Hurricane Ian is, and continues to be, a dangerous and destructive force, causing death, injury, and disruption. Some estimates of economic damage running a minimum of $30 billion and possibly as high as $70 billion.
Although it will take time to get accurate numbers, Trepp estimated the commercial real estate exposure in what has been one of the hottest markets in the country.
Start with loan exposure. The total is $51.95 billion, based on the hurricane path forecast from September 28 through 30. Agency lenders are on the hook for $31.07 billion, or about 61% of the total, mostly Fannie Mae and Freddie Mac. Commercial mortgage-backed securities (CMBS, largely Conduit and SASB) are another $17.27 billion. In third place are commercial real estate collateralized loan obligations (CRE CLOs) at $2.98 billion.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
