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CREFC's January 2024 Monthly CMBS Loan Performance Report

February 27, 2024

CRE Finance Council has released a report on CMBS loan performance for January.*

Key takeaways:

DELINQUENCY RATE INCREASES TO START 2024

  • Conduit/SASB CMBS combined delinquency of 4.66%
    • Delinquency rate rose 15 bps in January, following a modest decrease of 7 bps in the month prior
    • On a YOY basis, the overall combined delinquency rate is up 172 bps (4.66% vs. 2.94% in January 2023
  • Delinquencies in the heavily-watched office sector experienced the most significant increase since September 2023
    • Office delinquency rate jumped 48 bps to 6.30% in January and is 444 bps higher on a YOY basis; Office SS stands at 9.74%, 573 bps higher YOY
    • Convergence of work-from-home (WFH)-induced demand shock, high benchmark, mortgage, and cap rates, and a pullback in bank lending will continue to present office headwinds
  • Delinquency rate is still 566 bps below 10.32% peak in June 2020 – the height of pandemic-related lockdowns. Clearly, the situation today with limited office demand and higher rates suggests perhaps a less benign outcome for certain office loans.
  • Special Serviced (SS) loans rose to 6.95% in January; up 17 bps from prior month and 184 bps higher on a YOY basis
    • As per servicers, loans transferring to SS mostly related to current market dynamics; office loans dominate new entries
    • Servicers say most loans with COVID-related forbearances have returned to original loan terms and are performing as expected
    • Loans still in forbearance or modified are generally paying as required
  • Delinquency and SS rates for SASB continue to climb
    • SASB delinquency rate of 4.14% in January vs. 2.55% in year prior; SASB SS rate of 6.92% vs. 3.94% in year prior. SASB distress driven by floating-rate loans challenged with securing new interest-rate cap and swap agreements at higher strike rates and continued challenges in the office sector (much of which is financed by SASB CMBS).
    • Conduit delinquency has also climbed but at more measured pace: 5.03% delinquency vs. 3.92% in year prior; 6.97% SS vs. 5.90% in year prior
  • Loans in-foreclosure and REO asset rates remain low at 1.22% and 0.90%, respectively
    • Office delinquency and SS rates will continue to increase as more loans with near-term maturity dates have difficulty refinancing; foreclosure and REO rates expected to trend upward as a result

*Source: Trepp. CMBS data in this report reflect a total outstanding balance of $614.3B: 58.8% ($361.3B) conduit CMBS, 41.2% ($253.0B) single-asset/single-borrower (SASB) CMBS.

Click hereto download the full report. Contact Raj Aidasani for more information on CMBS loan performance.

Contact 

Raj Aidasani
Managing Director, Research
646.884.7566
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2023 CRE Finance Council. All rights reserved.
CREFC's January 2024 Monthly CMBS Loan Performance Report
February 27, 2024
CRE Finance Council has released a report on CMBS loan performance for January.

News

Capital Markets Update Week of 2/12

February 12, 2024

Private-Label CMBS and CRE CLOs

Year-to-date private-label CMBS and CRE CLO issuance totals $8.1 billion, more than double the $3.8 billion for the same period last year. In another busy week for the private-label market, three CMBS transactions, totaling $1.2 billion, priced, including:

  • BX 2024-MF, a $550 million SASB backed by a floating-rate loan for Blackstone, secured by 10 multifamily properties.
  • GSMS 2024-70P, a $395 million SASB backed by a fixed-rate loan for DTH Capital and Rose Associates, secured by a one-million sf mixed-use building at 70 Pine Street in Lower Manhattan.
  • MCR 2024-HTL, a $281 million SASB backed by a floating-rate loan for MCR Hotels, secured by 16 hotels across 11 states.

CMBS lenders are expecting a strong resurgence in issuance in 2024, according to origination projections provided to Commercial Mortgage Alert. Lenders estimate 2024 volume will reach $98.5 billion, up 150% from the $39.3 billion in 2023.

CRE CLO Issuance. According to Commercial Mortgage Alert, CRE CLO issuers are forecasting $31.9 billion in volume, a more than four-fold increase over last year’s $6.7 billion.

