Josh Nester

[Josh Nester @JoshNester3]

Blockbuster things down 75% from their peak:
-Market Center in San Fran
-Goo Goo Dolls concert attendance
-Mel Gibson movie offers
-My lifespan

#cmbs #cmbx
Blockbuster San Francisco office sale marks city's priciest deal in years https://t.co/SFMXF7whf3

[Hayley Keen @HayleyKeenPR]

.@danjmcnamara - you just got a shoutout from Will Segar on our panel “Behind the Curtain: Distress, Bankruptcy, & Restructuring”

“If you have $250 million right now where would you put it…. I would call my friend Dan McNamara”

[Josh Nester @JoshNester3]

“Office properties, particularly in major global metropolitan markets, have shed significant value since peak 2022 levels.” #CMBS

[Daniel McNamara @danjmcnamara]

“Three out of four U.S. conduit office loans maturing in 2024 are likely to default.” #CMBS

Global Contagion Risk Growing from Rising CRE Losses, Led by Office https://t.co/NNCYqsDJkR.

[Josh Nester @JoshNester3]

“For example, within the office sector only 26% of the $35.8 billion of office CMBS loans that matured in 2023 was actually paid off in full”
Extend and Pretend #cmbs

[CRED iQ @cred_iq]

The number of modifications in 2023 more than doubled compared to 2022. Of the $162 billion in securitized commercial mortgages which matured in 2023, 542 loans were modified with cumulative balances just over $20 billion, which is a 150% increase from the amount of modifications that occurred in 2022. According to CRED iQ’s 2024 CRE Maturity Outlook, 2024 will see $210 billion in securitized  maturities.

Full article in comments:

[Josh Nester @JoshNester3]

Extend and pretend doesn’t always work out. #cmbs

[Daniel McNamara @danjmcnamara]

CMBX 6 Mall Liquidated 2 Years After Maturity for a 91% Loss to Bondholders #CMBS

[Josh Nester @JoshNester3]

I still have PTSD after having to visit that mall. Couldn’t even find an employee to point me to a restroom.

[BB @doggedtenacity]

Was more than 100% severity after expenses etc… #malls #specialservicer #cmbs #cmbx

[Josh Nester @JoshNester3]

$141 PSF in DTLA #cmbs

[BB @doggedtenacity]

Brookfield’s Defaulted LA Office Tower Selling at Major Discount
▪South Korean investment firm Consus to buy 777 S. Figueroa St.
▪Purchase price of $145 million is 50% below building’s debt

#office @natalexisw @johngitt @business

[Josh Nester @JoshNester3]

The commercial real estate debt market is poised for a record-breaking event this year as $929 billion in loans are set to mature, with an additional $1 trillion anticipated to come due between 2025 and 2026.

Grab your surfboard, the wave is coming. #cmbs

[CoStar Group @CoStarGroup]

The #commercialrealestate sector is gearing up for significant milestones, with expected loan maturation and new debt on the horizon.

Stay informed on what's to come with a @CoStarNews subscription. https://t.co/EwtlCIri6G

[CoStar Group @CoStarGroup]

The #commercialrealestate sector is gearing up for significant milestones, with expected loan maturation and new debt on the horizon.

Stay informed on what's to come with a @CoStarNews subscription. https://t.co/EwtlCIri6G

[Josh Nester @JoshNester3]

Extend and pretend isn’t just for services. #cmbs

[Josh Nester @JoshNester3]

“Rents are a critical metric used by lenders and others to determine the value of a property. Owners will do everything they can to avoid cutting them, even if it means keeping space vacant because the rental prices deter prospective tenants.” https://t.co/LKN7fBj0Bb

[Josh Nester @JoshNester3]

Employees want to work from home and Employers want to cut costs. The office recovery will be slooooow!

[Daniel McNamara @danjmcnamara]

US office occupancy faces 'black hole' of remote work, says Green Street ⁦@Reuters⁩ #CMBS https://t.co/sikBFxppLU

[BB @doggedtenacity]

Short Sellers Line Up to Bet on US Commercial Property Pain
Sector seen as most likely source of a systemic credit event
Investors yank money from property funds as values decline

By Neil Callanan, Loukia Gyftopoulou and Norah Mulinda @business #CMBS #CMBX #CRE #OFFICE

[Daniel McNamara @danjmcnamara]

Thanks for having me @isabella_farr & @suzannahcav on @trdny Deconstruct Podcast to discuss what we are seeing in the #CMBS market!

[Daniel McNamara @danjmcnamara]

Thanks again to @AdamFriedman33 & @OlshanLaw for hosting!

Link below to the Distressed CRE Panel👇

https://t.co/rsrdDTdlm0

#CMBS @Lonnie_CRE @TreppWire @DiMartinoBooth

[Daniel McNamara @danjmcnamara]

Adventures in CMBS Modifications
#CMBS @DiMartinoBooth @PantsRicky

Urban Edge Properties $EU announced a discounted payoff of its CMBS loan on the Las Catalinas Mall in Caguas, Puerto Rico. The Mall backed a $130mm in debt split between JPMBB 2014 C22 & C23.

[Daniel McNamara @danjmcnamara]

CMBX 6 Mall Sold for Big Discount #CMBS @DiMartinoBooth

Crossgates Mall liquidation hit the remits today. Gross proceeds were around $174M, and net proceeds to the trusts were a little over $144M.

[Trepp @TreppWire]

🚨#TreppWire Trading Alert: New York #CMBX6 Mall Loan Resolved - $100 Million Loss

A $242 million #CMBS loan was reported as resolved. The resolution comes with an aggregate loss of $97.7 million across 5 separate loan tranches.

See more via #Trepp https://t.co/Wa1fyz6xmM

[BB @doggedtenacity]

Are office buildings the next 'Big Short' or the next widow-maker trade? The trader behind the ubersuccessful mall short shares his playbook for making money without flaming out. https://t.co/T0A3quAuDq via @businessinsider

@danjmcnamara interview with @nicollsanddimes #office

[BB @doggedtenacity]

https://t.co/urLQbt5cEj

#cmbx #cre #office