Tag Archives: commercial

Cushman & & Wakefield, Commercial Realty Lose Industry Leader

The business realty market is responding with shock to the abrupt passing of Joe Stettinius, a significant force behind the mergers that created the most recent iteration of Cushman & & Wakefield

. A stalwart of business real estate in the Washington, D.C., area for years, Stettinius acquired nationwide honor when he oversaw, with Mark Burkhart, the nationwide growth of Cassidy Turley.

Stettinius, a dedicated married man who was favored in the industry, went on to play a critical function in the mergers of Cassidy Turley and DTZ, and after that the mix of Cushman & & Wakefield and DTZ. Stettinius functioned as the very first CEO of the Americas of Cushman after the mergers. He most just recently served as executive vice chairman, Strategic Investments, Americas.

Deal-making was in Stettinius’ blood, stated CoStar creator and CEO Andy Florance. He was the grandson of Secretary of State Edward Stettinius, who served in that function for Presidents Franklin Roosevelt and Harry S. Truman in 1944 and 1945. In the well-known picture of the 1945 Yalta Conference, Edward Stettinius is backing up Roosevelt.

“Joe inherited that remarkable statesman capability,” Florance said. “He was simply fantastic at bringing individuals together. He empathized with each person he satisfied and with that capability he was the very best dealmaker I ever met.”

Stettinius’ death was announced Friday in an email from Shawn Mobley, Cushman & & Wakefield CEO, Americas, to Cushman workers. He was 55.

“It goes without stating that Joe was a significant force in the CRE industry for more than Thirty Years, starting with his days as an accomplished leasing agent, where he closed approximately 4.5 million square feet of leases for property owners of Washington, DC landmarks such as 1111 Pennsylvania Avenue, the Evening Star Building, and Hall of the States,” Mobley composed in the message.

“A significant motorist and orchestrator of the company’s success to this day, Joe played a pivotal function in the planning, preparation and execution of the merger of Cassidy Turley and DTZ, where he served as CEO of Cassidy Turley, and the merger of Cushman & & Wakefield and DTZ, where he served as Chief Executive, Americas,” his statement added.

Stettinius earned the respect and appreciation of his associates and rivals across the country. His settlement skills, developed during his time as a leasing representative, were vital as he merged Cassidy Turley and DTZ and then DTZ and Cushman & & Wakefield. Stettinius likewise was applauded for his handling of officially moving the headquarters of Cassidy Turley from St. Louis when he became CEO of the company.

His knowledge and executive skill resulted in Stettinius winning numerous awards and honors from the industrial realty press and his peers. Industrial Home Executive called him its 2015 Executive of the Year, and Washington Organisation Journal named him A lot of Admired CEO in 2013.

Stettinius’ deep network of associates, peers and good friends were still processing the news Friday afternoon.

“I am exceptionally sad, at the moment. Joe is, has, and will constantly be an impactful person in my life and profession,” stated John J. Fleury, president of Madison Marquette of Washington. Fleury acted as COO and CFO of Cassidy Turley and as president of the old Cassidy & & Pinkard Colliers.

“I took pleasure in the benefit of dealing with Joe for more than a decade and called lots of industry veterinarians, yesterday we lost among the truly terrific ones. His excitement, interest and entrepreneurialism gave rise to success of the business he dealt with,” Fleury said. “I can just wish to deal with such a pro in our industry again.”

“We will remember Joe for numerous things. Most of all we’ll remember that he loved a good deal, and he was enthusiastic about bringing 2 disparate groups together to develop something much better than they were before – he was a genius at linking people,” Mobley stated in his note to workers. “Thank you Joe for exactly what you provided for our market, for our company, and for our neighborhood. We’ll miss you.”

Stettinius is made it through by his other half Regina, child Isabel and child Alexander.

Parking rates increasing this week at MGM Strip residential or commercial properties

This parking sign will get a change. A list of parking fees is shown at an MGM Resorts property in this undated photo. (FOX5)
 This parking indication will get a change. A list of parking costs is shown at an MGM Resorts residential or commercial property in this undated image. (FOX5) This parking indication will get a change. A list of parking costs is shown at an MGM Resorts residential or commercial property in this undated photo.( FOX5). LAS VEGAS( FOX5) -. MGM Resorts announced on Monday parking costs are to be increased today at all Strip properties other than Circus Circus, which will stay complimentary for self-parking. The modifications, reliable Wednesday, Jan. 31, consist of all ultra-luxury (Aria, Bellagio, Vdara), high-end (Delano, Mandalay Bay, MGM Grand Las Vegas, The Mirage, Monte Carlo/Park MGM, New York City New York) and core ( Luxor, Excalibur) properties.