Spreads Continue to Trend Tighter

  • Conduit AAA and A-S spreads were unchanged at +93 and +135, respectively last week. Year to date, AAA and A-S spreads have tightened 23 bps and 30 bps, respectively.
  • Conduit AA and A spreads were tighter by 15 bps and 25 bps to +175 and +275, respectively. Year to date, AA and A spreads have tightened by 50 and 100 bps, respectively.
  • Conduit BBB- spreads were tighter by 35 bps to +725. Year to date, BBB- spreads have come in by 175 bps.
  • SASB AAA spreads were tighter by 5 – 10 bps to a range of +130 to +160, depending on property type. Spreads have narrowed from +160 to +188 at the start of the year.
  • CRE CLO AAA and BBB- spreads remained at +155 and +565, respectively. Spreads are tighter for the year by 45 bps and 35 bps, respectively.

Agency CMBS

  • Agency issuance totaled $2.6 billion last week, consisting of $1.3 billion in Freddie K and Multi-PC transactions, $1.1 billion in Fannie DUS, and $196 million in Ginnie PLs.
  • For the year, agency issuance stands at $10.7 billion, 6% higher than the $10.1 billion for same-period 2023.

The Economy, the Fed, and Rates…

  • Equities on a Tear. A milestone was reached last week, with the S&P 500 topping 5,000 for the first time, setting a record high as investors continue to bet on a resilient economy. The Fed’s unlikely “soft landing” may become a reality with unemployment low and inflation seemingly under control.
  • The Fed kept rates at a 22-year high for a fourth straight meeting in January, and while officials signaled their openness to cuts eventually, it may not happen as soon as some had hoped. As noted by Yung-Yu Ma, Chief Investment Officer at BMO Wealth Management:
“The big driver for the rally is the realization that the US economy is unlikely to falter in the way that the average prognosticator had expected. A better economy, healthy profits, and lower inflation is providing the fuel.” 
  • In what likely fueled some of the optimism in the equity markets was data that, in the past, few paid any attention to. On Friday, the government published its annual revisions to seasonal adjustment factors for monthly inflation data. Usually small and therefore ignored, the adjustments came into focus because of what happened a year ago: revisions significant enough to cast doubt on whether the battle to tame inflation was working. As noted by Fed Governor Christopher Waller in a speech last month:
  •  
    “Recall that a year ago, when it looked like inflation was coming down quickly, the annual update to the seasonal factors erased those gains. My hope is that the revisions confirm the progress we have seen, but good policy is based on data and not hope.”
     
  • This year, however, the Bureau of Labor Statistics confirmed that inflation was about the same as initially reported after incorporating annual revisions, according to new data published Friday. Consumer prices, excluding food and energy items, rose at a 3.3% annualized rate in the final three months of 2023, matching the previous reading. Ian Lyngen, Head of US Rates Strategy at BMO Capital Markets, noted:
  •  
    “Today’s data primarily serves to solidify the market’s perception that Powell has made significant progress on inflation and therefore rate cuts will be in the offing, if not in March, then May or June.”
     
  • In contrast to the above, market expectations for Fed rate cuts this year ebbed further, as futures traders slashed the likelihood of a March rate cut to 16%, down from 65% a month prior. Expectations for a May cut were also downgraded to 71%, down from 94%. Next week, consumer price data for January is expected to show further slowing, which Fed officials have said is a condition for pivoting to cuts after 11 rate increases over the past two years.

  • Treasury yields rose with doubt building in the market that the economy will require as many rate cuts this year as had been priced in. Two- and five-year Treasury yields reached their highest levels since December, at 4.48% and 4.14%, respectively. The 10-year Treasury yield was up 16 bps on the week, ending at 4.18%.

  • You can download CREFC’s one-page MarketWatch with statistics covering the economy and the CRE debt capital markets here.

    Contact Raj Aidasani (raidasani@crefc.org) with any questions.
     

    Contact 

    Raj Aidasani
    Managing Director, Research
    646.884.7566

    N/A
    The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2023 CRE Finance Council. All rights reserved.
    Capital Markets Update Week of 2/12
    February 12, 2024
    Private-Label CMBS and CRE CLOs

    News

    Fannie Mae Envisions Independence from Government Control

    February 12, 2024


    In a recent Bloomberg article, Priscilla Almodovar, CEO of Fannie Mae, reflected on the organization’s prospects outside of government conservatorship, which it has been under since the 2008 financial crisis.

    Almodovar, who took the helm in December 2022, emphasized that the conservatorship was never intended to be a permanent solution. She highlighted the limitations it imposes on Fannie Mae’s commercial operations, expressing concern over the loss of “commercial muscle” due to the limbo state between government and private sector status.

