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Invitation Homes refinancing another 2 single family rental securitizations

Asset Securitization Report - 4/17/2018
Invitation Homes is refinancing another two single-family rental securitizations originally issued in 2015, and it’s cashing out equity in the process, according to rating agency presale reports.
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Freddie Adds Wrinkle to Deal Ratings

Commercial Mortgage Alert - 4/13/2018
Freddie Mac is introducing a different way of presenting the ratings for its K-series multi-family securitizations, in a move aimed at increasing the field of eligible buyers for its guaranteed paper.
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"BANK' Issuers Shop Conduit Deal

Commercial Mortgage Alert - 4/13/2018
The benchmark class of the latest conduit deal was being shopped this week at a tighter level than its counterpart in the previous transaction. The price guidance was 83-85 bp over swaps on the long-term, super-senior tranche of the $688.2 million transaction, backed by loans from Wells Fargo, Bank of America, Morgan Stanley and NCB (BANK 2018-BNK11).
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CMBS Resistant to Lower Rents in NY

Commercial Mortgage Alert - 4/13/2018
Securitized commercial mortgages on Manhattan properties are concentrated in submarkets that are relatively insulated from declining performance, according to a Kroll study. Following several years of steady increases, “Manhattan rents are either declining or experiencing nominal growth,” according to a draft of an upcoming report by the rating agency. “In addition to lowering rents, landlords are handing out generous concessions to fill up vacant space.”
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