CMBS

  • CMBS balloon payments fall again

    The percentage of US CMBS loans paying off on their balloon date fell for the second straight month, according to Trepp's May pay-off report. While April's reading shows a sharp fall off, the percentage of loans paying off in April was well above the 12-month rolling average. While the rate fell once more in May, the latest reading was below .......

    News Round-up 10 June 2011

  • Morningstar expanding remit

    Morningstar has rebranded Realpoint - which it acquired in May 2010 - under the Morningstar name. In March 2011, Morningstar expanded its ratings services to include an operational risk assessment practice, focused on evaluating commercial and residential mortgage servicing firms, loan originators, and service providers to these businesses. The firm is now expanding its services to include a comprehensive ratings .......

    Job Swaps 10 June 2011

  • Bishopsgate property sale secured

    Hatfield Philips International has secured the sale of 6-8 Bishopsgate for £95m to Mitsubishi Estate Company - one of Japan's largest property development and investment companies. Located in London, the 20-storey landmark tower comprises 146,879 square-feet of office space, which is let in its entirety to Deutsche Bank on two leases expiring in 2015.

    Despite suffering from a payment default, .......

    News Round-up 9 June 2011

  • Japan CMBS default period set to lengthen

    Collection periods for defaulted loans in the Japanese CMBS sector are lengthening, according to Moody's. In the underlying loan portfolio backing Japanese CMBS transactions that the agency rates, the recovery period for one of the two loans collected in May was over 34 months - the longest ever in the tracking records for this series of reports.

    One of the .......

    News Round-up 9 June 2011

  • Freddie Mac announces organisational changes

    Freddie Mac has announced new leadership for each of its three lines of business.

    Anthony Renzi has been named evp of a new single-family and operations & technology division designed to oversee and enhance Freddie Mac's single-family mortgage business lines and technology division. David Brickman has been named as the new svp in charge of the multifamily division. Freddie Mac .......

    Job Swaps 8 June 2011

  • CMBS loan losses examined

    Almost US$1.4bn in US CMBS conduit loans were resolved with losses in May, according to Trepp's latest loss analysis report. That number is up by approximately 11% from the April total - the second highest value since the firm began tracking the figures in January 2010.

    148 loans with a total balance of US$1.38bn were liquidated during the month - .......

    News Round-up 7 June 2011

  • Singapore CMBS prepped

    CapitaLand is in the market with its second Silver Oak CMBS, ahead of the completion tomorrow of its tender offer for the outstanding notes of its first transaction. The deal is secured by Raffles City, a prime integrated property development in Singapore, which is owned by CapitaLand subsidiary RCS Trust.

    The Reg S US dollar-denominated class A notes, due in .......

    News Round-up 7 June 2011

  • Head portfolio manager hired

    Cole Real Estate Investments has recruited Donald MacKinnon as svp and head of high yield portfolio management. In this newly created position, MacKinnon will be responsible for overseeing the firm's existing portfolio of high yield commercial mortgage debt investments, new originations and high yield debt portfolio strategy, including investment in CMBS. Based in New York, he will report to Mitchell .......

    Job Swaps 6 June 2011

  • Euro CMBS surveillance methodology released

    DBRS has published a methodology for its surveillance of European CMBS, which describes the analysis taken to arrive at any rating actions arising from the surveillance.

    "A variety of events can affect the collateral of a CMBS pool and the cashflow necessary to ensure timely and ultimate payment of CMBS bonds," says Erin Stafford, md at DBRS. "During the life .......

    News Round-up 6 June 2011

  • DECO 2011-CSPK warning issued

    Fitch has published an unsolicited assessment of DECO 2011-CSPK. The rating agency says that although the deal's structure incorporates some CMBS 2.0 improvements, it finds that the transaction has a number of shortcomings.

    Fitch says that the debt raised in DECO 2011-CSPK, Europe's first benchmark CMBS transaction since the crisis, would not achieve its triple-A rating. While the transaction features .......

    News Round-up 3 June 2011

  • US special servicing loan rate drops

    The rate of US CMBS loans entering special servicing is continuing to decline, according to Fitch Ratings in its latest US CMBS newsletter.