    Why it matters: Fannie Mae and Freddie Mac, the U.S. government sponsored enterprises (GSEs) that are central to providing liquidity for single-family and multifamily housing, were placed into conservatorship in September 2008. Both GSEs have been allowed to retain more earnings to build up capital reserves, with Fannie Mae and Freddie Mac accumulating $73.7 billion and $44.7 billion, respectively, according to Bloomberg.

    The Federal Housing Finance Agency (FHFA), which oversees the housing agencies, has not yet outlined a plan for returning the mortgage firms to private ownership but has established prerequisites. At a May 2023 hearing, FHFA Director Sandra Thompson said the agencies must build their capital buffer to a combined $300 billion. Even then, she noted further conversation will be required with Treasury and Congress.

    The bottom line: Mark Calabria, the former FHFA director, acknowledged the progress made toward rehabilitating Fannie Mae and Freddie Mac, estimating two to four years of work remains to address outstanding issues. Almodovar and Calabria agree that both companies are in a better position now, with improved capitalization, regulation, and a business model that has shifted from holding mortgages on balance sheet to mitigating interest-rate and duration risk.

    The article underscored the ongoing debate and efforts regarding the transition of Fannie Mae and Freddie Mac back to the private sector, marking one of the last significant unresolved matters from the global financial crisis.

    NOTE: Mark Calabria will be CREFC’s Keynote speaker at our High Yield, Distressed Assets, & Servicing Conference on March 6 and 7. We hope to see you there.

    Contact Raj Aidasani (raidasani@crefc.org) with any questions.

    Contact 

    Raj Aidasani
    Managing Director, Research
    646.884.7566
     

    N/A
    The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2023 CRE Finance Council. All rights reserved.
    Fannie Mae Envisions Independence from Government Control
    February 12, 2024
    In a recent Bloomberg article, Priscilla Almodovar, CEO of Fannie Mae, reflected on the organization’s prospects outside of government conservatorship, which it has been under since the 2008 financial crisis.

    News

    Banking Groups Sue Agencies on Final CRA Rules

    February 12, 2024

    The Independent Community Bankers of America, the American Bankers Association, and other banking trade groups sued the Federal Reserve, the Federal Deposit Insurance Corp (FDIC), and the Office of the Comptroller of the Currency (OCC) on Feb. 5 over revisions to the regulations implementing the 1977 Community Reinvestment Act (CRA).

    The CRA requires banks to help meet the credit needs of the communities in which they do business, including low- and moderate-income (LMI) neighborhoods. (Please see here for CREFC’s most recent CRA comment letter.)

    • Late last year, the banking agencies finalized the most significant changes since 1995 to regulations implementing the CRA.
    • The new rule requires banks to lend to LMI neighborhoods in areas where they have a concentration of mortgages and small-business loans, rather than just where they have physical branches.

    The suit claims that the banking agencies have:

    • “Abandoned the statute’s geographic, deposit-taking touchstone in favor of additional sweeping assessment areas”; and
    • Violated both the CRA and Administrative Procedure Act.

    What it means: While debatable whether or not the banking groups will prevail, this lawsuit is an example of the increasingly aggressive steps the industry is willing to take to combat proposed and final rulemakings.

    As reported in previous CREFC Policy and Capital Markets Briefings:

    • The banking trades are preparing litigation should the final bank capital rule prove unnecessarily stringent;
    • Several market participants are considering litigation upon the release of the Securities and Exchange Commission’s climate disclosure requirements; and
    • The U.S. Chamber of Commerce and the American Farm Bureau sued the state of California over its recently passed climate disclosure laws.

    What they’re saying: Some market participants note that suing the regulators over anti-redlining regulations might come across as tone deaf given the banking sector’s arguments that a bank capital proposal could harm low-income borrowers.

    However, as a TD Cowen analyst pointed out to American Banker:

    The banks are smart if they are using litigation to delay implementation beyond the election. It preserves the ability to restart the process if a Republican wins the White House.

    CREFC continues to closely monitor the ever-shifting regulatory landscape.

    Please contact Sairah Burki (sburki@crefc.org) with any questions.
     

