, Dallas-Fort Worth, Orlando, Seattle, Chicagoand New Jersey. According to CBRE Economic Advisors.

The portfolio has a base rent WA of $5.67 per square foot (psf), which is 31.4% less than the WA asking rents in each market of $8.27 psf, as reported by CBRE Economic Advisors. The rental gap since the properties were acquired in 2019 is 17.3%, indicating strong demand for industrial space in these markets.

The portfolio has been largely unaffected by the coronavirus pandemic, with collections averaging over 99.0% since April 2020 (average of 99.2% until 2020 and 99.9% until October 2021). There were no significant requests for rent relief or operational issues across the portfolio.

Blackstone, which is a subsidiary of The Blackstone Group, Inc.is the sponsor of the mortgage loan. The Blackstone Group, Inc. real estate division was founded in 1991 and the company had approximately $731 billion of assets under management at September 30, 2021in real estate funds, private equity funds, credit and insurance businesses and hedge fund solutions.

The borrower can also release individual properties across the portfolio with the usual requirements. However, the prepayment premium for releasing individual assets is 105% of the allocated loan amount for the first 30% of the initial mortgage principal balance and 110% thereafter. DBRS Morningstar considers the release premium to be lower than a generally credit-neutral standard of 115% and, therefore, applied a capital structure penalty to the transaction to account for the higher deleveraging premium. weak.

According to DBRS Morningstar analysis, leases representing 72.0% of total NRA and 74.8% of portfolio gross rent are to expire during the term of the fully extended five-year loan. The renewal of leases is particularly concentrated on the years 2023 and 2024. The residual duration of the WA leases in the portfolio is 3.7 years. Significant portfolio turnover allows for potential volatility in future cash flows, particularly if market rents or occupancy rates deteriorate over time. There are also no ongoing rental reservations collected.

The mortgage has a partial prorated/sequential payment structure, which allows prorated repayments for the first 30% of the outstanding principal balance. DBRS Morningstar considers this structure to be credit negative, particularly at the top of the capital stack. Under a prorated partial payout structure, deleveraging of senior notes through the release of individual properties occurs at a slower rate compared to a sequential payout structure. DBRS Morningstar applied a capital structure penalty to the transaction to account for the proportional nature of certain prepayments.

ESG CONSIDERATIONS

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/373262.

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

For supporting data and more information on this transaction, please log on to www.viewpoint.dbrsmorningstar.com. DBRS Morningstar provides in-depth analysis and commentary on the DBRS Viewpoint platform.

Remarks:

All figures are in we dollars unless otherwise specified.

With respect to due diligence services, DBRS Morningstar has received Form ABS Due Diligence-15E (Form-15E), which contains a description of the information a third party reviewed in performing the due diligence services and a summary of findings and conclusion. Although the due diligence services described in Form 15E are not part of DBRS Morningstar’s methodology, DBRS Morningstar used the data file described in the independent accountant’s report in its analysis to determine the ratings referenced herein.

The primary methodology is the North American Single Asset/Single Borrower Rating Methodology (March 2, 2021), 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/baseline-macroeconomic-scenarios-application-to-credit-ratings.

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.

The full report providing additional analytical detail is available by clicking the link under Related Documents below or by contacting us at info@dbrsmorningstar.com.

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

DBRS, Inc.

22 Washington Street West

Chicago, IL 60602 United States

Phone. +1 312 332-3429

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

22-Feb-22	Commercial Mortgage Pass-Through Certificates, Series 2022-LP2, Class A	Provis.-Final	AAA (sf)	Stb	US
22-Feb-22	Commercial Mortgage Pass-Through Certificates, Series 2022-LP2, Class B	Provis.-Final	AA (low) (sf)	Stb	US
22-Feb-22	Commercial Mortgage Pass-Through Certificates, Series 2022-LP2, Class C	Provis.-Final	A (low) (sf)	Stb	US
22-Feb-22	Commercial Mortgage Pass-Through Certificates, Series 2022-LP2, Class D	Provis.-Final	BBB (low) (sf)	Stb	US
]]>