The Gulf of Mexico oil spill is affecting about $9 billion in commercial mortgage-backed-securities deals, according to a report from Realpoint.
The Horsham, Pennsylvaniabased rating agency found that there are about 306 loans on 319 properties on the coasts of Louisiana, Mississippi, Alabama and Florida that are feeling a direct impact from the spill.
The agency believes that the biggest threat to cash flow will be reduced tourism, particularly for properties in Florida. About 247 of the properties affected by the spill are in Florida; reports are that it could cost the state about $2.2 billion.
Real Estate Finance & Investment