![]() The loan is secured by FirstKey’s fee simple interest in each of the homes in the portfolio. Morgan Stanley is the lender that originated and sold the five-year, fixed-rate and interest-only first lien mortgage loan, per KBRA. The deal, which will be FirstKey’s third single-family rental securitization, is expected to close on July 15, according to Trepp data and information from KBRA. In one of this year’s more recent CMBS originations, per a presale that was released last week, Cerberus Capital Management ’s single-family investment and management affiliate, FirstKey Homes, has secured just under $2.1 billion in CMBS debt on a collection of 9,238 rental homes, according to analysis of the transaction from KBRA. It wasn’t that long ago - in 2014 - that Kroll Bond Rating Agency (KBRA) developed a methodology for rating single-family rental securitizations, just one year after the first single-family rental securitization went to market in 2013. ![]() Single-family rental securitizations, which started to gain steam in the early-2010s, have characteristics of both CMBS and residential mortgage-backed securities (RMBS) deals. Already this year, there have been 11 single-family rental CMBS deals, amounting to more than $6.7 billion, that have either closed or are near closing, according to information from research firm Trepp. ![]() Single-family homes in the realm of commercial-mortgage backed securities (CMBS) outperformed the broader CMBS market last year in terms of delinquencies, and now, it seems the space is poised to welcome more large, single-family financings with open arms. SEE ALSO: MV Launches Affordable Rentals Along Miami’s Ludlam Trail ![]()
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