FTX Creditors: Bankruptcy Estate Could Have Revived ‘Thriving’ Business
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U.S. Banks Face Loss Risk from Multi-Family Property Loan Exposure, Says Fitch
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Adam Neumann’s Bid to Buy Back WeWork Faces Uphill Battle Due to Financing Challenges
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Mastercard, Visa Reach Settlement with Merchants in Swipe Fee Lawsuit
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U.S. Office Loan Payoff Rate Rises in First Two Months of 2024
The payoff rate on maturing U.S. office loans packaged in commercial mortgage-backed securities (CMBS) spiked in January and February from last year, according to a new report by Moody's Investors Service, Reuters reported. More than 55% of maturing office loans was paid off in January, while 25% was paid off in February. The combined 48% payoff rate for the two months marks a significant increase from the overall 2023 rate of 35%. The first two months of the year saw $1.15 billion of office debt packaged in CMBS reach their maturity dates. There are $17.4 billion in office loans maturing in the next 12 months. Moody's deemed roughly $13 billion of the amount, or three-quarters, as very difficult to refinance. Concerns swirled last year over the heavy office loan maturity wall in 2024, as persistent inflation and remote working have strained landlords' ability to make loan payments. While the payoff rate increased from last year, the figures should be taken with a grain of salt, Moody's noted. Only 30 such loans have matured since the year's start, while smaller loans amounting to less than $10 million had a higher payoff rate than larger debt loads. Most other property types' payoff rates have continued to fare better than office loans. All industrial real estate loans due by the end of February paid off, followed by 89% of multifamily loans and 61.8% of retail loans. Hotel loans fared the worst, with only 19.5% of loans due at February's end paying off.
ABI will present a program April 30-May 2 that will address CRE exposure: the 2024 Distressed Real Estate Symposium, to be held in Ojai, Calif. Click here to register!
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FTX Bankruptcy Procedures Riddled with Law Firm Clash
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FTX to Sell Two-Thirds of Anthropic Stake for $884 Million
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The $27 Trillion Treasury Market Is Only Getting Bigger: More Debt, Different Buyers and Increased Regulation Pose Challenges
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Former Federal Prosecutor Approved to Lead FTX Probe
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Platform Built by Former FTX Executive Snaps Up $60 Million in Claims
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