New financing for old office loans that Wall Street packed into bond deals years ago has been getting more scarce, according to Moody’s Analytics.
“September did have a slightly higher payoff rate than July or August,” said Matt Reidy, director of commercial real estate economics at Moody’s Analytics, in an email to MarketWatch. But he also said loan repayments in recent months “were very, very low.” Goldman Sachs said in its third-quarter earnings call that it marked down or impaired its office real-estate investments by 50% this year.
Looking at the full year, Moody’s Analytics found that 34.7% of maturing office loans in bond deals have been modified or extended so far, while another 34.1% hit a maturity default and 31.2% were paid off.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: