Commercial Mortgage Market Monitor September 2019€¦ · Real Estate industry partner Real Capital...

MORTGAGE-BACKED SECURITIES

Commercial Mortgage Market Monitor

September 2019 Remittances

Table of Contents Foreword ............................................................................................ 2

Overview ............................................................................................ 3

Section A: Delinquencies .................................................................. 3

I. Delinquencies as a % of Unpaid Principal Balance ............. 6

II. Watch List Exposure .............................................................. 8

III. Special Servicing Exposure ............................................. 10

IV. Delinquency Broken Out by Vintage ............................... 16

V. Delinquency Broken Out by Status ..................................... 18

VI. Delinquency Broken Out by Property Type..................... 20

VII. Maturing Loans Summary .............................................. 22

VIII. Defeased Loan Trends .................................................... 25

Section B: Losses ............................................................................ 27

I. CDRs .................................................................................... 28

II. Loan Level Losses ................................................................ 30

III. Aggregate Severity Greater than 2% ............................... 31

IV. Average Severity by Property Type .................................. 34

V. Average Number of Months to Liquidation ....................... 38

Section C: Prepayments .................................................................. 40

I. Top 10 Largest Refinancings ............................................... 41

II. Top 10 Largest Refinancings with Yield Maintenance ... 43

III. Top 10 Largest Refinancings with Prepayment Penalties .. 45

Section D: Appraisal Reductions .................................................... 47

I. Percentage of Balance with Appraisal Reduction ............... 48

Section E: Modifications ................................................................. 50

I. Modifications by Type ......................................................... 51

Section F: Commercial Property Prices .......................................... 53

I. Moody’s Commercial Property Price Index (CPPI) ............ 54

Section G: CMBS Securitization Volumes………………………………..56

2

Foreword

The Commercial Mortgage Market Monitor provides a monthly snapshot of key risk metrics in the Commercial Mortgage Market. The primary sources of data include Intex and Moody’s. The following definitions will facilitate the use of this report. WATCH LIST If the Master Servicer observes that a loan is headed for distress it may put the loan on “negative credit watch.” The loan typically remains on watch until the Master Servicer/Special Servicer has deemed that the acute credit risk has dissipated. SPECIAL SERVICING When a loan goes delinquent, servicing is transferred from the Master Servicer to the Special Servicer. Likewise, if the Master Servicer believes that delinquency is very likely and curing in a reasonable amount of time is unlikely a transfer to the Special Servicer will occur prior to delinquency. The Special Servicer’s responsibility is to maximize the net present value of the proceeds realized from the loan. Typically, the Special Servicer has substantial commercial real estate experience and uses it to decide whether to initiate foreclosure and liquidate the loan or restructure the loan and return it to the Master Servicer. DELINQUENCY Any loan that is 30 days or more delinquent or is in Foreclosure or REO is flagged as “Delinquent” for the purposes of this report. APPRAISAL REDUCTION Typically, if a property is worth less than 90% of the loans unpaid balance, the Special Servicer is required to reset the principal loan amount to the new appraisal value. This is called appraisal reduction and is meant to preserve capital for senior certificates at the expense of junior classes. In this report we track the percentage of the CMBS loan universe that has received appraisal reductions. MODIFICATION As an alternative to liquidation through foreclosure the Special Servicer may modify the loan in accordance with the guidelines of the Pooling and Servicing Agreement. These modifications can include: maturity date extensions, change to the amortization structure, principal forgiveness, temporary rate reduction, capitalization of delinquent interest, capitalization of delinquent interest, or any combination of these modifications. In this report we track the percentage of the CMBS loan universe that has received modifications. MOODY’S/REAL CPPI The Moody’s/REAL Commercial Property Index (CPPI) methodology was developed by the Massachusetts Institute of Technology Center for Real Estate industry partner Real Capital Analytics, Inc. The index is designed to track changes in price on commercial properties involved in two or more transactions over time. Appraisal valuations are not used as part of the index but each transaction carries the same weight. The national all-property index is published monthly. Historical data are available as far back as December 2000.

3

Overview

Thirty loans totaling $449MM became newly delinquent in September, which increased the CMBS 2.0 delinquency rate to 0.79%. The special

servicing (SS) rate decreased to 1.31% with seventeen loans totaling $197MM newly transferred to SS.