Self-parking under an hour will remain complimentary at all residential or commercial properties. The modifications consist of the following:

The upgraded costs have to do with $2-$ 3 more than existing rates. The last increase for MGM remained in April, when rates increased by $2-$ 5.

Copyright 2018 KVVU ( KVVU Broadcasting Corporation). All rights booked.

Cold Storage Becoming a Hot Residential Or Commercial Property Financial Investment

Blackstone Buys Majority Control of Cloverleaf; Americold Launches IPO After Rejecting Earlier Blackstone Buyout Deal

The Blackstone Group (NYSE: BX), which apparently attempted to purchase one freezer warehouse operator earlier this year, has actually discovered a ready partner in another.

Sioux City, IA-based Cloverleaf Freezer has accepted a recapitalization that will see private equity funds connected with Blackstone make a bulk investment in Cloverleaf together with the firm’s existing Feiges and Kaplan family shareholders, who will continue to run business post-closing. Regards to the deal were not divulged.

On The Other Hand, Atlanta-based Americold Corp., the world’s biggest owner and operator of temperature-controlled warehouses, filed a going public this week to form a brand-new REIT called Americold Realty Trust. It was formerly reported that Americold rejected a $3 billion buyout quote from Blackstone this past September, according to Frozen & & Refrigerated Buyer publication and other news reports.

Goldman Sachs is moneying Blackstone’s Cloverleaf financial investment. The Wall St. financial company is well versed in the cold-storage realty sector having partnered with JPMorgan previously this yeat to offer a $1.3 billion CMBS providing backed by loans on 54 cold storage centers operated by Lineage Logistics Holdings LLC.

The Worldwide Cold Chain Alliance, a market trade group, just recently anticipated that, starting next year, owners and operators of U.S. temperature-controlled warehouses as a whole will see a five-year compounded yearly development rate in profits of 4% based on the group’s view that U.S. need from food manufacturers, distributors, merchants and e-tailers goes beyond currently readily available temperature-controlled capability in the U.S.

. The alliance even more posits that an owner with a large-scale network of top quality temperature-controlled storage facilities will be well-positioned to take advantage of these trends.

Market capitalization rates in the temperature-controlled storage facility sector for triple net leased temperature-controlled centers have actually varied from 6.25% to 7.25% and for owner operated temperature-controlled centers ranged from 7.5% to 8.25%, inning accordance with a current report on temperature-controlled storage facilities by Cushman & & Wakefield.

The Cushman report associated the greater capitalization rates of owner-operated facilities to the net operating income derived from the handling and other services provided by the owner to clients at the center. The report even more stated that temperature-controlled centers have actually gained from the very same capitalization rate compression that has helped drive worths in the warehouse sector considering that the worldwide monetary crisis.

Cloverleaf Cold Storage

Cloverleaf is the eighth-largest public refrigerated warehouse business in North America, as reported by the International Association of Refrigerated Storage Facilities. It operates a network of 19 storage facilities across eight states in a number of Midwest and Mid-Atlantic markets, supplying a variety of food grade storage, dealing with, and freezing services to food manufacturers.

“Our collaboration with a world-class company such as Blackstone offers us with significant capital and operating resources to invest for growth and continue to broaden our platform,” said Daniel Kaplan, co-president of Cloverleaf, in a declaration revealing the recapitalization with Blackstone.

Wells Fargo Securities acted as monetary consultant and Katten Muchin Rosenman LLP functioned as legal consultant to Cloverleaf throughout the deal. Barclays and Goldman Sachs acted as financial consultants to Blackstone and Kirkland & & Ellis LLP and Simpson Thacher & & Bartlett LLP functioned as legal consultants. Dedicated financial obligation financing for the recapitalization was supplied by Goldman Sachs.

Americold Files IPO for REIT

Meanwhile, Americold Realty Trust filed for an IPO of an undisclosed variety of typical shares. The business has a worldwide portfolio of 160 storage facilities spanning about 945.3 million cubic feet. Of this number, it owns or rents 134 warehouses in the United States and handles another eight. Its other warehouses lie in Australia, New Zealand, Canada and Argentina.