    After reaching a peak of US$91.2bn in second quarter-2010, specially serviced CMBS loans have been declining for the last three quarters. Fitch expects this trend to continue.

    "Improving market conditions are slowing the velocity of loans transferring .......

    News Round-up 3 June 2011

  • US CMBS delinquency rate drops

    The US CMBS delinquency rate fell slightly in May with the percentage of loans 30+ days delinquent in foreclosure or REO declining by 5bp to 9.6%, according to Trepp's latest delinquency report.

    Although small, the decline is the biggest rate drop for US CRE loans in CMBS in approximately two years - excluding October 2010 when the Extended Stay Hotels .......

    News Round-up 1 June 2011

  • Euro CMBS repayments rise

    Fitch reports that amortisation and cash sweeps on outstanding loans have caused its European CMBS Maturity Repayment Index to increase marginally during May to 38.4% from 38.1%.

    The sole loan to mature during the month was the Algarve Portuguese loan, securitised in European Property Capital 3. The loan had previously matured in May 2010 and had been extended by one .......

    News Round-up 1 June 2011

  • Japanese CRE recovery back on track

    Japanese commercial real estate transactions have been showing signs of recovery, though this recently took a pause with the March earthquake. According to research in Moody's latest 'Structured Thinking: Asia Pacific' report, the J-CMBS market is also showing a rebound with loan defaults peaking. New transaction structures are simple with the underlying loans showing more conservative underwriting driven by tighter .......

    News Round-up 31 May 2011

  • CMBS delinquency rate rises again

    The US CMBS delinquency rate increased by 5bp in April - the same as the increase in March, according to S&P. The delinquency rate ended April at 9.17% and the amount of delinquent loan collateral backing rated CMBS totalled US$49.34bn.

    Two new transactions (accounting for US$2.52bn principal balance) that S&P rated in April partially diluted the overall delinquency rate by .......

    News Round-up 27 May 2011

  • CMBS originator added

    Andrew Seng has been appointed md in the Atlanta office of Holliday Fenoglio Fowler (HFF), where he will primarily be responsible for originating debt and structured finance transactions throughout the southern US. He has over eight years of experience in commercial real estate finance and was previously an evp with First Fidelity Companies. Prior to that, he worked as an .......

    Job Swaps 27 May 2011

  • Servicer strengthens business development

    Clayton Holdings has recruited Rick Smith as senior md in business development, focusing on the firm's Quantum residential and commercial special servicing business. In this role, Smith will be integral in identifying the needs of existing and potential customers and marketing the appropriate services to meet those needs. Based in the Quantum Servicing offices in Tampa, Florida, he will report .......

    Job Swaps 27 May 2011

  • Euro CMBS performance reaches new low

    European CMBS loan performance sank again this month, with 12 new loans becoming delinquent - a record high for monthly increases, according to S&P. The same number of loans was also transferred to special servicing - another monthly high. In addition, servicers transferred three loans out of special servicing in April - although two of these were resolved at a .......

    News Round-up 25 May 2011

  • Deutsche scoops CRE vet

    Deutsche Bank has appointed Don Belanger as md in its real estate finance division. He will be responsible for commercial real estate financing activities in Europe, reporting to the bank's head of commercial real estate business in Europe Cyril Courbage.

    Belanger was previously head of real estate capital markets at UBS and prior to this was co-head of Credit Suisse's European .......

    Job Swaps 24 May 2011

  • CMBS loan defaults to exceed 12%

    Increasingly successful loan modifications and growing new issue volumes will not be enough to stop rising US CMBS loan defaults, which are likely to exceed 12% by the end of this year, according to Fitch.

    Loan defaults increased by 20% last year, with 1,477 loans totalling US$22.09bn defaulting for the first time in 2010. Cumulative loan defaults increased to 10.6% .......

    News Round-up 24 May 2011

  • CRE debt platform expands

    CW Financial Services is enhancing its CRE debt platform by hiring four CRE finance veterans, who will lead an initiative to broaden the menu of financing services the firm provides to its clients. The new team, comprised of former Capmark and Ventras Holdings executives, will be based out of New York and develop additional forms of debt placement, including bridge, .......

    Job Swaps 24 May 2011
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