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CMBS Newsflash
In this latest CMBS Newsflash, experts from Moody’s Analytics analyze curing loans as CMBS delinquency transitions to forbearance.
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How Will Higher Rates Affect Upcoming CMBS Maturities and COVID Impacted Loans?
In this article, Moody’s Analytics analysts review how higher interest rates have increased the 2nd quarter CMBS new issuance minimum debt yield to 7.12%. In contrast, 29% of ~$77.8 billion of COVID-19 affected loans have a debt yield less than 6%. This piece focuses the analysis on CMBS loans that mature before year end and creates an estimate that $7.7 billion in CMBS loans may fail to mature. If these loans are extended, the existing coupon is significantly lower than the ~6% market coupon required on a new loan, so the related CMBS bond extensions will decrease investors’ returns.
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Is Omicron Different? Ongoing Variants’ Potential Effects on CRE
With COVID-19 infection rates spiking, organizations and households are once again altering their plans. How, if at all, will this impact commercial real estate?