A major refinancing of the 6.9 million-square-foot, mixed-use McClellan Park property in Sacramento, California, is slated to help launch two new publicly offered commercial mortgage-backed securities expected to price between now and mid-December.
The two deals will be the among the last in a year that started out on a record pace of issuance but will end up being the lowest in nearly a decade.
Year-to-date issuance of such multi-borrower, multi-loan deals is down about 49% from the same time last year, according to CoStar data. The two new issuances totaling $1.78 billion currently scheduled will not alter that percentage.
However, it should be noted that more deals could surface and be completed yet this year, but time is running out. CMBS issuance normally wraps up before the winter holidays get fully underway.
Year-to-date issuance so far of $24.2 billion was severely reduced due to the outbreak of the coronavirus in March and the subsequent impact on the U.S. economy.
Read the full article 'Refinancing of California Business Park Leads Two Year-End CMBS Deals' by CoStar News.