Real Estate

Hedging and capital markets resources for commercial real estate investors, REITs, and multifamily developers.

  • Navigating hedging decisions for REITS during the COVID-19 crisis

    Navigating hedging decisions for REITS during the COVID-19 crisis

    Considerations around risk management start with economic factors. But REITs (as SEC filers) applying U.S. GAAP accounting must also contemplate financial reporting ramifications of hedging decisions.

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  • The renewed importance of impairment testing

    The renewed importance of impairment testing

    Real estate market participants remain cautious, requiring significant areas of judgement in quantifying updates to cash flow modeling and discount rates.

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  • LIBOR transition: GBP update—18 May, 20206:58

    LIBOR transition: GBP update—18 May, 2020

    Despite the disruption caused by the COVID-19 pandemic, the UK Financial Conduct Authority is still advising all market participants to prepare for a discontinuation of LIBOR at the end of 2021.

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  • U.S./China tensions reignite

    U.S./China tensions reignite

    Major U.S. equity indices moved lower on the week as weakening domestic economic data and rising geopolitical tensions soured investor sentiment and jeopardized hopes for a V-shaped economic recovery.

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  • U.S. real estate market update—May 11, 20209:37

    U.S. real estate market update—May 11, 2020

    This summarizes the impacts that COVID-19 has had on repo markets and SOFR, how market participants have responded, and the possible implications of the economic slowdown on the LIBOR-SOFR transition.

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  • The plausibility of negative rates in the U.S. and UK

    The plausibility of negative rates in the U.S. and UK

    When looking to understand the risk of negative interest rates occurring, commercial real estate (CRE) investors should take care to understand the motives behind central bank decisions.

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  • What is an interest rate swap?

    What is an interest rate swap?

    An interest rate swap is a financial contract in which two parties agree to exchange distinct cashflows for a given period of time.

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  • U.S. real estate market update—April 27, 2020

    U.S. real estate market update—April 27, 2020

    This update summarizes recent actions of the Fed, how those actions have flowed through to indicators of credit conditions, and how these changing conditions are impacting CRE interest rate caps.

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  • Weekly bulletin—Is the UK set for inflation?

    Weekly bulletin—Is the UK set for inflation?

    Independent central banks exist to protect politicians from one of the oldest temptations of government: increasing their own money supply during times of economic stress.

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  • U.S. real estate market update—April 6, 2020

    U.S. real estate market update—April 6, 2020

    Interest rate swaps are highly customizable and negotiable, and lend themselves to restructuring. This flexibility enables a cash-constrained borrower to amend and temporarily reduce payments.

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  • Europe real estate market update—6 April, 2020

    Europe real estate market update—6 April, 2020

    For borrowers not facing immediate liquidity constraints, the current interest rate environment presents a compelling opportunity to restructure swaps to a lower coupon and longer duration.

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  • Optimize your defeasance

    Optimize your defeasance

    Chatham Financial has executed over $100 billion total notional defeased, and returned over $169 million in residual value to borrowers.

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  • U.S. real estate market update—March 30, 2020

    U.S. real estate market update—March 30, 2020

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  • Weekly bulletin—Cash is king: the old adage has never been more true

    Weekly bulletin—Cash is king: the old adage has never been more true

    Last week, Fitch downgraded the UK sovereign credit rating one notch to AA-, citing the inevitable increased borrowing which will be required to fund the stimulus.

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  • Europe real estate market update—30 March, 2020

    Europe real estate market update—30 March, 2020

    Why are LIBOR and swap rates not following the central bank rates down? What is the status with LIBOR transition and should I continue to prepare? Read this week's European real estate market update.

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  • Common FX questions in the current environment

    Common FX questions in the current environment

    Multiple standard deviation movements in currency rates since the COVID-19 pandemic unfolded has brought FX to the forefront. Here’s a list of common FX questions that Chatham has fielded.

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  • FAQ: Market volatility and impact on debt valuations

    FAQ: Market volatility and impact on debt valuations

    As Treasury yields and LIBOR continue to decline, we have provided comments on a few frequently asked questions related to the expected impact of market volatility on debt valuation conclusions.

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  • Real estate market update—March 23, 2020

    Real estate market update—March 23, 2020

    This past week saw no abatement to the market uncertainty and volatility that had characterized the previous two weeks.

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  • How to manage FX hedges in a COVID-19 world

    How to manage FX hedges in a COVID-19 world

    The impact of the coronavirus on the global economy, equity, bond, and FX markets is immense. Currency markets have always been a barometer of financial market volatility.

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  • The implications of negative interest rates in the UK

    The implications of negative interest rates in the UK

    Following last week’s interest rate cut by the Bank of England, GBP swap rates fell to all-time lows with the 5-year swap reaching 0.29% and the 10-year swap only one basis point higher at 0.30%.

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