    Contact 

    Sairah Burki
    Managing Director, Regulatory Affairs
    703.201.4294
    sburki@crefc.org
    suing regulators
    The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2023 CRE Finance Council. All rights reserved.
    Banking Groups Sue Agencies on Final CRA Rules
    February 12, 2024
    The Independent Community Bankers of America, the American Bankers Association, and other banking trade groups sued the Federal Reserve, the Federal Deposit Insurance Corp (FDIC), and the Office of the Comptroller of the Currency (OCC) on Feb. 5 over

    News

    Treasury Secretary Yellen’s FSOC Testimony - Commercial Real Estate on Her Mind

    February 12, 2024

    Treasury Secretary Janet Yellen spoke last week before both the House Financial Services Committee and the Senate Banking Committee to deliver the annual report of the Financial Stability Oversight Council (FSOC). The Secretary is the Chair of FSOC. During her testimony, she spoke to many key FSOC issues including:

    • A positive outlook on the U.S. economy and rates, citing a historic recovery, represented by GDP growth, declining inflation, unemployment below 4%, and an increase in household wealth by 37%.
    • Concerns commercial real estate will impose some degree of stress and financial loss, particularly on smaller banks.

    She emphasized that those risks do not pose a systemic risk to the banking system. According to Yellen:

    “Valuations (CRE) are falling. And so it’s obvious that there’s going to be stress and losses that are associated with this.”
     
    She added:
     
    "I hope and believe that this will not end up being a systemic risk to the banking system. The exposure of the largest banks is quite low, but there may be smaller banks that are stressed by these developments."
     

    What They're Saying: Yellen’s testimony focused on the Biden Administration’s efforts to usher in a ‘historic recovery.’ Yellen warned continuation of the positive trend depends on a ‘solid and resilient U.S. financial system.’ The Treasury Secretary pointed to five key areas in need of ‘ongoing work’:

    • Banks and Non-Bank Financial Institutions. There arerisks from both banks and non-bank financial institutions, requiring a focus on capital requirements. The non-banks represent a concern due to liquidity mismatches and leverage. Yellen has expressed concerns over the financial stability of non-bank mortgage lenders and servicers in the past, but not as an imminent risk to financial stability.
    • Climate-Related Financial Stability Risks. There is a need for increased focus on climate-related financial stability risks, including severe and frequent climate-related events.
    • Cyber Security Risks. Increasing cyber security risks are a key concern and need to be addressed.
    • Artificial Intelligence. Increasing use of artificial intelligence in financial services, with benefits of reducing costs and improving efficiencies, can also pose both cyber and model risks.
    • Digital Assets Risk. Risks include runs on crypto-asset platforms and stablecoin and potential vulnerabilities from crypto-asset price volatility, and the proliferation of platforms acting outside of or out of compliance with applicable laws and regulations.

    In the House, Congressman Andy Barr (R-KY) noted the three statutory purposes of the Financial Stability Oversight Council and Dodd Frank are to:

    • Identify stability risks,
    • Promote market discipline by eliminating bailout expectations, and
    • Respond to emergency emerging stability threats, like the banking crisis last March.

    He added that:

    FSOC did not identify a systemic risk as it emerged, did not promote market discipline as 100% of large uninsured deposits were bailed out, and did nothing to respond to the emerging stability threat. Nothing would have been different if FSOC had never been created.”

    Please contact Lisa Pendergast (lpendergast@crefc.org) with any questions.

    Contact 

    Lisa Pendergast
    Executive Director
    646.884.7570
    US Department of Treasury Building. Photo was made from scanned 35mm film.
    The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2023 CRE Finance Council. All rights reserved.
    Treasury Secretary Yellen’s FSOC Testimony - Commercial Real Estate on Her Mind
    February 12, 2024
    Treasury Secretary Janet Yellen spoke last week before both the House Financial Services Committee and the Senate Banking Committee.

    News

    Failed Votes Punctuate Congressional Priorities

    February 12, 2024

    Bipartisan deals and partisan votes fell apart in the House and Senate last week. While the presidential election is nine months away, politicians are keeping an eye on November as they consider major legislation on pressing issues.

    Why it matters: Government funding partially expires on March 1 and fully expires on March 8. It is not yet clear how or when a deal will come together amid turmoil on other policy priorities.

