The TreppWire Podcast: A Commercial Real Estate Show

In this week’s episode, Trepp’s Head of Advisory Services, Lonnie Hendry, gives an overview of property valuations and the use of multipliers as a reliable data point. We also break down economic news and the stimulus package, the December payoff report, CRE loan performance, and ponder office headlines that ask the question, is the office desk dead? Lastly, we discuss the National Defense Authori...

In this week's episode, the team reviews the impact (or lack thereof) of the Capitol news on financial markets. We also discuss the latest December CMBS delinquency numbers, travel and hospitality headlines, news in the office sector, and the recent retail closures. To close, we reminisce on past CREFC events and dive into what’s to come for the year ahead. Episode Notes: Capitol, election, financ...

In this week's episode, we take stock of everything that happened in the CRE and CMBS markets in 2020. The CRE market has withstood one of the most impactful shocks to its ecosystem, which has meant different things to each property sector. We look at the biggest surprises of the year, CMBS delinquency rate trends, issuance volume, spread movements, and highlights of the year. Episode Notes: What...

The $900 billion dollar relief bill includes targeted relief for commercial real estate. What does it look like? In this week's episode, we examine the relief measures, the preliminary December CMBS delinquency data, property valuations in this environment, Q3 bank CRE loan performance, and the Federal Reserve’s mid-year stress tests. The team also discusses the potential for new traditions in thi...

We welcome Michael Mandel, Co-Founder and CEO of CompStak, a nationwide provider of crowdsourced commercial real estate lease and sales comp data. We discuss the impact of COVID-19 on the CRE tech industry, analyzing lease comps, slower deal velocity, and winners and losers post-pandemic. Episode Notes: Integrating Trepp and CompStak data (1:50) Impacts of slower deal velocity (6:48) The demand fo...

In this week's episodet, we dig into mall loan losses, a noteworthy CMBX retail loan modification, recent retail bankruptcies, multifamily occupancy rates, falling RevPAR, and troubled debt restructurings. Manus also shares his experience of visiting Manhattan for the first time since March. Episode Notes: On the ground in NYC (4:32) A noteworthy CMBX retail loan modification (8:30) Analyzing mall...

In a special episode, we welcome Michael Bull, Founder and CEO of Bull Realty and the host of America's Commercial Real Estate Show. We discuss key CRE trends from a broker’s perspective, property repositionings, the future of the office market, and potential long-term changes in the CRE transaction process. Episode Notes: The current vibe in Atlanta (1:41) Key CRE trends from a broker’s perspecti...

The sense is that we’re at a global inflection point, with the economy dependent on how fast a vaccine can be fully approved and distributed. In this week's episode, we break down the recent macro news, a declining CMBS special servicing rate, the loan payoff report, and the potential permanent changes in corporate and consumer habits. We also analyze Bob Dylan and Stevie Nicks’ recent nine figure...

Last week we talked about falling occupancy rates in the multifamily housing market. In this week's episode, we take a deeper dive into this potential trend across all property types. We also look at bank CRE loan vs CMBS delinquencies, the demand (or lack thereof) for office space, and the most recent bad news for retail. Listen here. Episode Notes: Bank CRE loan delinquencies (3:21) Multifamily...

With 90% of reporting now complete for the month of November, what do the latest delinquency numbers look like? In this week's episode, we dig into this month’s delinquency data, sagging occupancy rates, the urban exodus and its impact on multifamily, and options for distressed hoteliers. The team also shares what we’re thankful for this year. Episode Notes: Optimism going into the holidays (0:59)...

In a special episode, we welcome Adam Behlman, President of Real Estate Investing & Servicing at Starwood Property Trust, the largest commercial mortgage REIT in the US with a market cap of $5 billion. We discuss the volatility today compared to the Great Financial Crisis, the current mindset of borrowers, opportunity for the CMBS market, forbearance relief, and challenges in appraisals. Episode N...

What’s next for the struggling hotel sector? In this week's episode, we analyze the flurry of bad news for hotels, which make up the third-largest property type by outstanding CMBS balance. We also discuss retail earnings, warehouse loan hedging 101, early indicators for bank failure risk, and what our Thanksgiving festivities will look like this year. Episode Notes: Retail earnings takeaways (1:0...