It noted the worth of its assets at $2.39 billion since Sept. 30 and reported $1.14 billion in income first nine months of 2017.

“We consider our temperature-controlled warehouses to be ‘objective critical’ realty in the markets we serve from ‘farm to fork’ and an essential component of the temperature-controlled food facilities supply chain, which we describe as the ‘cold chain,'” Americold said in its filing.

The business prepares to use capital from the common stock providing to make the most of the marketplace chance from the mix of tight warehouse capacity and increased demand for a variety of managing and other storage facility services.

Office Residential or commercial property Trust Files for IPO to Raise $100 Million

A year after acquiring an almost $1 billion portfolio of rural workplace residential or commercial properties, Horsham, PA-based Office Property Trust on Monday submitted to raise as much as $100 million through an initial public offering.

Work space Property, which first filed a personal S-11 registration statement on June 30, prepares to note on the New York Stock Exchange under the symbol WSPT, offering a concealed variety of typical shares in the IPO at a to-be-determined cost. Goldman Sachs, J.P. Morgan and BofA Merrill Lynch are the joint book runners on the offer.

The business, led by former Mack-Cali Realty executives Tom Rizk as CEO and Roger Thomas as president, will utilize the IPO proceeds to acquire common units in its operating collaboration, Workspace Home Trust, L.P., from Safanad Suburban Office Partnership, LP, an affiliate of Safanad Ltd.

. The operating collaboration will in turn utilize a portion of the net proceeds to repay the company’s existing loan with KeyBank NA, pay back a senior mortgage and 3 mezzanine loans in relation to the purchase of its second portfolio, and pay about $63.9 million in cash to redeem the favored equity issued by the operating partnership as part of the 2nd portfolio acquisition.

The operating collaboration anticipates to use any staying earnings for basic business functions, including capital investment and future acquisitions.

Work area Property intends to capitalize on the outperformance of suburban workplace residential or commercial properties relative to CBD properties in recent years, with business executives telling CoStar in October 2016 “the prediction of the death of the residential areas is greatly overemphasized.”

A year ago this month, the business obtained 108 workplace and flex buildings and 26.7 acres of land in 5 markets from Liberty Residential or commercial property Trust (NYSE: LPT). The $969 million purchase with partners Safanad, a Dubai-based international primary investment company; and affiliates of diversified financial investment firm Square Mile Capital Management LLC, was the company’s second significant deal with Liberty Residential or commercial property and expanded Office’s holdings to 149 homes totaling 10 million square feet.

In the first half of 2017, 72% of U.S office leasing activity was concentrated in suburban markets, despite rural markets representing just 69% of inventory.

The spread between typical rural office and CBD job rates is at its floor given that 1999. Building and construction as a portion of stock continues to increase in the CBD, although suburban workplace vacancy rates have declined significantly much faster than CBDs because 2011.

On the other hand, building has been constrained in the rural workplace markets relative to the CBD, while downtown asking rents have been more unpredictable than rural leas. Need for suburban properties has actually ramped up recently as investors have actually begun to recognize the broadening spread between rural and CBD assessments, owned in part by investors’ desire previously in the recovery to pay more for CBD prize buildings and other properties with a perceived lower danger.

As the biggest proprietor in the Horsham/Willow Grove, PA submarket, Work space has 536,994 square feet of flex and tech-flex area and 1.8 million square feet of low-rise office in 40 homes, with retail advancement and other features supplying opportunity for growth near numerous Workspace possessions.

Work space Characteristic is even more positioned to benefit from continued need and lease boosts for its residential or commercial properties in the King of Prussia/Valley Force submarket, where the business owns 30 residential or commercial properties totaling about 2 million square feet of office and flex space.

The company likewise owns possessions in South Florida, Tampa, Minneapolis and Phoenix.

Prize Residential or commercial property Financings by Office Investors Stoking Restored CMBS Activity

With Interest Rates Expected to Rise, Debtors Turning to CMBS to Lock in Financing Costs

Office owners have resparked the CMBS market by financing their property deals as Trinity/Norges did in acquiring 375 Hudson in NYC.
Office owners have resparked the CMBS market by funding their residential or commercial property deals as Trinity/Norges performed in obtaining 375 Hudson in NYC. Not just has the anticipated downturn in CMBS issuance this year cannot occur, however the CMBS market has actually seen a renewed flurry of activity. An overall of $9.9 billion in CMBS loans priced during August, bringing the year-to-date CMBS total to $52 billion, a 41% increase year-over-year, inning accordance with Kroll Bond Score Agency (KBRA).

