New York Community Bank: Canary in the Coal Mine for CRE Pain?

02/05/24 • 22 min

New York Community Bank reported a surprise loss in the fourth quarter, took an axe to its dividend and socked away over $500 million for commercial real estate losses. The bank's stock sunk to a 23-year low and other regional lenders fell in response. Is NYCB a red flag or a one-off for CRE distress in the banking space? Deconstruct digs in.

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Brokerage Head Kyle Matthews On What's Next For Commercial Real Estate Across The Sun Belt

Not many commercial brokers branch out to start their own brokerages. But in 2015, Kyle Matthews did. Today, his Nashville-based firm Matthews Real Estate has done more than $50 billion in deals and about 650 agents. Most of what Matthews is focused on is advising clients — helping buyers and sellers sort out investments and identify pockets of opportunity. At a time when some asset classes (hint: multifamily and office) are struggling across the Sun Belt, Matthews thinks there's never been a better time for brokers to take on this role.

The Real Deal's Deconstruct chatted with Matthews about how values dropping presents an opportunity for buyers and what he's predicting across the Sun Belt in 2024.

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Unpacking The CRE CLO

After the 2008 financial crisis, investment managers came up with a new securitized product: the collateralized loan obligation, or CLO, for commercial real estate. It was designed to correct some of the risks that came with its predecessor, the collateralized debt obligation.

But what exactly is the CRE CLO and how does it work? Deconstruct enlisted attorney and CLO expert Stewart McQueen at Dechert to break down the product.