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Retail icons are being toppled, spelling major trouble for US shopping malls as a cascade of defaults looms.
Ratings agency S&P expects the delinquency rate to climb higher for June, although European CMBS are so far weathering the storm.
Sculptor
The New York-based alternative asset manager, formerly known as Och-Ziff Capital Management, beat the target for its latest property vehicle by nearly $1bn.
The economic fallout from covid-19 has stoked fears of a liquidity crisis in US commercial property lending.
The duo will target both the acquisition and origination of loans secured by real estate in the western US, Ireland and the UK.
Capital providers and their managers are seeking fresh pockets of value as fundraising in the sector dips.
digital real estate
With commercial properties shuttered and daily life shifted online, data-centric real estate has thus found itself higher on investor wish-lists.
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.
Coronavirus shutdowns have pushed nearly $25bn of US CMBS loans to the brink of delinquency, and the worst is yet to come.
A measure to allow some borrowers to request forbearance from special servicers could hinder new loan originations, said a Real Capital Analytics executive.
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