CMBS

  • 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

  • Activity surge for Euro ABS

    Activity has picked up in the European ABS markets over the last couple of weeks. Primary issuance may slow during next week's IMN conference in Brussels, but secondary trading levels are expected to hold steady.

    "We have been seeing big bid-lists across credit and securitised sectors, as well as a couple of new deals hitting the market, which has been .......

    Market Reports 12 June 2013

  • New names added to SCI line-up

    Only a few tickets remain for SCI's 6th Annual Securitisation Pricing, Investment & Risk Seminar in New York. Over 200 attendees have registered for the event, which is being held tomorrow (13 June) at Bank of America's offices at 4 World Financial Center.

    New panellists have been added to the line-up over the last few days, including representatives from Hildene .......

    News Round-up 12 June 2013

  • CMBS underwriting standards eyed

    US CMBS issuance has climbed to US$39bn so far this year, compared with about US$15bn during the same period in 2012. Conduit/fusion transactions account for about US$23bn of the 2013 CMBS total. S&P believes that these new deals -especially those issued during the second quarter - are riskier compared with 2012 and other recent vintage conduit/fusion deals.

    The agency suggests .......

    News Round-up 11 June 2013

  • CRE solution strengthened

    Trepp and The Rockport Group have released TreppPort 2.0, an enterprise level commercial real estate solution. The new release advances the capabilities of the web-based platform to deliver a mobile, interactive visualisation of real estate exposure, the two firms say.

    Rick Trepp, chairman of Rockport, states: "Even when clients are away from their desks, they can see what's happening in .......

    News Round-up 11 June 2013

  • CMBS late-pays declining

    US CMBS late-pays declined by 7bp in May to 7.37% from 7.44% a month earlier, according to Fitch's latest index results for the sector. Meanwhile, delinquencies for transactions issued post-2009 (CMBS 2.0) stood at just 0.03%.

    The tighter post-recession credit environment, coupled with low interest rates is helping to keep newer CMBS delinquencies hovering near zero. Conversely, the peak vintage .......

    News Round-up 11 June 2013

  • GRAND redemption nears

    GRAND sponsor Deutsche Annington (DAIG) intends to list on the Frankfurt Stock Exchange. As it seeks to rebalance its funding, the likelihood of the GRAND CMBS being redeemed on or before its October IPD has greatly increased.

    DAIG plans to move towards a mix of secured and unsecured funding and has taken out several secured loans and entered into an .......

    News 11 June 2013

  • Dock Street UK acquired

    Zolfo Cooper has expanded its financial advisory & restructuring services practice following the acquisition of Dock Street Capital Management UK (DSUK). Dock Street Capital Management's operation in the US is not affected by the deal and the firms will look to collaborate on opportunities going forward.

    There will be no change in the business currently undertaken by DSUK, with asset .......

    Job Swaps 10 June 2013

  • SCI conference line-up revealed

    The final panellists have been announced for SCI's 6th Annual Securitisation Pricing, Investment & Risk Seminar, which is taking place on 13 June in New York. The event is being held at Bank of America's offices at 4 World Financial Center.

    The conference will focus on risk management and pricing/valuation issues, as well as trading and secondary market strategies. The .......

    News Round-up 10 June 2013

  • Resi originator builds CRE team

    Freedom Mortgage Corporation has launched a commercial real estate lending division in New York. It will be led by Mary Davenport, Nichole Kim and Shawn Townsend and will initially focus on mortgage originations from US$2m-US$10m for CMBS execution.

    Davenport was most recently at RBS Securities. She has also worked at Prima Capital Advisors, as co-head of CMBS investments at Capmark .......

    Job Swaps 7 June 2013

  • Linking-in credit

    Mike Manning, DealVector co-founder and ceo, and Dave Jeffer...

    Q: How and when did DealVector become involved in the structured finance markets?
    MM: The system has been live for two months or so, although of course we have been developing for longer than that. We really are filling a gap in the market and providing a service that investors tell us they have been crying out for.

    DealVector is 'LinkedIn' .......

