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refinancing
Freddie Mac provides $335m of funding alongside investments from CPP and Harbor Group.
The yield on the 10-year Treasury topped out at 5 percent in October before falling to less than 3.8 percent at the end of 2023.
Most assets need an additional 15-20% in reserves to address refinancing issues, according to the advisory firm’s co-founder.
The loan on One Market Plaza, a San Franciso office tower, was one of the largest CMBS loans slated to mature in 2024.
Private credit lenders and other alternative sources of capital are already stepping in to work with national and regional banks to restructure loans.
In-the-money caps are emerging as a short-term fix to interest rate volatility, but they might not ultimately provide the relief the market is seeking.
Rising interest rates are creating challenges for commercial real estate sponsors, complicating the refinancing of existing debt amid a shrinking lender pool, says Locust Point Capital's Eric Smith.
New Jersey manager continues West Coast lending momentum with agency deals for the Sobrato Organization.
Northmarq has arranged and facilitated recapitalizations for four assets across the state over the course of a week.
Alere to use funding to recap assets across Los Angeles, Orange County and the Inland Empire.