CMBS

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.

Expectations are that there will be $5bn-$7bn of new conduit issuance in the fourth quarter, market analysts told Real Estate Capital USA.