CMBS

Robert Neighoff, a portfolio manager at Mariner Investment Group, is tracking opportunity in new issue conduit and SASB paper.

The manager is seeing opportunity at a time when most lenders and investors are staying on the sidelines.

The New York-based sponsor defaulted on a $70m CMBS loan on 25 West 45th Street, a historic office building near Grand Central. 

The SASB CMBS deal was sponsored by a Tishman Hotel & Realty and MetLife IM joint venture.

The 23-hotel CMBS financing will recapitalize properties across 10 states.

The loan on One Market Plaza, a San Franciso office tower, was one of the largest CMBS loans slated to mature in 2024.

The Federal Reserve has not changed the target rate, which has stood at a level of 5.25-5.5 percent, since July.

The $308m loan is expected to be sold for a 50% discount.

The firm anticipates opportunities on the debt and equity side as the commercial real estate market moves closer to a reboot.

An increase in parties overseeing the workout of CMBS loans is expected as the right to appoint new servicers shifts across the capital structure, Academy Securities' Stav Gaon notes.