Overall, delinquency rates for commercial MBS have improved each month since a peak in June 2020. However, loans tied to office and hotels with an emphasis on corporate travel are slower to recover.

MISMO and SFA are separately working to update the ASF dataset for non-agency MBS; BNY Mellon is offering new agency MBS service; a relatively rare downgrade for commercial MBS.

Despite protests that existing yield maintenance protects investors from prepayment risk on agency CMBS, FHFA directed the Federal Home Loan Banks to limit their exposure.

Late last month, inter-dealer brokers began using SOFR for dollar swaps, allowing ARRC to finally recommend use of Term SOFR. 

KinderCare is the largest for-profit childhood education provider in the country. The CMBS is being issued by National Realty Trust, which received a mortgage on 549 properties where KinderCare operates.

A mutual fund giant wants to convert Capstead’s cash base into commercial assets, leaving the residential world behind. The goal: higher returns for investors.

If hotel properties are excluded, average NOI declined only 0.7% last year, according to Fitch Ratings.

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.

The New York Supreme Court’s Appellate Division said the continuing nature of the alleged harm defeated the state’s six-year statute of limitations for breach of contract claims.

Demand has been booming for single-family rental properties over the past year. Amherst Residential saw an 85% year-over-year increase in applications for rental homes.