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CMBS Loan Paid Off For High-Profile $5.3B Development


Blackstone and Ivanhoé’s $5.3B deal for Stuy Town-Peter Cooper Village led to the payoff of five delinquent CMBS conduit deals left over from Tishman Speyer’s buy (and default) of the complex.

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]