The combined CMBS pricing volume for July and August ($ 17.6 billion), accounted for about a third of year to this day 2017 volume.

Much of the CMBS deal volume has been owned by single-borrower refinancings of trophy office homes and portfolios.

Single-borrower issuance year-to-date through August was $21.8 billion currently exceeding the 2016 quantity of $19.4 billion, according Larry Kay, senior director at KBRA.

” With one-month Libor more than doubling year-over-year (.52 bps to 1.23 bps) and up by practically 25% considering that May, borrowers looking in the rear view mirror may think that it is time to lock in rates using a single-borrower execution on big portfolio possessions,” Kay said of the current increase in offers.

” Based upon the forward pipeline, we may see approximately 7 channels and six-single borrower transactions launch in September,” he stated. “If these deals come to market by the end of the month, we could see the strongest third quarter (for CMBS issuance) given that 2014, when the overall reached $27 billion.”

Inning accordance with Morgan Stanley Research study, morew than 90% of the single-asset CMBS issuance this year has been used to re-finance existing loans, an increase over 67% observed last year. By property type, workplace and hotel have the biggest market share at 35% and 29%, respectively, compared with 25% and 26% for the full year in 2016.

Ten brand-new CMBS offers have actually been launched for September issuance in the last 30 days, consisting of five openly used channel deals from Citigroup, Credit Suisse, Deutsche Bank, and Wells Fargo.

Five private-label offers are also striking the marketplace, including three portfolio refinancings from JPMorgan Chase, and two single-asset offers one each from Deutsch Bank and Goldman Sachs.Office Property-Backed CMBS Triple Workplace residential or commercial properties are backing the bulk of the new CMBS deals. Workplace business mortgage-backed securities more than tripled in August to$ 3.9 billion. Workplace CMBS is on track year-to-date to go beyond 2016’s overall volume by about 30%, and may reach$ 27 billion by year-end. This would be the greatest total for the sector since 2007. Workplace residential or commercial properties have made up 41 %of 17 openly used CMBS deals this year, according to KBRA. That is far more than the second greatest total among residential or commercial property types with retail at 24%. September CMBS Offer Emphasizes Stonemont Portfolio Trust 2017 The Stonemont CMBS is a

two-year, interest-only$ 800 million mortgage backed by 94 residential or commercial properties and a leasehold interest in one residential or commercial property in a 20-state portfolio amounting to 6.8 million square feet. The portfolio includes 4.2 million square feet of office and 2.1 million of industrial/flex space; the rest is retail. Stonemont Financial Group of Atlanta used the loan, along with mezzanine loans amounting to$ 274.1 million, integrated with$ 181 million of preferred equity

and$ 72.5 countless sponsor equity to get the$ 1.3 billion portfolio from Oak Street Real Estate Capital. GS Home mortgage Securities Corp. Trust 2017-375H This CMBS is backed by$ 400 million funding for Trinity Wall Street’s share of the purchase of a 93-year leasehold interest in 375 Hudson St. in New York City from Tishman Speyer
. Trinity then sold minority stakes in the residential or commercial property to Norges Bank Realty Management and Hines. 375 Hudson consists of nearly 1.1 million square feet of rentable location consisting of 17 floorings of workplace and ground floor retail area. The office is totally leased and anchored by Saatchi & Saatchi, which inhabits more than 62 %of the area. 280 Park Opportunity 2017-280P The collateral for the securitization is a$ 1.1 billion non-recourse, first lien home loan for the refinancing of 280 Park Ave. in Manhattan The & loan has an initial two-year term with five, one-year extension

choices and requires interest-only payments throughout its term. Affiliates of SL Green Realty and Vornado Realty jointly serve as the loan sponsor.

Post Faraday, North Las Vegas depends on rapid commercial growth

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Steve Marcus A sign promotes commercial land near Interstate 15 and Highway 93, north of Las Vegas Wednesday, Feb. 17, 2016. With Faraday Future stopping plans to integrate in the Apex Industrial Park this month, North Las Vegas is aiming to sustain growing development in industrial genuine estate.

stop strategies to build a 3.4-million-square-foot factory at Peak Industrial Park dealt a considerable blow to financial development plans in North Las Vegas. City authorities recruited Faraday to North Las Vegas and shepherded legislation at the state level to bring in the business, whose financial troubles triggered the step back.