    Impeachment Fails in the House

    • The House failed to impeach Homeland Security Secretary Alejandro Mayorkas by a vote of 214-216 on Tuesday, Feb. 6. All Democrats and 3 GOP members opposed impeachment.
    • Rep. Al Green (D-TX) arrived from the hospital wearing scrubs to vote against the bill to bring the total 215-215 and deny its passage. For procedural reasons, Rep. Blake Moore (R-UT) switched his vote to a “no” to preserve a motion to reconsider.
    • Republicans have been highly critical of Secretary Mayorkas and his department’s handling of the migrant influx at the southern U.S. border. While the vote to impeach was expected to be close, it had been a unifying element among a fractious conference.

    What this means: While the setback is a major embarrassment for Speaker Mike Johnson (R-LA), Republicans will likely succeed on a reconsideration once Majority Leader Steve Scalise (R-LA) returns from cancer treatment.

    • If Mayorkas is eventually impeached, the Senate is likely to fall short of the 67 votes needed for a conviction. Democrats view this entirely as a partisan exercise, and some Republican senators have voiced concerns that the impeachment articles are more of a response to bad policy and do not meet the constitutional standard of “high crimes and misdemeanors” for impeachment.

    Israel Aid Fails in the House: After the GOP abandoned a bipartisan border deal (more on that below), Speaker Johnson advanced a standalone bill to provide aid to Israel.

    • The Israel aid vote fell short of the two-thirds majority needed for passage on the “suspension calendar” by a margin of 250-180.
    • The move was partially to force a tough vote for pro-Israel Democrats. The White House wants to bundle the aid for Israel with aid for Ukraine. While 46 Democrats voted with the GOP in favor of the aid package, it did not garner enough support to pass.

    Senate Activity: For the past few months, Sen. James Lankford (R-OK) had been the lead negotiator on a southern border deal that was to be paired with foreign aid to Israel, Ukraine, and Taiwan. Once the deal was announced, but before any details were shared on the $118.3 billion bill, the border provisions began to lose Republican support.

    • Former President Donald Trump quickly condemned the bill, writing on Truth Social that “only a fool, or a Radical Left Democrat, would vote for this horrendous legislation.” Trump and others have argued that the President should be able to resolve the border crisis without legislation.
    • Senate conservatives quickly followed and the GOP conference was largely united in opposing the bipartisan deal, denying the bill the 60 votes it needed to advance.
    • Republican Leader Mitch McConnell (R-KY) and Sen. Lankford had applauded the bill as a win for Republicans, albeit a compromise bill with Democrats, as it was endorsed by the National Border Patrol Council.

    The big picture: President Trump’s hold over Republican lawmakers is still firm, and electoral politics are in play as November elections get closer.

    • In response to the failed border package, Majority Leader Chuck Schumer (D-NY) advanced a standalone $95 billion emergency security bill that would send money to Ukraine, Israel, and Taiwan.
    • Without the border provisions, 17 Republicans crossed the aisle and advanced the bill with 50 Democrats. Absent a fast-track agreement, the Senate remained town over the weekend for procedural votes to keep the bill advancing. The Senate invoked cloture on Sunday and will proceed to final passage early this week.
    • Speaker Johnson opposes putting the bill on the House floor absent border reforms. If considered, the Senate legislation would likely pass the House via a combination of Democrats and Republicans.

    The bottom line: Legislating with narrow majorities continues to be complicated. Even the bipartisan tax bill, which resoundingly passed the House, is now facing GOP opposition in the Senate, as some Senators seek to amend the legislation.

    Contact David McCarthy (dmccarthy@crefc.org) with questions. 

    Contact 

    David McCarthy
    Managing Director, Head of Policy
    202.448.0855
    dmccarthy@crefc.org
    U.S. Capitol gameshow style with three choices "Yes", "No", and "IDK"
    The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2023 CRE Finance Council. All rights reserved.
    Failed Votes Punctuate Congressional Priorities
    February 12, 2024
    Bipartisan deals and partisan votes fell apart in the House and Senate last week.

    News

    Join Us for CREFC’s Timely High-Yield, Distressed Assets, & Servicing Conference in New York

    February 7, 2024

    Featuring Former Federal Housing Finance Agency Director Mark A. Calabria


    NEW YORK, February 7, 2024 – The CRE Finance Council (CREFC), the trade association that exclusively represents the nearly $6 trillion commercial and multifamily real estate finance industry, will host its annual High-Yield, Distressed Assets, & Servicing Conference on March 6-7 in New York City. This event brings together servicers, alternative lenders, and high-yield investors focused on commercial real estate (CRE) debt and equity, as well as sub-performing and non-performing commercial property loans.