One notable delinquency is the $37.8MM Aspen Heights - Stillwater (3.6% of MSBAM 2014-C16) loan. The loan is secured by the fee simple

interest in a 231 unit/792 bed student-housing complex located in Stillwater, OK. The asset was built in 2013 on a 38.5-acre site located 3

miles from the Oklahoma State University campus. At the time of origination, occupancy was at 95% and the net cash flow debt service

coverage ratio (NCF DSCR) stood at 1.27x. The financials for the previous full year show that occupancy at the asset has dropped to 73% and

the NCF DSCR is reported to be 0.66x. Until recently, the borrower had been funding monthly shortfalls to the debt holders but will no longer

fund continued shortfalls. Occupancy continues to struggle and we have been informed that the borrower is looking to hand back the property

via deed-in-lieu of foreclosure. Legal counsel has been retained to file for foreclosure and/or receivership, if necessary. The aforementioned

situation is a good example of how student housing assets in rural markets with low barriers to entry have the potential to struggle.

The largest loan to take a loss in September was the $36MM One West Fourth Street (5.5% of COMM 2013-CR7) loan. The loan was secured

by a 431,000 square foot office building located in Winston-Salem, NC. At the time of loan origination, the property was 84% occupied and the

two largest tenants were Wells Fargo (45.87% of net rentable area), and Womble Carlyle Sandridge & Rice (30.56% of net rentable area).

Upon expiration of Wells Fargo’s lease in December 2016, the bank notified the borrower that they planned to not renew their lease and vacate

the space. Additionally, Womble Carlyle Sandridge & Rice decided to extend their existing lease until 2027 but reduce the square footage that

they occupied from 131,847 square feet to 91,597 square feet starting in May 2017. With the largest tenant (Wells Fargo) vacating the building

and the second largest tenant (Womble Carlyle Sandridge & Rice) reducing their space, asset performance declined substantially. 2018

financials showed that the occupancy dropped to 30% and the NCF DSCR dropped to 0.13x. Eventually, foreclosure proceedings were initiated

and the loan was resolved. After the payment of fees, expenses and advances, the resulting loss to the trust was $9.5MM (26.5% loss

severity).

In new issue CMBS, twelve private label deals ($8.3BN) priced including seven conduit deals ($6.8BN) and five single asset/single borrower

(SASB) deals ($1.5BN). The conduit AAA LCFs priced at a weighted average spread of swaps + 94 bps.

The largest SASB transaction was a $403MM 7yr fixed rate deal collateralized by the borrower’s fee and leasehold interest in the JW Marriot

Phoenix Desert Ridge resort and spa, a full service resort and hotel property located in Phoenix, Arizona. The AAA class priced at a spread of

swaps + 105 bps.

4

2019 private label issuance across conduit/SASB totals $56BN across 87 transactions year to date. Agency CMBS issuance stands at $92.7BN

across Freddie K and Fannie DUS year to date.

5

Section A:

6

I. Delinquencies as a % of Unpaid Principal Balance

7

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

0.00%

0.20%

0.40%

0.60%

0.80%

1.00%

CMBS 2.0 Delinquency PercentageCMBS 2.0 Delinquency PercentageCMBS 2.0 Delinquency PercentageCMBS 2.0 Delinquency Percentage

Newly Delinquent 30++ % (rhs)

Delinquent 30+%

Exhibited by TCW from Intex Data

8

Top 10 Largest CMBS 2.0 Loans Entering Delinquency

Deal Property Name Type Balance % Deal Tapedate DQ Status City

WFR14C24 Two Westlake Park Office 89,626,842 9.2% 09/15/19 30 Days Houston-The Woodlands-Sugar Land, TX

COM15C25 Shopko Industrial Portfolio Industrial 49,302,567 4.5% 09/10/19 30 Days Omaha-Council Bluffs, NE-IA-42.91% Green Bay,

WI-32.63% Boise City, ID-24.47% MSB14C16 Aspen Heights - Stillwater Multi-Family 37,790,199 3.6% 09/15/19 30 Days Stillwater, OK

