Latest CMBS Conduit Benchmark 2024-V12
December 13, 2024
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Fresco Analytics leads the market by being among the first to deliver comprehensive access to the newly announced $752.2 million Benchmark 2024-V12 Mortgage data(yes, Excel).
The $752.2 million CMBS conduit transaction, has been announced with preliminary ratings from major agencies.
Fresco Analytics has curated a Google Map to show the geographical diversity of the deal properties.
Deal Highlights
31 loans across 156 properties
Major property types: Multifamily (27.3%), Lodging (25.8%), Retail (22.1%), Self-Storage (9.2%)
Geographic concentration: New York (24%), Colorado (17%), Florida (12%)
Fresco Insights
The deal size is a step down from Benchmark V11 ($1.04 billion), although with many more properties (156 vs. 62)
Weighted average (WA) interest rate remains steady at around 6.6 percent. All but one loan are five year interest only mortgages.
WA LTV is 58.4. WA DSCR is 1.7. Both are slightly worse than the metrics of V11.
In what possibly is the last conduit deal of 2024 (closing on or about December 31, 2024), the deal runners put together a diverse mix of commercial mortgages, culminating a remarkable year for CMBS issuance. The market is projected to exceed $100 billion by year-end, a level achieved only once since the Global Financial Crisis.
With the tailwind from rate cuts, strong U.S. economy, and signs of office market stabilization, we should expect continued improved market liquidity in the capital market and more broadly in commercial lending.
We are as excited as everyone in the industry for 2025. Please keep in touch as we will provide more data and analytics to all.
Cheers,
Fresco Analytics