CMBS

  • Real estate investment leader added

    Strategic Partners Fund Solutions has appointed Mark Burton to lead it real estate secondaries practice. He will serve as a principal and oversee the firm's secondary real estate investment activities.

    Burton joins from H/2 Capital Partners, where he focussed on distressed commercial mortgage opportunities. Before that he spent 11 years at Goldman Sachs, overseeing domestic CRE investing and lending.

    .......

    Job Swaps 29 July 2014

  • European alternative

    Stefan Bund, group md and head of asset-based finance at Scope Ratings, answers SCI's questions

    Q: How and when did Scope Ratings become involved in the securitisation market?
    A: Scope Ratings was established in 2002 as a funds analysis house, specialising in the commercial real estate, SME and infrastructure sectors. The company expanded into the credit rating business in 2012 by merging with a smaller German rating agency.

    Scope's move was .......

    Provider Profile 29 July 2014

  • Non-core sales bring CMBS boost

    The recapitalisation of European CRE lenders through non-performing or non-core CRE loan sales should provide a supply of new opportunities. This, in turn, could potentially fuel increased European CMBS issuance.

    CRE loan and REO sales for the first half of the year totalled €40.9bn, compared to €30.3bn for the entirety of 2013, according to Cushman & Wakefield Corporate Finance. Bank .......

    News 24 July 2014

  • Defeasance on the rise

    US CMBS loan defeasance volume has increased significantly over the last 18 months, jumping from an average of US$3.3bn per year in 2011 to US$11.8bn in 2013, according to Trepp. Through the first half of 2014, defeasance volume is on pace to beat last year's level by almost US$1bn.

    With rates and spreads expected to remain low in the near .......

    News Round-up 24 July 2014

  • Ratings probe initiated

    McGraw Hill Financial has filed a Form 8-K with the US SEC acknowledging that it received a 'Wells Notice' stating that the Commission has made a preliminary determination to institute an enforcement action against S&P. The notice alleges violations of federal securities laws with respect to S&P's ratings of six CMBS issued in 2011 and subsequent public disclosure made by .......

    Job Swaps 24 July 2014

  • Mixed bag out for busy CMBS session

    US CMBS BWIC volume totalled around US$650m yesterday as a mixed bag of securities from various vintages were put out for the bid. SCI's PriceABS data captured a range of price talk and covers.

    PriceABS picked up 29 unique US CMBS tranches from yesterday's bid-lists, including the BAYC 2006-4A A2 tranche. That tranche was talked at .......

    Market Reports 23 July 2014

  • Cumulative defaults remain flat

    Fitch's quarterly US fixed-rate CMBS cumulative default rate remains flat at 13.5%, due to relatively stable default and new issuance levels. In 2Q14, 68 loans totalling US$974.5m were newly defaulted, down from 91 loans (US$1.1bn) in 1Q14 and 97 loans (US$1.4bn) in 2Q13. Of the loans sized at over US$20m, 12 accounted for approximately 62% of the total newly defaulted .......

    News Round-up 21 July 2014

  • TMAN 7 D bonds overvalued?

    Pricing on the TMAN 7 class D bonds does not reflect the risks involved, say Deutsche Bank CMBS analysts. An update call last month from special servicer Hatfield Philips has enhanced transparency around the transaction, but there are concerns about possible tax costs.

    Projected end dates were disclosed for the majority of the loans in the special servicer's update and .......

    News 18 July 2014

  • US CMBS abuzz with bid-lists

    There was heavy BWIC volume in the US CMBS market yesterday. Bid-lists totalling over US$500m were circulating, with SCI's PriceABS data picking up a range of vintages out for the bid.

    Among the pre-crisis names available was the BACM 2005-3 AJ tranche, which was talked at around 500 and covered at plus 575. The tranche was .......

    Market Reports 17 July 2014

  • Mod adds two hope notes

    The US$54m Colony V portfolio located in the Chicago and Washington DC metro areas has received a modification creating two hope notes. The portfolio previously backed a US$53.7m loan in JPMCC 2007-LDPX.

    The loan went into special servicing in March 2013 after failing to pay off at its maturity and subsequently went into delinquency. Barclays Capital analysts note that it .......

    News Round-up 17 July 2014

  • Securitisation vet enlisted

    Starwood Capital Group has hired Jeffrey DiModica. He will serve as md and assist in finding new business opportunities as well as supporting the growth and expansion of Starwood Property Trust and its affiliated entities.

