NOT SO SPECIAL ANYMORE
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|Delinquent CMBS loan volume in the Baltimore metro dropped by $40M in March, according to the latest Trepp data. Mackenzie Capital president Glenn Ercole says it's because special servicers are modifying loans by extending them and working out deals with owners. He also tells us there are more alternative lenders in the market now (several new CMBS shops have opened this year), so more distressed loans are being refinanced. Not that it's a bad thing—servicers gain from the extension as much as note holders and landlords, Glenn says, because they're betting values will increase (?which they are,? he tells us). In the words of The Office boss Michael Scott, that's a win-win-win.|