CMBS Loan Paid Off For High-Profile $5.3B Development
US Bank data shows payouts on the deals: $202M and $800M to two separate Merrill Lynch-sponsored conduits, $1.5B and $247.7M to two Wachovia-sponsored conduits, and $250M to a Citigroup-sponsored conduit—paying them all off in full.
Expect mortgage-backed securities to see a decline in the overall delinquency rate, especially in the multifamily asset class, which ended 2015 as the highest of all property types at 8.28%, Commercial Observer reports.
Mezzanine debt received repayments of interest shortfalls—but a Trepp report says lenders should to reset their expectations for that debt ahead of a likely re-pricing. [CO]