CMBS

KKR closes real estate credit opportunities fund with $950m

The follow up to KKR’s 2017 fund will continue to focus on junior tranches of commercial mortgages.

S&P: Rising office vacancy may impact lower-rated European CMBS tranches

The rating agency’s analysis of office-backed CMBS transactions shows AAA- and AA-rated tranches can withstand higher vacancy rates, while lower-rated tranches are more vulnerable.

Investors shelve the US retail sector

Retail icons are being toppled, spelling major trouble for US shopping malls as a cascade of defaults looms.

Why troubled hospitality is not the low-hanging fruit it appears to be

Distressed hotel deals are now visible, but access to many would-be discounted transactions in the sector looks restricted.

Record spike in delinquencies signals trouble in the US CMBS market

Ratings agency S&P expects the delinquency rate to climb higher for June, although European CMBS are so far weathering the storm.

US braces itself for a surge in defaults

The economic fallout from covid-19 has stoked fears of a liquidity crisis in US commercial property lending.

Four measures of how the real estate finance market is holding up

Syndication is slow and capital value forecasts are bleak, but CMBS transactions remain liquid and real estate is expected to retain relative value.

How Kayne Anderson raised a $1.3bn real estate debt fund in two weeks

Last month’s real estate debt fire sales at the outset of the covid-19 outbreak in the US were just the tip of the iceberg for private real estate.

Even $2trn of stimulus will not stop the next US CMBS crisis

Coronavirus shutdowns have pushed nearly $25bn of US CMBS loans to the brink of delinquency, and the worst is yet to come.

Ten things we have learned from our covid-19 coverage so far

Lenders are facing calls to grant interest payment holidays, force majeure is on people’s minds, and operational property is expected to be hardest hit.