CMBS

  • New CREFC chief to take charge

    CREFC Europe has named Peter Cosmetatos as ceo, effective from late September. He has more than 15 years of experience in the property finance business, having held senior-level tax, legal and policy positions.

    Cosmetatos joins CREFC after five years as finance policy director at the British Property Federation, where he was involved in the regulation and policy challenges arising from .......

    Job Swaps 27 June 2013

  • Shifting sands

    European securitisation market seeks stability

    The first half of 2013 has seen significant changes in the European ABS market's investor base, issuance patterns and regulatory landscape. The sector has gone through a number of cycles since the financial crisis, but now there are suggestions of a 'new normal' taking hold.

    The RMBS market is one in which the investor base has changed markedly. One asset-backed .......

    News Analysis 27 June 2013

  • Trading vet moves on

    Southwest Securities has appointed George Smith as svp in its taxable fixed income division in New York. In his new position, he will manage MBS, ABS and CMBS trading.

    Smith was previously md, head of MBS/ABS/rates trading and structured finance at Gleacher. Before that, he worked as md, head of MBS/ABS trading and structured finance at Cantor Fitzgerald. He has .......

    Job Swaps 26 June 2013

  • CMBS pro recruited

    Cantor Commercial Real Estate has appointed Faisal Ashraf as md and head of special situations as part of the expansion of its real estate finance business. He will be working alongside the head of CCRE's investment management division, Chris Milner, and will report to its ceo, Anthony Orso.

    Ashraf's responsibilities will include large loan banking, alternative investment acquisitions and private .......

    Job Swaps 26 June 2013

  • Servicer off-shoring examined

    Morningstar has published a report highlighting the utilisation of business process off-shoring in the CMBS servicing industry, as implemented by Wells Fargo Commercial Servicing and Berkadia Commercial Mortgage. Off-shoring in the servicing sector has experienced steady growth over the last several years, prompting Morningstar to integrate a review of core processes, procedures, staffing and training for off-shored functions as part .......

    News Round-up 26 June 2013

  • Global real estate JV prepped

    TIAA-CREF and Henderson Global Investors have agreed to launch a new real estate investment company, TIAA Henderson Global Real Estate. The new company will offer global real estate investment opportunities and accelerate the growth of each firm's real estate business.

    The new company will consist of TIAA-CREF's European real estate business, Henderson's European and Asia Pacific-based real estate business and .......

    Job Swaps 25 June 2013

  • Manager promotes CRE pro

    CR Investment Management UK has named Richard Fine as md. He has also assumed responsibility for CR's international activities.

    Fine has served as a CR Investment Management director in London since April 2010 and has helped build the organisation in Ireland, the UK and Holland. Before that he worked at Europa Capital, Barclays Capital and Hogan Lovells.

    .......

    Job Swaps 25 June 2013

  • CRE practice strengthened

    Tushna Gamadia has joined Morrison & Foerster in New York as of counsel. She brings over a decade of experience representing clients in all aspects of real estate financings, including CMBS. She was previously at Nixon Peabody and before that worked at Citi and Cadwalader, Wickersham & Taft.

    .......

    Job Swaps 24 June 2013

  • Final Lembi properties up for bid

    US$267m of REO properties securitised in CMBS is scheduled for sale next month via Auction.com.

    According to CMBS analysts at Barclays Capital, the largest loan being liquidated is backed by the final nine properties from the Lembi Portfolio securitised in WBCMT 2007-C31, with an unpaid balance of US$77m. The loan was subject to an unusual modification in 2010 involving a .......

    News Round-up 20 June 2013

  • Opera CMH counter bid launched

    Northwood Investors, in its capacity as junior lender to the Opera Finance (CMH) CMBS, has launched a counter bid for the portfolio. The move is in response to Kennedy Wilson/Värde Partners Europe's proposal (SCI 5 June), which appears not to have the support of a number of noteholders.

    The existing proposal contemplates a purchase price of €306m, with the purchasers .......

    News Round-up 20 June 2013

  • Triple-As dominate CMBX trading

    CMBX trading activity declined significantly last week, given the market's focus on the CRE Finance Council conference. But prices remained on a falling trend and, as of Thursday, were down on average by half a point but up to two points in some indices.

