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Musings on commercial real estate transactions in Chicago and beyond
Recent Posts Tagged With 'cmbs'
Funds and private equity - buybuybuy
That's what they are saying. Apparently people are lining up with their cash stored away to buy up debt in the real estate market at a hefty discount. This story says buyer beware.Why? Because you ...
Cadwalader layoffs
Apparently another 96 lawyers are being let go at Cadwalader today, meaning the total loss count this year is, if I can count, in excess of 130 people.CWT is well known as one the major, major players...
The end of CMBS as we know (or knew) it for a while?
That's what this GlobeSt.com report states:The are widespread fears that if rating agencies develop a separate category for structured securities it will further erode investor confidence in CMBS and...
Lehman reducing its RE exposure
We've been reading plenty about Lehman Brothers lately, and here's the latest on losses and reductions in exposure to the RE market.I've had deals long ago with Lehman and its affiliates, and they hav...
Another lousy loan update
So, where are we today? Jordan Crouch wisely tells us:Short term rates will remain near the current levels because the FED cannot raise interest rates yet and risk slowing the economy. As the economy...
Denial = not just a river in Egypt
According to this report from CoStar, lenders are saying that while they don't expect a collapse, they are not eager to jump back to the 2004-2007 days, are selling CMBS portfolios, and have institute...
Treasuries are low? Then CMBS makes sense, or so says Sam
Think about it. We had lenders jumping all over each other in pricing while Treasuries, about the safest investment there is, were at higher rates.Now interest rates are back down. And CMBS is not e...
It's not easy being B....
Just catching up on vacation reading here...if you want a quick primer on B-piece buyers and their (critical, at least these days, since the B has the right to kick out deals) role in the CMBS market,...
Random (and live) CMBS thoughts
I'm listening from Bourbonnais to a live ALI-ABA program on CMBS. Here's some thoughts, which I will update during the day:Increased leverage is a big concern; commercial and multifamily mortgages ar...
Monday Musings
I'm not feeling 100% (yet) today, but I have been slacking here and think I need to write something! So here are some soundbites....The Economist is backing up all the intuition about the cowboy days...
Ouch?
I'm gonna rely on you to read Traffic Court again to catch up on some not-so-great news on CMBS, including a huge spreads over Treasuries and a 48% rise in yield over swaps. Thoughts appear to be tha...
Is it a commercial real estate crunch or a separation of wheat and chaff?
I say the latter. Why? You had to expect that over-levered and too-optimistic deals were going to tank. Yes, the credit crunch is hitting commercial properties, especially when you want to do a hig...
You want real estate statistics? Here you go!
Actually, go to ULI's The Ground Floor blog, where you will find predictions, yields, pricing on tranches of CMBS (look at the Carter-esque rates for junk and get a chuckle) and spreads by property ty...
Here come the capital markets associate layoffs
With CMBS still off those record levels requiring large staffs, Cadwalader pulled the plug on 35 associates today, which is roughly a 5% RIF. While other firms have tried other tactics such as sab...
CMBS at $100 billion?
At this rate it would not surprise me at all. Many of us still see a pickup coming this year. Usually when people say there's a recession the announcement usually comes right as things are already s...
Update on law firms and CMBS
I wrote previously about some firms with large CMBS practices and their plans for what to do with not so busy associates. At the time, one of the firms, Thacher Proffitt & Wood, was not plannin...
Loan diversity in the CMBS market
I'm no expert on the CMBS market, nor do I want to be. While they are extremely useful to my clients, as a lawyer they are not the most exciting part of my day.But there was an interesting little tri...
CMBS slowdown hitting law firms
As the conduit market ground to a halt in the last few months, some lawyers necessarily have much less work to do. Most people would be happy to slow down after so many years of go, go, go, but these...
Law job of the day: a new CMBS player
Jordan Crouch was kind enough to cite me as the source for Macquarie's starting a CMBS group with some good folks from LaSalle Bank. But he's the guy who got me looking in the first place, so he shou...
Friday thoughts and musings
The weather is holding for now, so I'm going to be brief today and try to enjoy the weather while I can. (I also know I have several deals that will keep me chained to my desk all week next week.) I...
Lenders, lenders, lenders...get your lenders right here!
Here is a good post by Jordan Crouch on different types of CRE lenders. Of course, we've been hearing the most about conduit lenders for the last few years, but don't forget those other sources! The...
Conduit borrowers - can you sit tight just a little longer?
Kenny Pratt's sources are reporting that while all-in rates on conduit loans are not improving, lenders are getting their arms around the current dynamics of the market which ought to stabilize the sp...
What doesn't this say?
When I first read this story about large residential projects pulling back, I was not a happy camper. Things looked bad.But then I read it again, between the lines, and came to the following conclus...
CMBS and Swaps
I am linking to just about every post of Kenny Pratt lately. But it is well-deserved. The guy just gets it.When I was a younger associate I spent the better part of an evening trying to understand s...
Store these nuggets away
Kenny Pratt has some interesting insights that he gleaned from the Self Storage Association Conference. The best one for me is this one on the conduit market."Conduit Lenders are starving (no surpris...
Several great stories on market conditions
Retail Traffic has several good stories in its current issue on the CMBS market continuing to limp along, traditional portfolio lenders jumping in and saying "I told you so" as borrowers say "don't wa...