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Banks Flex Up Pricing on $3 Billion Cosmopolitan Vegas CMBS Deal

  • The transaction was priced on Friday at wider spreads
  • Blackstone and Stonepeak began marketing it in mid-May
The Las Vegas Cosmopolitan casino and hotel.

The Las Vegas Cosmopolitan casino and hotel.

Photographer: Bridget Bennett/Bloomberg

The banks marketing a roughly $3 billion commercial mortgage bond offering tied to The Cosmopolitan of Las Vegas have sweetened the terms of the deal in an effort to lock in investors and pricing.   

The transaction, touted as the biggest US commercial mortgage backed security deal for 2022, was expected to price earlier this week. But rampant market volatility, the large size of the offering and concerns over rising rates all meant that the bank club had to postpone pricing until Friday.