Authorities expected Faraday to attract suppliers and parts-makers for its vehicles to Pinnacle, helping to protect required facilities enhancements at the website. Donna S. Alderson of realty brokerage company CBRE said many of those companies investigated Peak however were waiting till Faraday devoted to do so themselves.

“They looked, however they didn’t shoot,” Alderson said.

The city still can trust blossoming development in industrial realty led by e-commerce business’ need for warehousing area. A current report compiled by CBRE shows almost 2 million square feet of net absorption in the commercial sector in North Las Vegas through July, with more than 3 million additional square feet under building and construction. The latter figure represents roughly two-thirds of current industrial building and construction in Southern Nevada.

Despite that prodigious building rate, couple of industrial structures in the city sit empty. The job rate in North Las Vegas stands at 4.3 percent, right in line with the average for the valley.

“With countless square feet of warehousing and logistics operations currently online and millions more square feet under construction, North Las Vegas has actually become the e-commerce capital of the southwestern United States and an economic motorist that’s diversifying the state economy and putting thousands of Southern Nevadans to work,” North Las Vegas spokeswoman Delen Goldberg stated.

Amazon, Walmart, Fanatics, Bed Bath & & Beyond and The Honest Business are some of the biggest business with warehousing space in Southern Nevada.

The North Las Vegas area in specific brings in business with the lowest asking lease rates in the valley at approximately 45 cents per square foot per month. Practical access to Interstate 15 from California, where 3 deep-water ports sit within a day’s drive, also operates in the city’s favor. Most of the new industrial development in the city can be seen from the highway.

Growth in North Las Vegas and throughout the valley eventually might reach a tension point as the e-commerce pattern evens out, but experts do not expect that to happen in the near future. David Egan, Americas Head of Industrial and Logistics Research study, said at the nationwide level, need for space has actually surpassed supply for at least 6 years.

“We actually might utilize a bit of a downturn,” Egan said.

CBRE Executive Vice President Kevin J. Higgins pointed out Phoenix, Salt Lake City, Reno and the Inland Empire location of Southern California as main rivals for warehousing company.

The typical commercial build is roughly 300,000 square feet and as much as 90 percent of the building is speculative. The majority of developers have no problem finding lessors in this hot market, though– 65 to 70 of the new space being built is absorbed prior to the structure is total, Higgins said.

Higgins likewise indicated the reboot of the Resorts World development on the Strip and the upcoming Raiders stadium project as motorists of a need for more midsized warehousing space in Southern Nevada.

Set of U.S. Construction Outlooks Show Continued Strong Pipeline for Commercial Developers

Impending projects such as Vornado and Related's $1.6 billion expansion Penn Station at the Farley Post Office to be called Moynihan Station are putting a spring in the steps of developers and contractors.
Approaching tasks such as Vornado and Related’s$1.6 billion expansion Penn Station at the Farley Post Workplace to be called Moynihan Station are putting a spring in the actions of developers and professionals. Industry reports launched over the past couple of days, consisting of a new index launched by the U.S. Chamber of Commerce and products supplier USG Corp., reveal the strong expected performance by the U.S. business building and construction industry, together with optimism among contractors that pipelines will continue to include new projects through next year.

An overwhelming bulk of participants, 96%, surveyed for the brand-new USG + U.S. Chamber of Commerce Commercial Construction Index (CCI) is positive that profits will increase or stay steady this year. The CCI, a quarterly index designed to gauge the outlook and sentiments specifically for the business building and construction market, derived from a partnership in between the Chamber, USG and Dodge Data & & Analytics,”was born out of a have to understand the concerns that impact industrial building,” said Jennifer Scanlon, USG president and ceo.

About 40% of contractors surveyed for the CCI expect a boost in profits this year with 3% anticipating a decrease. The index steps such specific indications as building work backlogs, brand-new company pipelines, revenue forecasts, labor force issues and access to building financing.

A variety of mixed-use megaprojects are approaching vertical building and construction in urban cities across the U.S., including the planned $1.6 billion expansion of Penn Station in Manhattan; The Eleventh, a $1.25 billion project on a complete block at Manhattan’s High Line; and the $1 billion redevelopment of Chicago’s Union Station, simply among others.

In a different report, the Associated Builders and Professionals (ABC) Building Stockpile Indicator (CBI) launched June 21, reported that building stockpiles increased to 9 months during the very first quarter, up 8.1% from the 4th quarter of 2016 and up 4% on an n yearly basis.

