What I’m Reading Walking Away: Trepp researchers parsed special servicer notes on distressed real estate backed by CMBS loans and found a substantial number of borrowers are willing to give assets back to lenders if defaults aren’t cured. As you can probably imagine, most of these are in the hotel and...
October 9th – Long Shadows
What I’m Reading Long Shadows: Office distress has yet to really materialize. However, the risk of loan maturitites and major tenant lease expirations are casting a shadow over the sector. Roughly $27.7B of the $145B CMBS office loans Trepp tracks are set to mature by 2022. What’s more, nearly 35% of...
October 5th – The Empire Strikes Back
What I’m Reading The Empire Strikes Back: Despite a persistent narrative about California being a net COVID loser, the metros with the largest apartment rent increases in the 3rd Quarter of 2020 were Riverside and San Bernardino Counties, according to RealPage, Inc’s quarterly report on effective asking rents. California’s denser and...