    Provider Profile 6 June 2013

  • Second Gagfah CMBS prepped

    Goldman Sachs and Bank of America Merrill Lynch are in the market with German Residential Funding 2013-1, Gagfah's much-anticipated second German multi-family CMBS (SCI passim). The €2bn transaction refinances a loan advanced to the sponsor, which in turn refinanced a loan previously securitised as part of the German Residential Funding deal.

    GRF 2013-1 comprises five tranches of notes rated by .......

    News Round-up 6 June 2013

  • Opera pre-pack proposal unveiled

    Further details of the Kennedy Wilson/ Värde Partners Europe restructuring proposal for the Opera Finance (CMH) CMBS have been disclosed ahead of a noteholder meeting on 26 June. The proposal involves the acquisition of all the properties for cash in a pre-pack enforcement sale undertaken by a receiver (see SCI's CMBS loan events database).

    The KW/Värde proposal provides .......

    News Round-up 5 June 2013

  • CRE vet made underwriting chief

    Ladder Capital has named George Kok as head of underwriting. The commercial real estate specialist will report to co-founder and cio Greta Guggenheim.

    Kok joins from Bank of America Merrill Lynch, where he was md and co-head of real estate structured finance. Before that he led conduit programmes at Merrill Lynch and co-led Morgan Stanley's conduit programme.

    .......

    Job Swaps 5 June 2013

  • CMBS loss severities dip

    The weighted average loss severity for all loans backing US CMBS that liquidated at a loss was 40.7% in 1Q13, down from 40.8% in the previous quarter, Moody's reports. Excluding liquidated loans with losses of less than 2%, the figure is 52.9%, down from 53.1% the previous quarter. Loans with losses of less than 2% account for 23.5% of the .......

    News Round-up 5 June 2013

  • CRE hedging guidelines issued

    CREFC Europe has released 'Guidelines for interest rate hedging in European CRE finance transactions'.

    The association established a hedging working group last year to study and report on interest rate hedging practices used in European CRE finance transactions. The group's objective was the formulation of practice guidelines that could be useful to market participants as liquidity returns to the CRE .......

    News Round-up 5 June 2013

  • Special servicing trends examined

    Major changes in the US commercial mortgage special servicing business have occurred over the past five years. In particular, S&P notes that the increase of defaulted loans has raised the relative value of special servicing to CMBS bond valuation and performance.

    Special servicers have responded to the increase in special servicing volume in various ways, including: hiring experienced work-out personnel, .......

    News Round-up 5 June 2013

  • CMBS delinquencies inch up

    The Trepp CMBS delinquency rate inched up by 4bp in May, one month after posting its lowest reading in more than two years. The delinquency rate for US commercial real estate loans in CMBS was 9.07% at the end of last month.

    The resolution of distressed US CMBS loans was a major factor in driving the delinquency rate lower over .......

    News Round-up 4 June 2013

  • UNITE refi prepped

    HSBC and Lloyds are in the market with a fixed-rate UK CMBS backed by student accommodation. The £380m UNITE (USAF) II transaction will fund the repayment of a UNITE subsidiary's debt, including the refinancing of the existing UNITE (USAF) CMBS notes.

    Fitch and S&P have assigned a preliminary rating of single-A to the single tranche of notes. The loan is .......

    News Round-up 3 June 2013

  • Weak recourse provisions critiqued

    Loan documents for a number of recent CMBS contain revisions to recourse liability provisions that are credit negative for CMBS, according to Moody's. These provisions define the lender's ability to pursue both the borrower and the borrower's deep-pocketed controlling sponsor, if the borrower commits any 'bad boy' acts.

    Bad boy recourse liability provisions dissuade and penalise certain acts of the .......

    News Round-up 3 June 2013

  • CMBS liquidation rate reverts

    US CMBS liquidation volume fell back below US$1bn in May, according to Trepp, although loss severity moved up on a majority of losses in the greater than 2% category. May liquidations totalled US$849.2m, relative to the 12-month moving average of US$1.3bn.

    The number of loans disposed with a loss in May came in at 82, down from 128 in April. .......

    News Round-up 3 June 2013
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