CMBS

  • Japanese CMBS see Q4 losses

    Losses were incurred on seven of the ten Japanese CMBS loans for which collections were completed in 4Q11, according to S&P. Further, of the nine underlying loans of Japanese CMBS transactions rated by the agency that matured in the fourth quarter, three defaulted due to non-repayment in the same quarter and six were repaid.

    Meanwhile, collections for 10 other loans .......

    News Round-up 30 January 2012

  • Specially serviced US CMBS on the rise

    Specially serviced US CMBS loans have been on the rise since last quarter and are likely to continue increasing, according to Fitch.

    Loans over US$20m moving to special servicing total 15 so far in 2012. A total of 210 loans over US$20m transferred to the special servicer in 2011, down from 312 in 2010, Fitch adds. The number of loans .......

    News Round-up 27 January 2012

  • Euro CMBS NPL warning

    Tiering within European CMBS is gradually forcing the best and the worst loans to leave the universe. Absent new primary issuance, this trend could result in European CMBS morphing into a non-performing loan asset class in which the securitised collateral is either in default or 'passed initial maturity' status.

    European CRE investment and lending markets are characterised by significant tiering, .......

    News 27 January 2012

  • Japanese CMBS loan defaults rising

    The balance of defaulted underlying loans backing Fitch-rated Japanese CMBS was ¥266.2bn at end-December 2011, accounting for more than half of the total underlying loan balance at that time. Although the defaulted loan balance decreased compared to end-3Q11, the default rates have continued to increase as total Japanese CMBS underlying loans have decreased even further.

    "By end-1Q12, the defaulted loan .......

    News Round-up 27 January 2012

  • Tesco CMBS prints amid ratings review

    Tesco's latest sale-and-leaseback transaction - the £450m Tesco Property Finance 5 - has priced at 275bp over gilts via Goldman Sachs, HSBC, Lloyds and RBS. The previous four Tesco CMBS widened on the back of the news by approximately 20bp - from 240bp to 260bp.

    The latest transaction represents a true-sale credit-tenant-linked securitisation of one commercial mortgage loan, secured by .......

    News Round-up 26 January 2012

  • EMEA special servicing activity reviewed

    Moody's has released its latest monthly update on specially serviced EMEA CMBS loans. As of year end, 114 loans were in special servicing across the large multi-borrower and single borrower transactions the agency monitors.

    The Princes loan, securitised in Titan Europe 2007-3, was newly transferred to special servicing during December. The £9.3m loan (accounting for 1% of the pool) .......

    News Round-up 25 January 2012

  • PPIP capital supporting CMBS

    Oaktree was the only firm to deploy additional Public Private Investment Program (PPIP) capital in Q4, according to the US Treasury Department's latest update on the programme. The fund deployed about US$29m in equity, increasing the total gross paid in capital by US$116mn (including Treasury equity and Treasury debt). As a result, Oaktree's reported utilisation ratio increased to 31.8% in .......

    News Round-up 24 January 2012

  • Restructuring firm renamed

    Guardian Solutions has changed its name to Alliance Commercial Group. The firm will continue to specialise in CMBS restructuring and resolution advisory services.

    Alliance has also established a new division offering access to private and institutional capital for clients requiring financing alternatives. It believes these options can benefit clients facing a near term or past due maturity date or those .......

    Job Swaps 24 January 2012

  • Fair value in the balance?

    The wrangling over the JW Marriott Las Vegas Resort & Spa loan, securitised in CSMC 2007-TFLA, continues. CMBS investors are concerned that the case could set a negative precedent that may result in further artificially low valuations benefitting junior debt holders at the expense of those more senior in the capital structure.

    "While the outcome remains unclear, following the GGP .......

    News 24 January 2012

  • Loan extensions on the cards

    Thirty European CMBS loans, accounting for €1.8bn, are due to mature this month. Issuer notifications regarding these loans have not been positive to date and this trend is expected to continue for the most part.

    Of the loans maturing this month, CRE debt analysts at Deutsche Bank anticipate that the Gutperle (securitised in EMC VI), MPC, Caprice, Six Hotels (TITN .......

    News 23 January 2012

  • DQT edges up 5bp

    The delinquency rate on loans included in US CMBS conduit/fusion transactions increased by 5bp in December to 9.32%, according to Moody's Delinquency Tracker (DQT). The rate of loans in special servicing, as measured by Moody's Specially Serviced Loan Tracker, declined by 13bp in December, to 11.97%.

