LSI 2010 Real Estate Joint Ventures conference materials.pdf
LSI 2010 Real Estate Joint Ventures conference materials.pdf
LSI 2010 Real Estate Joint Ventures conference materials.pdf
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Tracy B. Edgers of Wells Fargo Bank Speaker 3: 6<br />
U.S. CRE debt maturities<br />
900,000<br />
800,000<br />
700,000<br />
Fixed Rate CMBS<br />
Floating Rate CMBS<br />
Commercial Banks & Savings Inst.<br />
Insurance Companies<br />
GSEs & FED-Related Mtg. Pools<br />
Other<br />
600,000<br />
$ (Billion)<br />
500,000<br />
400,000<br />
300,000<br />
200,000<br />
100,000<br />
-<br />
2009 <strong>2010</strong> 2011 2012 2013 2014 2015 2016 2017<br />
Maturity Year<br />
Sources: Federal Reserve and Intex Solutions, Inc.<br />
10<br />
Near-term CMBS maturities<br />
70.0<br />
60.0<br />
0.13<br />
50.0<br />
$ (in Billions)<br />
40.0<br />
30.0<br />
20.0<br />
18.34<br />
14.96<br />
33.76<br />
0.12<br />
43.51<br />
58.05<br />
0<br />
41.9<br />
10.0<br />
13.57<br />
0.0<br />
2009 <strong>2010</strong> 2011 2012 2013<br />
Year<br />
Fixed-Rate CMBS<br />
Floating-Rate CMBS<br />
Existing CMBS maturities show $32 billion in refinance debt-capital needs<br />
with an additional $49 billion scheduled to mature in <strong>2010</strong>.<br />
Approximately 30% of CMBS loans that were slated to mature in 2009 have<br />
failed to be refinanced.<br />
Property types have exhibited mixed performance as retail properties<br />
experience the most stress at only a 52% refinance rate. Multifamily loans,<br />
meanwhile, have experienced a nearly 90% refinance rate.<br />
Sources: Wells Fargo Securities, LLC, Citi Investm ent Research and Analysis, Intex Solutions, Inc., Trepp, LLC.<br />
.<br />
11<br />
Law Seminars International | <strong>Real</strong> <strong>Estate</strong> <strong>Joint</strong> <strong>Ventures</strong> and Funds | 02/08/10 in Seattle, WA
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