    DiModica was previously head of ABS, RMBS and CMBS sales and strategy for the Americas at RBS. Before joining RBS he sold derivative and MBS .......

    Job Swaps 17 July 2014

  • Cash-out refinancings supported

    Profiting from the strong post-crisis price recovery, investors who bought commercial properties from mid-2009 to early 2011 can typically pull out all of their cash equity via refinancing, according to the latest Moody's/RCA CPPI Index report. Investors who acquired properties through 2004 can also do so.

    "Assuming a 70% loan-to-value (LTV) ratio on the both the original loan and the .......

    News Round-up 15 July 2014

  • WPG taps CMBS financing

    Simon Property Group formally completed its spin-off of 54 strip centres and 44 malls to Washington Prime Group (WPG) at the end of May. CMBS strategists at Morgan Stanley report that the new entity financed seven of these properties with US$410m of debt securitised in 2014-vintage CMBS 2.0 deals, meaning that 26 properties are now encumbered by a total of .......

    News Round-up 15 July 2014

  • Sharp fall for industrial late-pays

    US CMBS delinquencies fell by 10bp in June to 4.87% from 4.97% a month earlier, marking the fifteenth straight month of declines, according to Fitch's latest index results for the sector. In particular, the agency notes that the industrial late-pay rate fell sharply (by 65bp), which brings the rates for all major property types to below 6% for the first .......

    News Round-up 14 July 2014

  • FVPO expenses clarified

    C-III Asset Management has issued a clarification pertaining to the US$60.8m Rock Point Corporate Center loan securitised in CD 2006-CD2. The move is in response to a recent note published by Morgan Stanley's CMBS research team highlighting that an affiliate of the special servicer exercised a fair value purchase option (FVPO) on the asset for US$52.1m in May.

    The Morgan .......

    News Round-up 14 July 2014

  • Euro ABS activity encouraging

    The seasonal summer slowdown has not yet set in for the European ABS market. While the secondary market might be softening a little, activity in the primary market continues at good levels.

    "We are still seeing new deals being announced in the market so we have got a few weeks more to go before things get quiet. It is an active .......

    Market Reports 11 July 2014

  • Losses threaten CMBS C class

    The US$62.4m 2000 Corporate Ridge Road loan securitised in BACM 2006-4 has been moved into special servicing, according to the July remittance report. It will be specially serviced by C-III Asset Management.

    Barclays Capital CMBS analysts note that the McLean, Virginia-based office building's lead tenant is set to leave in January 2015, leaving the building almost empty and DSCR likely .......

    News Round-up 11 July 2014

  • Euro CMBS loan maturities will slow

    Fewer loans securitised in European CMBS are due to mature in the second half of 2014, when only 12 loans will have their originally scheduled maturity dates, says Moody's. The slowdown follows the surge of loan maturities in 2013 - when 133 loans totalling €16.11bn matured - and in the first half of 2014, when another 43 loans totalling €4.44bn .......

    News Round-up 10 July 2014

  • German CRE sentiment change 'too slow'

    Recovering sentiment towards German commercial property in the secondary retail market will not be enough to avoid significant losses on many legacy loans in affected CMBS transactions, says Fitch. The rating agency expects rental yields in secondary markets to continue their decline from the peak in 2012.

    Prices are not expected to approach pre-crisis levels in time for CMBS maturities. .......

    News Round-up 10 July 2014

  • Broker-dealer adds CMBS pair

    Cross Point Capital has announced the appointments of Tim Martin and Sudeep Walvekar. Martin is head of CMBS sales and trading at the firm, while Walvekar is also part of the CMBS sales and trading team.

    Martin has extensive real estate experience, having joined Salomon Brothers in 1986 and since holding several mortgage origination and CMBS trading positions, including as .......

    Job Swaps 9 July 2014

  • BAML preps single-sponsor CMBS

    Details have emerged on the BAMLL 2014-ICTS single-sponsor CMBS. The US$188m transaction is backed by a non-recourse mortgage loan secured primarily by a first mortgage on the borrower's fee simple interest in a luxury hotel in New York City.

    The interest-only loan has an initial term of 25 months but allows for four one-year extensions. Interest is accrued at a .......

    News Round-up 9 July 2014
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