A widely available vaccine will change the game for commercial real estate, which has of course been hit hard this year. In this week's episode, we offer performance predictions for each property type as the return to normalcy begins to come into focus. Episode Notes: Hotel performance in a post-vaccine world (1:00) The shift in retail (11:02) Office prices falling (14:38) Is multifamily performan...

With the pressure of the flash recession and a new presidential agenda likely, we may see renewed emphasis on surveillance and risk management for larger financial institutions. In this week's episode, we break down potential regulatory changes, the history of risk retention rules, and measures on the ballot affecting CRE. We also dig into notable Q3 CRE data, the CMBS payoff report, bank failure...

The University of North Carolina Kenan-Flagler private equity fund was the first student-run real estate fund whose mission was to invest outside capital in an educational setting to deliver real returns for investors. In a special episode, we welcome Dr. David Hartzell, Director of the Leonard Wood Center for Real Estate Studies at UNC, and Caroline O’Neill, full-time MBA student and manager of U...

In this week's episode, we analyze the outlook for the distressed asset market, recent pricing levels, retail valuations, the concept of a “loss waiting to happen,” and the big CRE stories of the week. With Halloween right around the corner, we discuss haunted CRE properties in the New York City area. Episode Notes: When will the other shoe drop? (0:59) Recent CMBS pricing (3:35) Notable CRE stori...

Our loyal listeners may recall that we recently discussed creating a list of CMBS loans for which the borrower has indicated a willingness to return the collateral to the lender. In this week's episode, we analyze the data behind borrowers looking to give back their keys, the preliminary October CMBS delinquency numbers, and noteworthy valuation cuts. In the last 6 months, corporate CLOs have argu...

In a special episode, we welcome Eric Thompson, Global Head of Structured Finance at Kroll Bond Rating Agency and Chair-Elect of the CRE Finance Council, to discuss the differences between this pandemic and the Great Financial Crisis, rating new CMBS deals, potential structural changes coming out of this crisis, and challenges that come with a high volume of forbearances. Episode Notes: Comparison...

The big bank Q3 earning reports this week show us that banks with a higher concentration in the capital markets may be weathering the storm better than their peers. In this week's episode, we break down bank earnings, retail property valuations, shadow delinquencies, hotel exposure by MSA, and the potential reduced demand for office space. The podcast team also shares their personal dress codes fo...

We welcome KC Conway, Chief Economist at CCIM, to discuss his predictions for the market, key CRE metrics for assessing the recovery, the convergence of retail and industrial, the increased focus on ESG, areas of opportunity, and the impact of the U.S. election and potential regulatory changes on CRE. Episode Notes: The vibe in Georgia (1:55) A W shaped recovery (3:30) Key CRE metrics to watch (13...

Amid the disruption caused by the coronavirus pandemic, there have been a number of trends that have directly impacted demand in the self-storage sector. In this week's episode, we analyze the “recession-resistant” self-storage market, the surge in retail and lodging special servicing rates, and the loan payoff report. Manus Clancy also hands out his highly coveted Tom Petty “I Won’t Back Down” aw...

Certain provisions of the CARES Act provided community banks a delay in the implementation of CECL (current expected credit losses). In this week's episode, we take a deep dive into the world of CECL, the declining CMBS delinquency rate, recent CRE valuations, and CMBS issuance and pricing. We also discuss some creative solutions for celebrating Halloween this year. Episode Notes: Positive news am...

Since the beginning of the pandemic, reported occupancy rates have remained healthy in the office and multifamily property sectors. However, there are two types of occupancy to consider: physical and economic. In this week's episode, we welcome Lonnie Hendry, Head of Advisory Services at Trepp, to break down occupancy rate calculations, the latest regulatory issues, the performance of CRE loans in...

In the office market, we’re seeing the fits and starts of a physical return to work play out this week. In this episode, we discuss the mixed bag of office news, takeaways from the mid-month CMBS delinquency report, the first case we’ve seen of a loan deferral with no advancing, and what the holiday season might look like in retail this year. Episode Notes: A relief bill for CRE is looking very un...

Over the last six months, we’ve covered the movements of the CRE finance sector. Looking forward, what changes could we see in the market as a result of the pandemic and the flash recession? In this week's episode, we discuss potential changes in CRE finance, problems in the multifamily sector, the wave of retail news, student housing loans, and strategic defaults in bank loan portfolios. Continui...