“For the very first time in the series’ history, every category, firm size, market and area registered quarterly development in the CBI,” said ABC Chief Financial expert Anirban Basu talking about the report intended to serve as a leading construction costs sign. “Among the big winners were firms in the western U.S. and those with yearly earnings in between $30 million and $50 million. This was an excellent report.”

Basu warned that some professionals registered concern for conditions in 2019 and 2020, mentioning the already lengthy duration of the economic recovery; evidence of saturation in some CRE markets; cuts in public costs; and tightening monetary conditions.

The first quarter CBI report, nevertheless, “strongly suggests that reports of business cycle’s demise are exaggerated, at least so far,” Basu said.

On the other hand, existing numbers show industrial construction continuing at a slow however constant rate. Dodge Data & & Analytics reported separately last Wednesday that value of new building starts ticked up 1% from April to Might at a seasonally changed annual rate. Public works building and construction bounced back 30% from its subdued April quantity, assisted by the May start of four large pipeline tasks totaling a combined $3 billion, enabling the nonbuilding building sector to sign up a 23% gain in Might, offsetting modest 4% decreases for both nonresidential building and housing.

Nonresidential building grew 5% year to this day, with institutional building up 17%, commercial structure down 5% and manufacturing building down 9%.

Somewhat remarkably, offered deamnd for real estate, domestic structure was flat, with single-family housing up 8% while multifamily real estate decreased 17%, inning accordance with Dodge.

Yet another leading indicator of future building spending, the Architecture Billings Index (ABI) produced by the American Institute of Architects, posted a solid 53 in May, up from 50.9 the previous month. The AIA’s brand-new tasks inquiry index was 62.4, up from 60.2 the previous month, while the new style agreements index increased from 53.2 to 54.8.

“That the data surrounding both new job queries and design contracts have actually remained positive each month this year while reaching their highest ratings for the year is a good indication that both the architecture and construction sectors will stay healthy for the foreseeable future,” said Kermit Baker, primary financial expert with the AIA. “This growth hasn’t been an overnight escalation but rather a stable, steady boost.”

Commercial and Multifamily Loan Delinquencies Remain Low; Re-finance Threat Stays Elevated

Healthy Loan Delinquency Rate Holding Despite 2017’s ‘Wave of Maturities’ Growth in home incomes and property values, paired with low interest rates, have assisted in financing

The current performance of loans backing commercial and multifamily residential or commercial properties have once again defied expectations and stayed on strong footing in the first quarter of 2017, inning accordance with the Mortgage Bankers Association, which discovered that delinquency rates for home loan were flat or reduced in its analysis of the market’s first quarter performance.

“Delinquency rates for commercial and multifamily home mortgages stayed at or near record lows for most capital sources throughout the first quarter,” stated Jamie Woodwell, MBA’s vice president of commercial real estate research. Woodwell again credited the extended run of increasing residential or commercial property incomes and commercial residential or commercial property values, together with ongoing low rate of interest, in helping with the recent unmatched period of favorable CRE funding conditions.

The financing market had been anticipating loan delinquencies and defaults to increase this year as the so-called ‘wave of maturities’ – 10-year realty loans come from the heady, loose-underwriting days of 2007 with 2017 maturity dates – came due. Nevertheless, as the industry is nearing the end of the 2nd quarter, the ‘wave’ has mostly shown to be a mirage.

The MBA analysis looks at commercial/multifamily delinquency rates for 5 of the largest investor-groups: business banks and thrifts, business mortgage-backed securities (CMBS), life insurance coverage business, Fannie Mae and Freddie Mac. Together the MBA stated these groups hold more than 80% of commercial/multifamily home mortgage debt outstanding.

Based on its analysis of the unsettled principal balance of loans, the MBA reported delinquency rates for each group at the end of the very first quarter were as follows:

Banks and thrifts: a reduction of 0.04 portion points from the fourth quarter of 2016, (90 or more days overdue or in non-accrual);
Life business portfolios: a reduction of 0.02 percentage points from the 4th quarter of 2016; (60 or more days delinquent)
Fannie Mae (60 or more days overdue): 0.05%, unchanged from the 4th quarter of 2016.
Freddie Mac: the same from third quarter of 2016; (60 or more days delinquent), and
CMBS: a decline of 0.08 portion points from the 4th quarter of 2016, (30 or more days delinquent or in REO).