BCR16CR1 Holiday Inn Express Brooklyn Hotel 30,029,585 41.3% 09/15/19 30 Days New York-Newark-Jersey City, NY-NJ-PA

JPC16FL8 Normandy Portfolio - Call Protected Office 23,375,260 100.0% 09/15/19 30 Days Worcester, MA-CT-50.66% Boston-Cambridge-

Newton, MA-NH-33.76% New York-Newark-Jersey JPC14C20 University Gate Apartments Multi-Family 19,623,010 2.7% 09/15/19 30 Days Erie, PA

CD17CD4 Hamilton Crossing Office 19,229,348 2.2% 09/10/19 30 Days Indianapolis-Carmel-Anderson, IN

UBS18C09 Gymboree Distribution Center Industrial 17,611,412 2.1% 09/15/19 30 Days Vallejo-Fairfield, CA

CSI19C16 Equinox Bloomfield Hills Retail 14,275,000 1.8% 09/15/19 30 Days Detroit-Warren-Dearborn, MI

COM14UB5 Port O'Call Apartments Multi-Family 14,126,565 1.2% 09/10/19 30 Days Indianapolis-Carmel-Anderson, IN

Total 314,989,788


9

II. Watch List Exposure

10

11.29%

0%

2%

4%

6%

8%

10%

12%

14%

CMBS 2.0 Watch List Exposure PercentageCMBS 2.0 Watch List Exposure PercentageCMBS 2.0 Watch List Exposure PercentageCMBS 2.0 Watch List Exposure Percentage


11

III. Special Servicing Exposure

12

1.31%

0%

1%

2%

3%

4%

5%

CMBS 2.0 Special Servicing Exposure PercentageCMBS 2.0 Special Servicing Exposure PercentageCMBS 2.0 Special Servicing Exposure PercentageCMBS 2.0 Special Servicing Exposure Percentage


13

Hotel 13.6%

Industrial 2.5%

Multi-Family 16.1%

Office 26.7%

Other 6.8%

Retail 34.3%

Property Type Stratification Property Type Stratification Property Type Stratification Property Type Stratification ---- Specially Serviced AssetsSpecially Serviced AssetsSpecially Serviced AssetsSpecially Serviced Assets


14

Top 10 Largest CMBS 2.0 Loans Entering Special Servicing

Deal Property Name Type Balance % Deal Tapedate DQStatus City

WFC10C01 Salmon Run Mall Retail 44,042,550 7.6% 09/15/19 Current Watertown-Fort Drum, NY

MSBA13C7 Valley West Mall Retail 43,573,655 4.2% 09/15/19 <30 Days Des Moines-West Des Moines, IA

LSTR1705 Canyon Corporate Plaza Office 30,826,645 4.5% 09/10/19 Current Phoenix-Mesa-Scottsdale, AZ

WFR13C16 Sun Valley Village MHC Other 16,165,623 2.1% 09/15/19 <30 Days San Francisco-Oakland-Hayward, CA

UBS18C12 Holiday Inn - Matteson Hotel 12,761,539 1.6% 09/15/19 60 Days Chicago-Naperville-Elgin, IL-IN-WI

CTG16P3 725 8th Avenue Retail 11,000,000 1.4% 09/15/19 60 Days New York-Newark-Jersey City, NY-NJ-PA

MSC16U11 Fred's Portfolio Retail 9,660,934 1.4% 09/15/19 60 Days Shreveport-Bossier City, LA-30.02%

Dublin, GA-13.49% Monroe, LA-12.05% MSB15C26 El Paso Medical Office Office 8,823,238 0.9% 09/15/19 60 Days El Paso, TX

COM14C20 Springhill Suites Bolingbrook Hotel 6,526,444 0.6% 09/10/19 Current Chicago-Naperville-Elgin, IL-IN-WI

CFCR16C7 Shopko Neenah Retail 6,281,748 1.0% 09/10/19 90+ Days Oshkosh-Neenah, WI

Total 189,662,376


15

0.561%0.745%

11.291%

1.305%

0%

2%

4%

6%

8%

10%

12%

14%

Watch List and Special Servicing SummaryWatch List and Special Servicing SummaryWatch List and Special Servicing SummaryWatch List and Special Servicing Summary