    CRE debt analysts at Deutsche Bank note that CMBX Series 6 performed the worst as a .......

    News Round-up 19 June 2013

  • Servicing acquisition agreed

    KeyCorp Real Estate Capital Markets (KRECM) has entered into a series of agreements to purchase substantially all of Bank of America's CMBS servicing portfolio. At the same time, KRECM will enter into a long-term sub-servicing agreement with Berkadia Commercial Mortgage, pursuant to which Berkadia will service the CMBS portfolio. Moody's has reviewed the proposed transfer and determined that it will .......

    News Round-up 19 June 2013

  • Shortfalls spreading to CMBS 2.0

    Nearly 90% of Fitch-rated pre-2009 US CMBS by balance currently have outstanding interest shortfalls to one or more rated classes. But interest shortfalls are now beginning to surface in CMBS 2.0 transactions, although nearly all of these loans continue to perform, the agency reports.

    Interest shortfalls are commonly caused by appraisal reductions, special servicing fees, loan modifications or when a .......

    News Round-up 18 June 2013

  • AJs hit in Tri-County liquidation

    The liquidation of a loan in CSFB 2005-C2 has resulted in the first instance of principal losses being realised on an originally triple-A rated AJ tranche in the US conduit CMBS segment. The US$136m Tri-County Mall was liquidated this month with a loss of US$124m.

    CMBS analysts at Barclays Capital had previously suggested that the property would likely need to .......

    News Round-up 18 June 2013

  • Moving on?

    The re-emergence of the European CLO market has many positiv...

    The evolving European securitisation market has seen several changes since the crisis, with many positive developments, particularly recently. However, certain issues still need to be resolved and - with the market improving - concern is growing that they may be forgotten about.

    Corporate trust service providers have experienced the market's lows as well as its highs and, while many recent .......

    News Analysis 18 June 2013

  • CMBS loan re-enters special servicing

    The Harbour Centre office building backing a US$51m loan securitised in MSC 2006-IQ12 has been transferred to special servicing. It was previously transferred to special servicing in 2009 and received a modification which extended its IO payment period until January 2013.

    Occupancy has since declined to 85% and the loan was just covering with a DSCR NCF of 1.14x. Barclays .......

    News Round-up 17 June 2013

  • CMBS bonds lose repo-eligibility

    Stricter loan-level requirements have come into force for European CMBS looking to retain ECB repo-eligibility. CMBS bonds are now mostly absent from the list of repo-eligible securities, with possible negative pricing implications.

    The ECB is currently implementing a transition period as part of its project to require regularly updated loan tapes to be made publically available in order for ABS .......

    News 13 June 2013

  • Euro default rate remains low

    Only 1.43% by original balance of European structured finance notes had defaulted by end-1Q13, according to S&P's latest quarterly transition study. The 12-month rolling downgrade rate for European structured finance fell to 21% at the end of the first quarter, while the 12-month rolling default rate remained relatively stable at 0.43%, given several new interest shortfalls and principal losses in .......

    News Round-up 13 June 2013

  • CMBS pay-offs drop

    The percentage of US CMBS loans paying off on their balloon date registered 59.5% in May, according to the latest Trepp pay-off report. This was more than five points below the April reading of 64.6% and represents the second lowest of the year, but remains above the 12-month moving average of 55.3%.

    By loan count as opposed to balance, 69.1% .......

    News Round-up 13 June 2013

  • CBD recoveries diverge

    The recovery in midtown Manhattan office prices has been much stronger post-financial crisis than in its London counterpart, the West End. Midtown Manhattan office prices have more than doubled (up by 110%) since their recent trough in 4Q09, while West End prices are up by 65% from their 3Q09 trough, according to the latest Moody's/RCA CPPI report. Prices in each .......

    News Round-up 13 June 2013

  • Beacon Seattle proceeds reported

    The recent sale of the Wells Fargo Center has resulted in an estimated US$267m pay-down for the Beacon Seattle & DC portfolio, based on remittance data available for BACM 2007-2, the first of the Beacon CMBS to report in June. At a reported US$390m, the ultimate selling price for the property was higher than expected.

    Approximately US$15.6m in deferred interest .......

    News Round-up 12 June 2013
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