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Commercial mortgage-backed securities lenders are starting to close the gap to their counterparts at life insurance companies, tightening their quoted spreads while continuing to offer higher loan-to-value ratios. Pricing on new CMBS loans has dropped to the mid-4% range over the past 40-45 days, said Dan Lisser, a managing director in the New York office of Johnson Capital, an advisory company. "[Conduit] deals were being done in the 530 range and have come down into 460 range for a typical 70% levered deal," he added.
The success of several new...