CMBS

  • CRE set for slow, steady improvement

    The performance of all commercial real estate sectors will continue to improve throughout 2013, but at a slower pace, according to Moody's 1Q13 US CMBS and CRE CDO surveillance review. The agency says this is due to persistent economic concerns.

    Sector fundamentals will drive improving market conditions, making a significant rise in losses on loans backing US CMBS unlikely. "Commercial .......

    News Round-up 15 May 2013

  • New home for CMBS head

    RBS director of CMBS and CLO strategy Richard Hill is leaving the bank to join Morgan Stanley. He will be based in New York and report to Vishwanath Tirupattur.

    Hill will become head of CRE debt research at Morgan Stanley. Previous roles include a position in the corporate treasury group at Bank of America, svp at Village Solutions Company and .......

    Job Swaps 15 May 2013

  • Balloon risk remains for MFH deals

    Fitch reports that refinancing activity has been strong in German multifamily (MFH) CMBS transactions, but balloon risk still remains.

    "There has been considerable refinancing activity in the German multifamily sector over the past year," says Alessandro Pighi, senior director in Fitch's European structured finance team. "A number of large sales and refinancing transactions have also been executed and the first .......

    News Round-up 14 May 2013

  • CMBS late-pays reach 2009 low

    US CMBS late-pays declined by 19bp in April to 7.44% from 7.63% a month earlier, according Fitch's latest index results for the sector. This comes as new delinquencies (of US$747m) dipped below the US$1bn mark for the first time since February 2009 (US$980m). The last time new delinquencies were lower was in October 2008, when they came in at just .......

    News Round-up 14 May 2013

  • Pro forma concerns raised on 375 Park

    Fitch has released an unsolicited comment on CGCMT 2013-375P, a CMBS backed by a single loan on the Seagram Building located at 375 Park Avenue in New York. The agency says that the deal contains significant pro forma income that makes the credit enhancement insufficient at the triple-A ratings level.

    Fitch considers the building to be one of the most .......

    News Round-up 14 May 2013

  • Agency broadens CMBS ratings availability

    Morningstar Credit Ratings has begun providing CMBS ratings to Trepp clients through the Trepp CMBS Analytics platform. Morningstar will also distribute its CMBS pre-sale analysis through the same platform, including pre-sale reports, asset summary reports and loan analysis summary tables.

    .......

    Job Swaps 14 May 2013

  • CMBS servicer agreements boost presence

    KeyBank Real Estate Capital has entered into a series of agreements that will substantially increase its commercial mortgage servicing business. It is purchasing certain commercial mortgage servicing rights from Bank of America and a CMBS special servicing portfolio of about US$14bn.

    KeyBank will purchase substantially all of the third party CMBS and special servicing rights from Bank of America's global .......

    Job Swaps 10 May 2013

  • Spanish special servicer established

    Copernicus, a new Spanish special servicer, has been established to help clients deal with the country's distressed real estate assets. Copernicus uses an integrated technology platform to allow for the efficient management, follow-up and monitoring of assets.

    The servicer already manages property portfolios from three Spanish banks. Its offering covers the entire management cycle of property portfolios, ranging from the .......

    Job Swaps 9 May 2013

  • Low Euro CMBS repayments to continue

    Moody's expects the repayment rate for European CMBS loans maturing in 2Q13 to remain at the historically low levels seen during the first quarter. The repayment rate dropped to 29% in 1Q13 from 35% in 2012.

    "We base our expectations on the specific characteristics of the loans with original scheduled maturity dates in 2Q13 and Europe's weak macroeconomic outlook," says .......

    News Round-up 9 May 2013

  • CMBS ticks tighter on rising supply

    Generic US CMBS secondary spreads were mostly unchanged yesterday, although legacy conduit AM and AJ tranches tightened slightly. BWIC volume was up to around US$344m, with SCI's PriceABS data showing 59 line items for the session.

    "CMBS spreads did not fluctuate a whole lot yesterday, but whatever movements did take place certainly tilted in the direction of more .......

    Market Reports 8 May 2013

  • Multifamily liquidation plan outlined

    The court-appointed receiver for the estate of an alleged Ponzi scheme involving Management Solutions (SCI 14 February 2012) has released a new liquidation plan for a large portfolio of multifamily properties owned by the estate. The 34 properties include three loans securitised in CMBS 2.0 deals (accounting for US$30.8m), two loans securitised in legacy CMBS (US$10.7m) and four agency CMBS .......

