CIBC strikes deals to offload some discounted U.S. office loans [Financial Post (Toronto, Ontario, Canada)]
Canadian Imperial Bank of Commerce (CM)
Last canadian imperial bank of commerce earnings: 2/26 05:53 am
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Source: Financial Post
You can save this article by registering for free here . Or sign-in if you have an account. Canadian Imperial Bank of Commerce struck agreements to sell US$316 million of office loans in the United States at a discount. The bank reached deals with multiple buyers for loans backed by eight U.S. offices in cities including San Francisco, Seattle, Phoenix and Austin, according to a person with knowledge of the matter, who asked not to be named because the process is private. Article content Article content A spokesperson for CIBC declined to comment. Commercial-property owners and lenders have been struggling as higher interest rates wallop valuations for buildings. Offices in particular have been hit hard, with a measure of prices falling 16 per cent in the 12 months through April, according to real estate data analytics provider Green Street Advisors LLC. With all the challenges, banks have sought to cut back on real estate exposure and eyed loan sales as one way to ease
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