In the first nine months of 2019, 88% of CMBS office loans were paid off when they matured. As interest rates and vacancies rose, that share dropped to 71% in the first nine months of 2022 and to just 31.2% this year.
About 58% of the total capital deployed by private credit managers globally is estimated to come from firms that lend more than $10 billion per year.
U.S. retail sales fell 0.1% in October from a month earlier, the first decline since March and comes after a 0.9% increase in September. From a year earlier, sales rose 2.5% in October, well slower than the pace of price increases.
Lenders this year have issued a record number of foreclosure notices for high-risk property loans. Commonly known as mezzanine loans, these loans have high interest rates and offer a faster and easier path to foreclose than mortgages. The current number of these high-risk loans is the highest total ever for a single year, as higher interest rates and rising vacancies punish the property sector.
The Trump International Hotel Waikiki, in Honolulu, Hawaii, is set to rebrand under Hilton’s luxury LXR Hotels & Resorts brand. The hotel will be renamed Wākea Waikiki Beach and managed by Hilton beginning in February 2024, after the property owner Irongate and Trump Hotels came to a “mutual agreement” to sever ties after a “significant buyout of the hotel management and license agreements.”
With mortgage rates near 8% and average home prices hitting record highs, sales of existing homes were down 15.4% year-over-year in September.
Regulators closed Signature Bank in March after a run on its deposits, marking the fourth-largest bank failure in U.S. history. Now, the Federal Deposit Insurance Corp. is auctioning off thousands of Signature loans backed by apartment buildings and other commercial properties primarily in the New York region. Bids are due Thursday on what is the biggest and most closely watched commercial-property sale of the year. Loans are expected to sell on average 15% to 40% below their original face amount.
Bain Capital is close to acquiring Guidehouse, a consulting firm that advises government organizations and businesses, in a deal valuing it at $5.3 billion including debt.
China passed a significant milestone last fall: For the first time since its economic opening more than four decades ago, it traded more with developing countries than the U.S., Europe and Japan combined.