    CREFC’s timely two-day conference offers a rich program examining the latest top-of-mind issues in CRE finance, including rising borrowing costs tied to elevated interest rates and escalating expenses for property owners. Attendees will have the opportunity to learn how different property types respond to a mix of macroeconomic challenges and high borrowing costs. Conference sessions will also take a deep dive into the mechanics of CRE debt workouts and servicing troubled debt.

    Special Guest Speaker: Past FHFA Director Dr. Mark A. Calabria. The event features keynote speaker Dr. Mark A. Calabria, the former director of the Federal Housing Finance Agency and former chief economist for former U.S. Vice President Mike Pence. Dr. Calabria, currently a senior advisor to the Cato Institute, will speak about housing, politics, the regulatory environment, and macroeconomic issues.

    The High-Yield, Distressed Assets, & Servicing Conference offers a series of panels addressing timely topics and issues for CRE finance professionals, including:

    • High Stakes, High Yield: Navigating Lending in a Volatile Marketplace
    • At Your Service: Hot Topics in Servicing
    • Fear Factor: First Came Malls, Then Came Office, What’s Next?
    • Through the Roof: Capital, Operations, and Insurance Costs
    • Leveraging Underwriting History: Conservatism Vs. Optimism?
    • When Good Loans Go Bad: Tales of a CRE Workout
    • Taking Note: Risk Transfers, Note Sales, and Seller Financing

    Each year CREFC’s High-Yield, Distressed Assets, & Servicing Conference brings together leading industry professionals who address challenges and opportunities in commercial real estate with a robust and timely program agenda. This year’s partner sponsor is Holland & Knight LLP.

    When: March 6-7, 2024

    Where: New York Athletic Club

    180 Central Park South

    New York, NY 10019

    Program (March 6):  bit.ly/HighYield2024Wednesday

    Program (March 7)bit.ly/HighYield2024Thursday

    Registration: bit.ly/HighYield2024Registration

    “We’re excited to have former FHFA Director Mark Calabria join us as keynote speaker of this year’s High-Yield, Distressed Assets, & Servicing Conference and look forward to hearing his views on housing, the economy, and an evolving regulatory environment,” said Lisa Pendergast, Executive Director, CREFC.

     “Our program offers up seasoned professionals who will examine servicing and CRE workout strategies and discuss how a high-rate environment and an evolving economy are impacting various income producing properties. Industry participants seeking to manage a challenging market and discover opportunities in the CRE markets are sure to welcome this year’s relevant discussions.”

    To learn more about CREFC’s upcoming conferences and events, please visit: https://www.crefc.org/events

    About CREFC

    The CRE Finance Council (CREFC) is the trade association for the nearly $6 trillion commercial real estate finance industry with membership that includes more than 400 companies and 18,000 individuals. Member firms include balance sheet and securitized lenders, loan and bond investors, private equity firms, servicers, and rating agencies. For 30 years, CREFC has promoted liquidity, transparency, and efficiency in the commercial real estate finance markets, and acted as a legislative and regulatory advocate for the industry, playing a vital role in setting market standards and best practices, and providing education for market participants.

    Contact 

    Aleksandrs Rozens
    Senior Director, Communications

    The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2023 CRE Finance Council. All rights reserved.
    Join Us for CREFC’s Timely High-Yield, Distressed Assets, & Servicing Conference in New York
    February 07, 2024
    This event brings together servicers, alternative lenders, and high-yield investors focused on commercial real estate (CRE) debt and equity, as well as sub-performing and non-performing commercial property loans.

    News

    Join Us for CREFC’s Timely High-Yield, Distressed Assets, & Servicing Conference in New York

    February 7, 2024

    Featuring Former Federal Housing Finance Agency Director Mark A. Calabria

    The CRE Finance Council (CREFC) will host its annual High-Yield, Distressed Assets, & Servicing Conference on March 6-7 in New York City. This event brings together servicers, alternative lenders, and high-yield investors focused on commercial real estate (CRE) debt and equity, as well as sub-performing and non-performing commercial property loans.

    CREFC’s timely two-day conference offers a rich program examining the latest top-of-mind issues in CRE finance, including rising borrowing costs tied to elevated interest rates and escalating expenses for property owners. Attendees will have the opportunity to learn how different property types respond to a mix of macroeconomic challenges and high borrowing costs. Conference sessions will also take a deep dive into the mechanics of CRE debt workouts and servicing troubled debt.

