CMBS

  • Spread divergence as supply spikes

    After a series of slower sessions, the secondary US CMBS market saw BWIC volume increase dramatically yesterday. SCI's PriceABS BWIC data shows over 150 line items for the session, with some interesting price movement evident.

    A US$24.41m slice of UBSCM 2012-C1 C, which is almost exactly half the tranche, was covered on Thursday at 288. On 14 September .......

    Market Reports 21 September 2012

  • Ratings reform stance welcomed

    The CRE Finance Council confirms that a recent US SEC Dodd-Frank mandated report on the feasibility of credit rating standardisation takes into account the position of the commercial real estate finance industry. The report agrees with the views of CREFC's membership that enhanced transparency, consistency and accountability are better avenues of focus for ratings reform.

    Specifically, in recommending that the .......

    News Round-up 21 September 2012

  • Oxford Valley Mall watchlisted

    Morningstar has added the US$69.2m Oxford Valley Mall loan - securitised in the GSMS 2011-GC3 CMBS - to its watchlist, following a drop in reported occupancy, as of 31 March. An office building on the site (One Oxford Valley) has 69% of its space available for lease and one mall anchor (Boscov's) is vacant.

    According to the prospectus supplement, the .......

    News Round-up 21 September 2012

  • Losses forecast for Titan CMBS

     Two Titan CMBS - Titan Europe 2006-3 and Titan Europe 2006-5 - are expected to see major losses, based on recent regulatory filings.

    The regulatory notice regarding Titan Europe 2006-5 advises that a discrepancy in regulating the priority of payments for the €239.58m DIVA Multifamily Portfolio loan has been resolved. A sales and purchase agreement for €205m for the underlying .......

    News Round-up 21 September 2012

  • Secondary spreads still tightening

    Monday's session demonstrates just how far spreads in the US CMBS secondary market have tightened over the last few weeks. Trading activity yesterday was relatively light, but paper that changed hands did so at tight levels.

    SCI's PriceABS BWIC data shows that the CSMC 2006-C5 A3 tranche, for example, was covered yesterday at 104, having been covered at .......

    Market Reports 18 September 2012

  • Favourable news sparks CMBX rally

    After trading in the same range all summer, favourable news from Europe and the US Fed last week was enough of a catalyst to set CMBX on fire, according to CRE debt analysts at Deutsche Bank. All indices were up on the week by between one to four points, with AJs and AMs outperforming. In the older series, the rally .......

    News Round-up 17 September 2012

  • CMBS late-pays continue to decline

    Delinquencies on office loans are still creeping higher as overall US CMBS late-pays continue to fall, according to Fitch's latest index results for the sector. Overall CMBS delinquencies declined by 9bp last month to 8.39%, from 8.48% in July.

    In August, approximately US$2bn of loans were resolved and removed from the index, compared to US$1.7bn of new delinquencies added to .......

    News Round-up 17 September 2012

  • EMEA CMBS servicing ops offloaded

    Deutsche Bank is seeking to sell its European CMBS servicing operations to Situs. The bank already transferred its primary servicing role for four transactions to Situs Asset Management, effective from Friday (14 September), and has sub-delegated to the firm its duties under the servicing agreement in respect of nine others.

    The four EMEA CMBS impacted by the servicing transfer are: .......

    Job Swaps 17 September 2012

  • Institutional investors outperform CPPI

    Commercial real estate properties owned by institutional investors outperformed the national all-property composite, as measured by the Moody's/RCA Commercial Property Price Indices (CPPI), during both the run-up to the peak and the post-trough recovery through July 2012. Overall US commercial real estate prices, meanwhile, were down by 1.2% in July.

    In a new analysis examining the buyers and sellers of .......

    News Round-up 14 September 2012

  • Multifamily duo recruited

    Prudential Mortgage Capital Company has expanded its multifamily team, naming Patrick McAllister and Laurie Morfin directors of multifamily originations. The pair reports to Jim Hensley, a principal and agency production manager for the multifamily team.

    McAllister will be based in Prudential's San Francisco office, while Morfin will be based in a new Carlsbad, California office. They are both responsible for .......

    Job Swaps 14 September 2012

  • Euro reporting improving

    Better reporting in EMEA structured finance transactions has seen nearly one-third of deals merit a higher issuer report grade (IRG) since Fitch re-launched IRGs last year (SCI 15 November). The agency notes that while there is still room for improvement, with just 12.4% of transactions receiving the highest 4- or 5-star grades, discussions with report providers that followed the re-launch .......