    December was the 12th consecutive month that delinquencies in the US have been above .......

    News Round-up 20 January 2012

  • Euro CMBS sparks into life

    The European secondary CMBS market has seen a pick-up in activity over the last few days. However, activity is effectively limited to smaller players and broader market involvement still remains elusive.

    "The market has not been extremely busy and clients' involvement is fairly limited, but they are definitely getting more involved in buying seniors. There is less interest in mezz, .......

    Market Reports 20 January 2012

  • Catching the wave

    CMBS loan mod, refi likelihood explored

    December saw the second highest volume of US CMBS loan modifications ever, after the GGP-related spike in 2010. The most visible increase in liquidations during the month, meanwhile, came from the 2007 vintage - ahead of the wave of five-year loans due to mature in 2012.

    Among the CMBS loans resolved and modified last month were a number of high-profile .......

    News Analysis 19 January 2012

  • Risk specialists team up

    RangeMark Financial Services and Cooperstein Analytics (CA) have established RangeMark Analytics (RA). RA will license its analytics platform to financial institutions, investors and government agencies for valuation and risk assessment of mortgage loans, RMBS and CMBS.

    RangeMark has acquired the exclusive rights to CA's fixed-income valuation platform. Richard Cooperstein will become president of the RangeMark affiliate and Colin Strasser will .......

    Job Swaps 18 January 2012

  • Industry vets form CRE firm

    A new firm has launched in the CRE space, offering a source of capital solutions and expertise. SL Capital is an affiliate of The Lynd Company, providing capital from US$3m to US$200m-plus for commercial loan programmes and non-performing notes.

    The company offers a variety of national loan programmes including CMBS, multifamily financing, mezzanine debt, preferred equity, bridge loans and senior .......

    Job Swaps 18 January 2012

  • TITN 2006-4FS steps up

    The borrower behind the Titan Europe 2006-4FS CMBS has given notice in connection with the Four Seasons loan that it will not meet the minimum prepayment amount. As a result, investors will receive a step-up in coupon for both the class A1 and A2 notes.

    The borrower intends to retain the investment properties that were going to be sold to .......

    News Round-up 17 January 2012

  • Special servicer fees scrutinised

    CMBS investors are becoming increasingly concerned about post-maturity loan pay-offs that generate workout fees despite only spending a few months with the special servicer, according to US CRE Debt analysts at Deutsche Bank. They cite the pay-off of the securitised loan on the 50 South Tenth Street building in Minneapolis as a notable recent example of the issue.

    "50 South .......

    News 13 January 2012

  • Apollo refinances TALF debt

    Apollo Commercial Real Estate Finance has utilised additional capacity under its master repurchase agreement with Wells Fargo Bank to refinance all of its TALF debt outstanding.

    Prior to the refinancing, Apollo had TALF borrowings totalling US$250.3m with a weighted average cost of funds of 2.8%. Those borrowings were secured by triple-A rated CMBS with a face amount of US$298.6m.

    By .......

    News Round-up 12 January 2012

  • HFF appoints debt placement director

    Holliday Fenoglio Fowler (HFF) has added a director to the debt placement group in its New Jersey office. Tom Graziano was most recently vp at Keefe, Bruyette & Woods in New York.

    In his new role, Graziano will focus on debt, structured finance and joint venture equity transactions for office, retail, multi-housing and industrial properties throughout the northeastern US. Before .......

    Job Swaps 11 January 2012

  • K-Deal analytics tool prepped

    Freddie Mac is preparing a free database tool for investors and analysts to monitor the performance and credit quality of its multifamily K-Deal MBS. The Multifamily Securities Investor Access tool is designed to increase transparency and save investors time by providing easy access to all post-securitisation data from investor reporting packages for the securities underlying the related series of K .......

    News Round-up 11 January 2012

  • December pay-offs fall sharply

    The percentage of CMBS loans paying off at their maturity date fell sharply in December, posting the lowest reading since May 2011, according to the latest Trepp pay-off report.

    In December, 37.5% of loans reaching their balloon date paid off. This was almost 10 points below November's 47.1% reading.

    During 2010, the average monthly reading had been 34%. In 2011, .......

    News Round-up 10 January 2012
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