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NEW YORK–(BUSINESS WIRE)–#creditratingagency–KBRA releases research that analyzes the underlying demand and supply metrics for multifamily securitizations in 25 of the largest metropolitan statistical areas (MSA) as we observed multifamily vacancies were trending higher as well as a record number of units under construction. In total, the 25 MSAs represent $189.1 billion or two-thirds of the $287.8 billion of multifamily assets in Freddie Mac K-Series, commercial real estate collateralized loan obligation (CRE CLO), and conduit transactions.
The analysis ranks various supply and demand metrics to derive a score for each MSA to provide a relative assessment of the current risk environment, hereafter referred to as the “risk score”. A higher risk score for an MSA indicates that relative to the other MSAs, it is weaker. MSAs with the highest risk scores include Detroit, Chicago, and Denver, while Houston, San Diego, and Las Vegas rank at the lower end. The study, which also reviewed each MSA’s exposure to maturing loans through 2025, found that on average 8.6% of securitized multifamily loans (totaling $15.9 billion) in the 25 markets are scheduled to mature by next year.
Key Takeaways
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About KBRA
KBRA is a full-service credit rating agency registered in the U.S., the EU, and the UK, and is designated to provide structured finance ratings in Canada. KBRA’s ratings can be used by investors for regulatory capital purposes in multiple jurisdictions.
Doc ID: 1003841
Contacts
Larry Kay, Senior Director
+1 646-731-2452
larry.kay@kbra.com
Aryansh Agrawal, Analyst
+1 646-731-1381
aryansh.agrawal@kbra.com
Roy Chun, Senior Managing Director
+1 646-731-2376
roy.chun@kbra.com
Business Development
Daniel Stallone, Managing Director
+1 646-731-1308
daniel.stallone@kbra.com
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