SS and Cur

SS and DQ

Watch List

Special SVC Pct


16

IV. Delinquency Broken Out by Vintage

17

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19

Monthly 30+ Delinquent % by Vintage Monthly 30+ Delinquent % by Vintage Monthly 30+ Delinquent % by Vintage Monthly 30+ Delinquent % by Vintage

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019


18

V. Delinquency Broken Out by Status

19

0.00%

0.05%

0.10%

0.15%

0.20%

0.25%

0.30%

Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19

Monthly Delinquency % by StatusMonthly Delinquency % by StatusMonthly Delinquency % by StatusMonthly Delinquency % by Status

DQ30 DQ60 DQ90P FC REO


20

VI. Delinquency Broken Out by Property Type

21

1.80%

0.5%

0.4%

0.7%

0.9%

0.8%

0.00%

0.20%

0.40%

0.60%

0.80%

1.00%

1.20%

1.40%

1.60%

1.80%

2.00%

Property Type Monthly Delinquency: as Percentage of Property Property Type Monthly Delinquency: as Percentage of Property Property Type Monthly Delinquency: as Percentage of Property Property Type Monthly Delinquency: as Percentage of Property TypeTypeTypeType

Multi-Family Office Industrial Hotel Retail Other


22

VII. Maturing Loans Summary

23

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Maturing Loans SummaryMaturing Loans SummaryMaturing Loans SummaryMaturing Loans Summary

Paid off no extension Paid off with extension Paid off in later quarter Unpaid Paid off with loss


24

Top 10 Largest Loans Maturing without Payoff

Deal Property Name Type Balance % Deal Tapedate Maturity DQStatus City

COM14FL5 K Hospitality Portfolio - Call Protected

Pooled

Hotel 90,261,655 82% 09/15/19 08/09/19 Current Los Angeles-Long Beach-Anaheim, CA-13.55%

San Antonio-New Braunfels, TX-13.36% San CGCC14F2 Colonie Center - Pooled Retail 73,684,000 41% 09/15/19 08/09/19 Current Albany-Schenectady-Troy, NY

JPB14C23 Residence Inn Midtown East - Pooled Hotel 42,000,000 4% 09/15/19 08/06/19 Current New York-Newark-Jersey City, NY-NJ-PA

BCR16CR1 Holiday Inn Express Brooklyn Hotel 30,029,585 41% 09/15/19 08/09/19 30 Days New York-Newark-Jersey City, NY-NJ-PA

JPC16FL8 Normandy Portfolio - Call Protected Office 23,375,260 100% 09/15/19 08/09/19 30 Days Worcester, MA-CT-50.66% Boston-Cambridge-

Newton, MA-NH-33.76% New York-Newark-COM14UB2 Tops Markets Grocery Anchored Portfolio Retail 22,145,685 2% 09/10/19 08/06/19 Current Buffalo-Cheektowaga-Niagara Falls, NY-

56.98% Rochester, NY-16.51% Elmira, NY-COM14FL5 K Hospitality Portfolio - Not Call Protected

Pooled

Hotel 20,466,241 18% 09/15/19 08/09/19 Current Los Angeles-Long Beach-Anaheim, CA-13.55%

San Antonio-New Braunfels, TX-13.36% San COM14C19 Rozzelle Crossing Retail 6,251,235 1% 09/10/19 08/06/19 30 Days Charlotte-Concord-Gastonia, NC-SC

LSTR1705 Plano Tech Center Office 5,816,427 1% 09/10/19 08/06/19 Current Dallas-Fort Worth-Arlington, TX

COM14L17 Grayson Bodyplex Retail 2,856,714 0% 09/10/19 08/06/19 30 Days Atlanta-Sandy Springs-Roswell, GA

Total 90,261,655


25

VIII. Defeased Loan Trends

26

5.06%

0%

1%

2%

3%

4%

5%

6%

Outstanding Defeased Loan Balance as % of CMBS UniverseOutstanding Defeased Loan Balance as % of CMBS UniverseOutstanding Defeased Loan Balance as % of CMBS UniverseOutstanding Defeased Loan Balance as % of CMBS Universe