    News Round-up 8 May 2013

  • New Taurus CMBS nears

    Further details have emerged on Taurus 2013 (GMF1), the European multifamily CMBS that will refinance the WOBA mortgage loan, previously securitised within the Windermere IX and Deco XIV Pan Europe 5 transactions (SCI 30 April).

    Fitch has assigned preliminary ratings to the transaction, which comprises: €710m triple-A rated class A notes, €130m double-A class Bs, €120m single-A class Cs, €95m .......

    News Round-up 7 May 2013

  • Wide-ranging rep, warranties settlement agreed

    MBIA Inc and its subsidiaries have agreed a comprehensive settlement with Bank of America. MBIA Corp will receive a net payment of approximately US$1.7bn, consisting of around US$1.6bn in cash and US$137m principal amount of MBIA's 5.7% senior notes due 2034, as well as a US$500m line of credit.

    In exchange for the payment, MBIA will dismiss the ongoing litigation .......

    Job Swaps 7 May 2013

  • NY law firm adds partner

    Morrison & Foerster has added partner Lawrence Ceriello to its real estate finance group in New York. He specialises in the origination of loans backing CMBS.

    Ceriello also has extensive experience handling mezzanine debt and workouts of distressed real estate, as well as equity investments and the purchase, sale, restructuring and foreclosure of performing and non-performing commercial mortgage and mezzanine .......

    Job Swaps 7 May 2013

  • Servicer ratings, REO aging linked

    There is a meaningful relationship between US CMBS servicer ratings and the aging of real estate owned (REO) inventories, according to Fitch. The agency notes that servicers with the highest ratings have shorter liquidation time lines than lower rated servicers.

    Fitch says it analysed this relationship in response to market concerns regarding the growing and potential aging inventory of assets .......

    News Round-up 7 May 2013

  • CMBS pay-offs trending upwards

    The percentage of US CMBS loans paying off on their balloon date stood at 64.6% for April, according to Trepp. This was eight points above the March reading of 56.6%, with the rate now exceeding 60% in six of the past eight months.

    The April rate of 64.6% is well above the 12-month moving average of 52.8%. By loan count .......

    News Round-up 7 May 2013

  • Project Aspen JV formed

    Ireland's NAMA and Starwood Capital Group have established a joint venture relating to the sale of NAMA's €810m portfolio of commercial real estate non-performing loans known as Project Aspen. Under the terms of the agreement, NAMA will sell the portfolio to the new joint venture entity, which will be 20% owned by NAMA and 80% owned by a consortium led .......

    News Round-up 3 May 2013

  • Ten-year conduit loans set to pay off

    Of the US$14.4bn in Fitch-rated performing conduit CMBS loans set to mature this year, US$3.2bn (22.2%) are defeased. As interest rates remain low and conduit issuance remains robust, the agency expects ten-year loans maturing over the next year to continue to pay off at or near their maturity dates.

    "Roughly 60% of loans maturing in 2013 were originated in 2003 .......

    News Round-up 3 May 2013

  • CMBS advisory firm launches

    Sabal Financial Group has expanded its CMBS business by launching Sabal Commercial Advisors. Sabal Commercial will leverage the company's existing CMBS loan underwriting and due diligence platform to provide a single-source solution for transaction support services.

    Sabal Commercial will provide loan origination underwriting and loan re-underwriting services. The loan origination underwriting services will include due diligence and underwriting of both .......

    Job Swaps 3 May 2013

  • IRP RFC issued

    The CRE Finance Council has released for comment version 7.0 of its investor reporting package (IRP). The association plans to publish CREFC IRP v7.0 on 1 July, with an effective date of 1 October.

    The exposure draft includes final changes to the following: updated CREFC overview narrative; updated change matrix; updated data dictionary and legend; IRP new fields/field deletions to .......

    News Round-up 2 May 2013

  • CMBS delinquency rate drops

    At 9.03%, the Trepp CMBS delinquency rate last month posted its lowest reading in more than two years. The 47bp drop in the delinquency rate was the biggest one-month gain since Trepp began publishing the number in autumn 2009.

    All major property types saw their delinquency rates fall in April. Hotel and apartment loans led the pack, each with more .......

    News Round-up 2 May 2013
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