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.
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