27

Section B: LossesLossesLossesLosses

28

I. CDRs

29

0.1

-0.1

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

CMBS Universe CDRsCMBS Universe CDRsCMBS Universe CDRsCMBS Universe CDRs


30

II. Loan Level Losses

31

Loans with Losses Greater than 2%

Deal Property Name Type Balance % of Deal Loss LossPct Tapedate City

CFCR11C2 Crossroads Center Office 7,587,761 2.2% 2,036,828 26.8% 09/15/19 Roanoke, VA

COM13CC7 One West Fourth Street Office 35,786,082 6.6% 9,485,712 26.5% 09/10/19 Winston-Salem, NC

JPB14C19 Grand Williston Hotel and

Conference Center

Hotel 8,032,514 0.9% 7,413,223 92.3% 09/15/19 Williston, ND

Subtotals 51,406,358 18,935,764 48.5%

Loans with Losses Less than 2%

Deal Property Name Type Balance % of Deal Loss LossPct Tapedate City

Subtotals - - #DIV/0!

Aggregate Totals 51,406,358 18,935,764 26.8%

32

III. Aggregate Severity Greater than 2%

33

Totals Balance Loss Amt Avg Severity Count

Sep-19 51,406,358 18,935,764 48.5% 3

Aug-19 8,581,788 7,125,926 85.5% 2

Jul-19 44,793,158 32,369,152 72.3% 1

Jun-19 22,838,347 11,321,230 39.7% 4

May-19 68,992,754 59,471,921 81.9% 3

Apr-19 24,771,100 10,057,385 47.4% 3

Mar-19 9,431,095 1,783,216 18.9% 1

Feb-19 20,667,254 8,781,432 63.5% 5

Jan-19 70,626,197 39,221,245 66.6% 6

Dec-18 3,573,743 601,822 16.8% 1

Nov-18 63,494,311 49,690,585 76.1% 2

Oct-18 34,647,154 35,412,984 103.1% 3

Sep-18 13,343,182 4,059,399 29.2% 2

Aug-18 4,103,474 3,391,372 82.6% 1

Jul-18 23,151,359 10,225,836 45.2% 2

Jun-18 41,290,581 26,614,150 63.5% 5

May-18 25,333,283 12,864,068 45.9% 4

Apr-18 7,518,024 3,912,153 52.0% 1

Jan-18 15,438,934 8,943,647 55.0% 2

Nov-17 17,942,540 8,643,041 49.6% 2

Aug-17 5,495,687 3,518,584 63.4% 2

Jul-17 937,061 720,934 76.9% 1

Apr-17 23,389,777 8,353,097 35.7% 1


34

-

1

2

3

4

5

6

7

0%

20%

40%

60%

80%

100%

120%

Average Loss Severity and Number of Liquidations

Liquidation Count (rhs) Severity

35

IV. Average Severity by Property Type

36

All Loans

Prop Type Balance Loss Severity Count

Hotel 8,032,514 7,413,223 92.3% 1

Office 43,373,844 11,522,541 26.7% 2

Total 51,406,358 18,935,764 59.5% 3

Loans with severity greater than 2%


Hotel 8,032,514 7,413,223 92.3% 1

Office 43,373,844 11,522,541 26.7% 2

Total 51,406,358 18,935,764 59.5% 3


37

Loans with severity less than 2%


Total - - #DIV/0! -


38

V. Average Number of Months to Liquidation

39

0

1

2

3

4

5

6

7

8

0

5

10

15

20

25

30

35

40

45

Average Number of Months to LiquidationAverage Number of Months to LiquidationAverage Number of Months to LiquidationAverage Number of Months to Liquidation

Liquidation Count (rhs) Avg Months to Liquidation


40

Section C: Prepayments

41

I. Top 10 Largest Refinancings

42


43

II. Top 10 Largest Refinancings with Yield Maintenance

44

Deal Property Name Type Balance Pct Date DispositionType City

WFR13C15 Molina Office Portfolio Office 101,983,076 12% 08/29/19 Payoff With Yield Maintenance Los Angeles-Long Beach-Anaheim,

CA-84.87% Columbus, OH-15.13% COM12CC4 Synopsys Tech Center Office 57,472,540 7% 09/06/19 Payoff With Yield Maintenance San Jose-Sunnyvale-Santa Clara, CA

