Blackstone Real Estate Partners and Starwood Capital will be using proceeds from the mortgage loan to acquire Extended Stay America’s portfolio, fund working capital and pay closing costs.
Nonbank originators that have been hoarding MSRs for the past 16 months are sitting in the catbird seat. Some bids are just shy of top dollar. Time to pull the sales trigger?
For the first time since QM standards took effect in early 2014, lenders can no longer rely on the government-sponsored enterprises to obtain QM status for a loan.