Lenders are likely to begin feeling pain from commercial real estate, warns Apollo's Scott Kleinman.
That’s a warning from Scott Kleinman, co-president at Apollo Global Management, in remarks to the Financial Times published Tuesday. Kleinman noted that the private market hasn’t yet to started to heavily mark down commercial real estate.Issuance of commercial mortgage-backed securities, or bonds sold by Wall... “‘The equity will be first. That’s the next shoe to drop in the U.S. Like everything else, it has been priced so tightly and there hasn’t been a commercial real estate crisis in the U.S.
While these bonds finance only roughly a 11% slice of the estimated $20.7 trillion commercial property market, the sector has long served as a visible gauge of the financial health of hotels, office buildings, apartment buildings, shopping malls and other income-producing real estate, MarketWatch’s Joy Wiltermuth reported last week.
Worries around rising interest rates and office buildings left partially empty after the COVID-19 pandemic were already causing heartburn before the collapse of Silicon Valley Bank in March. Regional-banking stocks have fallen sharply following March’s volatility. The SPDR S&P Regional Banking ETF KRE remains down around 37% so far in 2023 after falling to its lowest since September 2020 last week.
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