WFR13C12 Hensley & Co. Portfolio Industrial 48,645,959 6% 08/29/19 Payoff With Yield Maintenance Phoenix-Mesa-Scottsdale, AZ-

96.60% JPC17JP6 Browning Place Office 41,483,135 6% 09/01/19 Payoff With Yield Maintenance Dallas-Fort Worth-Arlington, TX

UBS12C01 Tollgate Marketplace Retail 35,000,000 3% 09/06/19 Payoff With Yield Maintenance Baltimore-Columbia-Towson, MD

JPC11C05 Kite Retail Portfolio Retail 32,112,551 7% 09/01/19 Payoff With Yield Maintenance Kokomo, IN-31.45% Indianapolis-

Carmel-Anderson, IN-30.07% JPC14C20 3 Forbes Road Office 29,102,834 4% 08/30/19 Payoff With Yield Maintenance Boston-Cambridge-Newton, MA-NH

JPD17C5 Providence at Memorial Multi-Family 26,510,883 3% 08/28/19 Payoff With Yield Maintenance Houston-The Woodlands-Sugar

Land, TX JPC17JP6 Pillsbury Portfolio Multi-Family 23,451,980 3% 09/01/19 Payoff With Yield Maintenance Burlington-South Burlington, VT-

100.00% WFR13C16 Sherwood Distribution Center Industrial 22,430,070 3% 08/29/19 Payoff With Yield Maintenance Detroit-Warren-Dearborn, MI

Total 418,193,029


45

III. Top 10 Largest Refinancings with Prepayment Penalties

46

Deal Property Name Type Balance Pct Date DispositionType City

LSTR1705 Lockaway Leslie Self Other 6,985,257 1.0 09/06/19 Payoff With Penalty San Antonio-New Braunfels, TX

IMPF1001 Mountain View Multi- 1,106,470 0.6 08/30/19 Payoff With Penalty Salinas, CA

Total 6,985,257


47

Section D: Appraisal Reductions

48

I. Percentage of Balance with Appraisal Reduction

49

0.485%

37.4%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

50.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

Appraisal Reduction on CMBS UniverseAppraisal Reduction on CMBS UniverseAppraisal Reduction on CMBS UniverseAppraisal Reduction on CMBS Universe

Pct w/Appraisal Reduction

Appraisal Reduction Amt


50

Section E: Modifications

51

I. Modifications by Type

52

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

Percent CMBS Universe with ModificationPercent CMBS Universe with ModificationPercent CMBS Universe with ModificationPercent CMBS Universe with Modification

Maturity Ext Amort Change Prin Forgiveness Temp Rate Reduction

Interest Capitalization Taxes Capitalization Other Combination


53

Top 10 Largest Legacy Loans Modified


54

Section F: Commercial Property Prices

55

0

20

40

60

80

100

120

140

160

180

Moody's Commercial Property Price Index (CPPI)Moody's Commercial Property Price Index (CPPI)Moody's Commercial Property Price Index (CPPI)Moody's Commercial Property Price Index (CPPI)

Index, December 2000 = 100 Non-Major Markets All Properties Major Market All Properties

56

Section G: CMBS Securitization Volumes

57

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

Conduit SASB/FLTR Total

Quarterly CMBS Origination Volume in MillionsQuarterly CMBS Origination Volume in MillionsQuarterly CMBS Origination Volume in MillionsQuarterly CMBS Origination Volume in Millions

Q32000

Q32001

Q32002

Q32003

Q32004

Q32005

Q32006

Q32007

Q32008

Q32009

Q32010

Q32011

Q32012

Q32013

Q32014

Q32015

Q32016

Q32017

Q32018

Q32019

Exhibited by TCW from Bloomberg

58

-

50,000

100,000

150,000

200,000

250,000

Conduit SASB/FLTR Total

Annual CMBS Origination Volume in MillionsAnnual CMBS Origination Volume in MillionsAnnual CMBS Origination Volume in MillionsAnnual CMBS Origination Volume in Millions

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Exhibited by TCW from Bloomberg

Commercial Mortgage Market Monitor September 2019€¦ · Real Estate industry partner Real Capital...

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