Defeasance 2025 Year in Review: · Defeasance activity in 2025 occurred against a stressed CMBS backdrop, with overall delinquency rates remaining elevated above 7% for much of the year, limiting opportunistic loan payoffs and refinancing-driven defeasance. · Office and multifamily sectors exhibited heightened distress, with office delinquencies reaching record levels and multifamily delinquency rising to […]

Economic Climate: According to Vanguard, the U.S. economy has regained momentum after the end of the 43-day federal shutdown — they lift their 2025 growth estimate to about 1.9%. Third-quarter 2025 data suggests growth remained solid: private business investment and consumer demand held up relatively well, and many states saw income growth. Inflation has moderated […]

Economic Climate: Moderate U.S. growth (~1.8 – 2.0%) — The economy is slowing but not contracting; consumer spending and services remain resilient while manufacturing and exports face headwinds. Inflation slightly sticky (~3%) — Price pressures have eased but not fully normalized; the Fed remains cautious, likely delaying aggressive rate cuts until inflation moves closer to […]

Economic Climate: Growth Cooling – GDP growth is projected around 1.6% for 2025, with Q3 still solid but a slowdown expected into late 2025. Inflation Moderating but Sticky – Core PCE inflation is easing, though it remains above the Fed’s 2% target, with risks from tariffs and supply pressures. Labor Market Softening – Unemployment is […]

Economic Climate: August’s economic landscape is marked by pervasive caution. In the U.S., growth is tentative but showing signs of turnaround, and central banks are signaling potential easing. Second-quarter GDP posted a modest rebound (~ 3 % annual rate) after a contraction in Q1, though growth remains sluggish (~1.2 % for H1). However, the biggest […]