Higher interest rates, banking stress and hybrid work arrangements portend negative credit pressures on CRE. Office is in the spotlight, but risks will vary by property type and lender. What are the main credit implications for Banks, CMBS, REITs, and Life Insurance sectors?
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Research report:
CRE fortunes vary by lender and property type, with office facing multiple risks
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Keith Banhazl is a Managing Director and Head of Commercial Real Estate Finance for Americas within the Structured Finance Group and leads the team responsible for CMBS & CRE CLO new ratings and surveillance at Moody’s Investors Service. The team is responsible for reviewing Conduit/Fusion, Large Loan/Single Borrower, Agency CMBS, Credit Tenant Lease, Small Balance Commercial, CRE CLO, CRE CDO and other structured products at Moody’s Investors Service. He is also Moody’s Global Structured Finance Outreach Coordinator. He has been involved in various research initiatives and outreach activities related to the CRE securitization space, publishing and speaking on Moody’s behalf. Prior to being appointed to his current position, Mr. Banhazl was a Managing Director within the Structured Finance Group leading the US CMBS and CRE CLO/CDO Surveillance team and the review of primary US CRE CLO/CDO transactions, including the credit assessment team for commercial real estate assets within CRE CDO’s and CLO’s as well as Structured Credit transactions. Previously at Moody’s, he rated various fixed and floating-rate Conduit/Fusion and Large Loan CMBS transactions. Mr. Banhazl has a Bachelor of Arts degree from Brown University in Economics and History
Manoj Jethani is a Vice President – Senior Analyst in the US life insurance team within the financial institutions group at Moody’s Investor Service where he has lead analyst responsibility for a portfolio of US life insurers. Manoj is also a speaker at internal and external conferences and investor events on insurance related topics and maintains ongoing dialogue with investors, media, intermediaries, and rated insurance companies. Prior to joining Moody’s in 2006, he worked as an actuary at a private actuarial consulting firm in Stamford, CT and as a credit analyst at Mashreq Bank in Dubai, UAE where he was responsible for the monitoring and reporting of the bank’s retail product portfolio, which included credit cards, auto loans and personal loans.
Manoj holds a Bachelor of Science in Management Information Systems and Finance from the University of Connecticut and is currently pursuing a Master’s in Business Administration (MBA) with a specialization in Accounting and Corporate Finance at New York University’s Stern School of Business.
Lori Marks is a VP-Senior Credit Officer in the Commercial Real Estate Finance Group at Moody’s Investors Service, where she is lead analyst responsible for the ratings of a portfolio of real estate investment trusts (REITs) and real estate operating companies (REOCs) across a variety of property types. Lori is also the healthcare REIT sector specialist, writing numerous research reports and articles pertaining to this sector.
Prior to joining Moody’s, Lori was a sell-side equity research analyst covering REITs at Deutsche Bank, and, prior to that, Prudential Securities.
Lori received a BA from the University of Pennsylvania and also holds an MBA in Finance and Accounting from The University of Chicago Booth School of Business.
Darrell Wheeler manages CMBS and CRE CLO research for Moody’s Investor Services. He is renowned for developing mortgage-backed securities analysis and models that provide unique fundamental credit insights.
His structured finance experience is extensive, previously managing the structured finance research of S&P Global Ratings, Citigroup Global Markets and Cantor Fitzgerald. He is a past member of CREFC’s Board of Governors and currently participates in CREFC’s editorial board. He has contributed research to numerous publications, including CREFC’s E-primer.
Stephen is responsible a portfolio of US regional banks and non-bank finance companies, including CRE lenders and business development companies.
Prior to joining Moody’s, Stephen spent 10 years at S&P Global leading a team that covered non-bank finance companies and GSEs.