    Special Guest Speaker: Past FHFA Director Dr. Mark A. Calabria. The event features keynote speaker Dr. Mark A. Calabria, the former director of the Federal Housing Finance Agency and former chief economist for former U.S. Vice President Mike Pence. Dr. Calabria, currently a senior advisor to the Cato Institute, will speak about housing, politics, the regulatory environment, and macroeconomic issues.

    The High-Yield, Distressed Assets, & Servicing Conference offers a series of panels addressing timely topics and issues for CRE finance professionals, including:

    • High Stakes, High Yield: Navigating Lending in a Volatile Marketplace
    • At Your Service: Hot Topics in Servicing
    • Fear Factor: First Came Malls, Then Came Office, What’s Next?
    • Through the Roof: Capital, Operations, and Insurance Costs
    • Leveraging Underwriting History: Conservatism Vs. Optimism?
    • When Good Loans Go Bad: Tales of a CRE Workout
    • Taking Note: Risk Transfers, Note Sales, and Seller Financing

    Each year CREFC’s High-Yield, Distressed Assets, & Servicing Conference brings together leading industry professionals who address challenges and opportunities in commercial real estate with a robust and timely program agenda. This year’s partner sponsor is Holland & Knight LLP.

    When: March 6-7, 2024

    Where:

    New York Athletic Club

    180 Central Park South

    New York, NY 10019

    Program (March 6)

    Program (March 7)

    Registration

    “We’re excited to have former FHFA Director Mark Calabria join us as keynote speaker of this year’s High-Yield, Distressed Assets, & Servicing Conference and look forward to hearing his views on housing, the economy, and an evolving regulatory environment,” said Lisa Pendergast, Executive Director, CREFC.

    “Our program offers up seasoned professionals who will examine servicing and CRE workout strategies and discuss how a high-rate environment and an evolving economy are impacting various income producing properties. Industry participants seeking to manage a challenging market and discover opportunities in the CRE markets are sure to welcome this year’s relevant discussions.”

    To learn more about CREFC’s upcoming conferences and events, please visit this page.

    Contact 

    Aleksandrs Rozens
    Senior Director, Communications

    The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2023 CRE Finance Council. All rights reserved.
    Join Us for CREFC’s Timely High-Yield, Distressed Assets, & Servicing Conference in New York
    February 07, 2024
    The CRE Finance Council (CREFC) will host its annual High-Yield, Distressed Assets, & Servicing Conference on March 6-7 in New York City.

    News

    Nominate a Forum Leader

    February 5, 2024

    The big picture: CREFC is seeking nominations for Chair-Elect for each of our industry sector Forums to serve during the June 2024 – June 2025 term.

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    Why it matters: Each of the Forums addresses issues critical to their business sector and works to achieve solutions that serve a common purpose. CREFC works closely with Forum leaders and members to:

    • Ensure all voices are heard;
    • Assist in finding consensus amidst disparate and converging views;
    • Share those views when appropriate with regulators and legislators, utilizing CREFC’s experienced Government Relations Team;
    • Develop new best practices and monitor old ones.

    What’s next: Please submit multiple nominations by taking the survey multiple times. If you cannot access the survey, please email your nomination to your forum leader or Kathleen Olin.

    Current leaders serving through June 2024:

     

    All nominated candidates must be employees of CREFC member firms in good standing. Other considerations are:

    • Candidates should have a broad understanding of and experience in the commercial real estate finance industry, and must be professionally active within the industry and within a specific Forum sector.
    • Nominees must have demonstrated leadership abilities and a commitment to CREFC.
    • Active experience within CREFC or other relevant trade or professional organizations is a strong plus.
    • Candidates must be willing to devote the time required to carry out the responsibilities of their elected office.
    • Terms are typically one year as chair-elect, one year as chair, and one year as immediate past chair.

    Contact Kathleen Olin (kolin@crefc.org) with any questions.

    Contact  

    Kathleen Olin
    Managing Director, Industry Initiatives
    202.448.0863

    Servicers Forum Meeting at the January Conference

    Servicers Forum Meeting at the January Conference

     
    The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2023 CRE Finance Council. All rights reserved.
    Nominate a Forum Leader
    February 05, 2024
    The big picture: CREFC is seeking nominations for Chair-Elect for each of our industry sector Forums to serve during the June 2024 – June 2025 term.

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