    News Round-up 13 September 2012

  • CMBS spreads grind tighter

    US CMBS secondary spreads came in markedly yesterday as the market continues to grind tighter. SCI's PriceABS BWIC data has 111 line items for the session, with supply remaining steady if unspectacular.

    Interactive Data figures place CMBS bid-list volume for Wednesday at US$146m, plus approximately US$310m of GNMA IOs that were also out for the bid. GG10 dupers, .......

    Market Reports 13 September 2012

  • Marley Station to see hefty ARA

    The September remittance for BACM 2005-3 includes a new appraisal for the US$114.4mn Marley Station loan. The underlying property is one of the malls that had been left out of Simon Property's acquisition of Farallon's stake in the Mills portfolio in March 2012 (see SCI's CMBS loan events database).

    The loan had been scheduled to mature in July, .......

    News Round-up 11 September 2012

  • Cornerstone grows Asian presence

    Cornerstone Real Estate Advisers has opened an office in Tokyo. It will be headed by Kelly Hayes and Peter Gensheimer, who both joined from Savills last month as directors.

    Prior to Savills, Hayes was in the CRE finance group at Citigroup, where he spent just over a decade. Gensheimer's experience also includes roles at Cushman & Wakefield, Emmes Asset Management .......

    Job Swaps 11 September 2012

  • Managed NPL deal prepped

    Further details have emerged about Oaktree Capital Management's non-performing loan CMBS (SCI 19 August). Dubbed ORES NPL series 2012-LV1, the transaction will be managed by Sabal Financial Group.

    The deal - which is arranged by JPMorgan - comprises a US$195m single tranche of notes rated triple-B minus by Fitch. The pool consists of 615 performing and non-performing real estate secured .......

    News Round-up 10 September 2012

  • Refi progress boost for GRAND

    Most of the revised transaction documents have been settled between Deutsche Annington (DAIG) and the advisors to the ad-hoc group of noteholders in connection with the proposed GRAND restructuring. The news boosted secondary market prices for the CMBS, with SCI's PriceABS BWIC data showing that a €43m slice of the GRND 1 C tranche was covered at 93.78 .......

    News Round-up 10 September 2012

  • New CMBS criteria unleashed

    S&P has issued two criteria articles it will use to rate US and Canadian CMBS: a methodology for deriving credit enhancement levels; and global property evaluation criteria. The move follows the agency's request for comment on the proposals in June (SCI 6 June) and has resulted in 744 classes from 188 CMBS being placed on credit watch.

    The criteria are .......

    News Round-up 6 September 2012

  • CMBS spreads, activity increasing

    After finding their feet on Tuesday, the US secondary market took off yesterday. SCI's PriceABS BWIC data reached 500 line items for the session, with some interesting developments in CMBS.

    Trepp notes that CMBS spreads were flat to marginally tighter yesterday, with bid-list volume rising to about US$270m. It adds that the bellwether GSMS 2007-GG10 A4 tranche finished .......

    Market Reports 6 September 2012

  • CMBS loan pay-offs rebound

    The percentage of US CMBS loans paying off on their balloon date rebounded sharply in August from the previous month's dismal reading of 26%, according to Trepp's latest pay-off report. Last month 49.6% of loans reaching their balloon date paid off.

    In many ways, the improving pay-off rate was to be expected, Trepp says. For the first half of the .......

    News Round-up 6 September 2012

  • GGP refis announced

    GGP has closed US$1.5bn of new financing on seven properties across the US. Two of the properties have outstanding CMBS debt and are expected to see pay-offs in the near term.

    One of these properties - Glendale Galleria - backs a US$111.4m loan securitised in MLMT 2005-LC1 and another US$125.7m loan in MLMT 2005-CKI1. The other property - Rogue Valley .......

    News Round-up 6 September 2012

  • Uni-Invest acquisition completed

    TPG and Patron Capital have closed their joint venture acquisition of Uni-Invest, following approval by the Dutch courts. The properties - which comprise 142 offices, 54 warehouses and seven retail outlets, providing an annual rent of €62m - will be held in an SPV dubbed Utrecht Holdings.

    Goldstar Research reports that asset management will be implemented, with the aim of .......

    News Round-up 6 September 2012
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