Non-bank cash eases CMBS refinancing wave
An influx of cash from alternative lenders and foreign capital has helped the CMBS market negotiate a wave of maturing pre-crisis CMBS debt, with even weaker loans showing stronger performance in July, according to Morningstar analysts.
The payoff rate in July climbed above 70% for the first time in three months, said the analysts on Monday, with 78.2% of maturing loans repaid in the month, compared with 65.8% in the previous month.
The analysts noted that nine of the 10 most leveraged loans, with
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