CMBS

  • CMBS 2.0 leverage likely to rise

    The credit quality of CMBS issued post-recession has been strong, says Moody's. However, as the credit cycle continues, the leverage of the loans in transactions is expected to increase.

    Moody's has rated eight CMBS 2.0 conduit deals since issuance resumed in 2010. "Current underwriting is vastly improved compared with CMBS issuance from 2007, contrary to some reports in the market. .......

    News Round-up 3 May 2011

  • Real estate md named

    Jefferies has appointed Michael Old as md in its real estate investment banking group, based in London. With nearly 17 years of real estate investment banking experience, Old joins Jefferies from Bank of America Merrill Lynch, where he was md in its European real estate structured finance group. Previously, he was an executive director at NM Rothschild and Sons in .......

    Job Swaps 3 May 2011

  • Synthetic CMBS workouts examined

    The conflicts of interest between lenders and noteholders in synthetic European CMBS structures may materially alter the loan workout process, according to Fitch. In particular, it may limit the flexibility available to servicers when working out distressed loans and may therefore result in increased losses, the agency says.

    "Synthetic transactions present an inherent conflict of interest between the original lender .......

    News Round-up 3 May 2011

  • Borrower advocate adds md

    Jeff Spelman has joined 1st Service Solutions as md, responsible for developing capital sources within its Equi-Debt Solutions platform. The newly launched platform offers equity and debt to borrowers of non-performing CRE loans.

    Spelman was previously vp and senior portfolio manager at Hunt Realty Investments, where he was responsible for creating and implementing strategies for real estate operating companies and .......

    Job Swaps 3 May 2011

  • CMBS next up for ECB loan-by-loan info

    The European Central Bank (ECB) has announced that it intends to extend its loan-by-loan information requirements for ABS in the Eurosystem collateral framework to CMBS and small- and medium-size enterprise (SME) transactions within the next 18 months (see also SCI 21 April).

    "Loan-level data for these asset classes will be provided in accordance with the templates available on the ECB's .......

    News Round-up 3 May 2011

  • Specially serviced CMBS loss severity rises

    Moody's latest update on its portfolio of EMEA CMBS loans in special servicing indicates that one new loan transferred into special servicing and one loan transferred out during March. The total number of loans in special servicing remains at 88, accounting for approximately €13.8bn balance outstanding.

    Only 0.7% of the loans in Moody's portfolio are not from the 2005 to .......

    News Round-up 26 April 2011

  • Third consecutive decline for CPPI

    US CRE prices as measured by Moody's/REAL National - All Property Price Index (CPPI) fell by 3.3% in February - the third consecutive monthly decline. Down by 4.9% from 12 months ago, the index is only 0.8% above its post-peak low set in August 2010.

    "There has been a clear distinction between the level of volatility when the top was .......

    News Round-up 20 April 2011

  • Real estate head hired

    BlackRock has recruited Jack Chandler as global head of real estate. He will oversee the firm's global real estate capabilities, which extend across the capital market structure and include both equity and debt investment products totalling approximately US$13b in assets under management.

    Chandler previously served as global cio and executive chairman, Asia for LaSalle Investment Management. He first joined LaSalle .......

    Job Swaps 19 April 2011

  • New Gleacher ceo named

    The board of directors at Gleacher & Company has appointed Thomas Hughes as ceo, starting on 2 May. He has also been nominated for election to the board at the company's stockholders' meeting on 19 May.

    Hughes was most recently chairman and ceo of LNR Property, the CRE special servicer. Prior to that, he was ceo of Global Deutsche Asset .......

    Job Swaps 18 April 2011

  • CMBS payoffs hit post-2008 high

    The percentage of US CMBS loans paying off on their balloon date posted the highest reading since December 2008, according to Trepp's March Payoff Report.

    "For only the second time since late 2008, the percentage cracked the 50% threshold - providing more evidence that the CMBS market continues to gain momentum," Trepp says.

    Overall, 55.5% of the loans reaching their .......

    News Round-up 18 April 2011

  • US CMBS delinquencies slip

    The delinquency rate on loans included in US CMBS conduit/fusion transactions inched down by 2bp in March to 9.16%, according to Moody's Delinquency Tracker (DQT). More significantly, the total dollar balance of delinquent loans for the US declined in March, slipping to US$56.5bn from US$56.8bn during the month. This was the first monthly decline in the balance since October 2007, .......

    News Round-up 15 April 2011

  • Cantor brings debut CMBS

    Cantor Commercial Real Estate (CCRE) has come to the market with its first transaction - CFCRE 2011-C1. The US$634.3m CMBS is backed by 38 loans, secured by 67 properties in New York, Georgia, California and Florida. Cantor Fitzgerald has underwritten the deal.

    Given that the originator is new to market, Fitch - which has rated the deal - reviewed a .......

    News Round-up 14 April 2011

  • Some GSW funds to be allocated

    A distribution will be made on the 26 April IPD to Fleet Street Finance Three class A1 noteholders of the amount of the GSW funds that are due and payable under either of the pro rata or the sequential application. The amount of this distribution is expected to be approximately €194.94m, with the balance of the GSW funds retained pending .......

    News Round-up 14 April 2011

  • CMBS loan performance, extensions assessed

    Fitch has released two reports on the European CMBS sector. The first analyses 10 of the largest conduit programmes in the region and finds that the performance of European CMBS loans varies significantly by programme. The second suggests that extension requests for CMBS loans remain high, as borrowers struggle to repay their loans at maturity.

    Fitch European CMBS director Gioia .......

    News Round-up 14 April 2011

  • Euro CMBS loan repayment rate to fall

    The proportion of European CMBS loans that are repaid in an orderly manner at maturity is likely to fall, compared to the loans that have already matured, according to Fitch. Just over half of the 152 loans that have reached their scheduled maturity dates since the onset of the credit crisis have either prepaid or repaid.

    Whole loan balances, ICRs .......

    News Round-up 13 April 2011

  • Real estate investment trio hired

    Franklin Templeton Investments has appointed Luke Anderson, Simon Seen Fun Mok and Toby Hayes to boost its private real estate capabilities in the Americas, Asia and Europe respectively. The trio is responsible for sourcing, underwriting and monitoring private equity real estate investments in the geographic regions that they cover

    As vp, Anderson will report to the firm's md Marc Weidner. .......

    Job Swaps 12 April 2011

  • Euro CMBS 2.0 committee formed

    The CRE Finance Council's European board of governors has established a newly formed European CMBS 2.0 Committee and a working group on class X principles. Nassar Hussain, managing partner of Brookland Partners, has been appointed chair of the committee.

    The European CMBS 2.0 Committee seeks to promote a new operating framework for CMBS transactions. Comprising a number of senior representatives, .......

    Job Swaps 12 April 2011

  • CMBS loan sale underway

    Mission Capital Advisors and Rockwood Real Estate Advisors are conducting a CMBS special servicer loan sale on behalf of an unidentified seller. The sale comprises 11 non-performing and bankruptcy assets, with an unpaid principal balance of US$99.7m.

    Office collateral accounts for US$56.6m of the portfolio, retail for US$25.5m, hospitality for US$7.2m, manufactured housing for US$5.6m, medical office for US$2.5m and .......

    News Round-up 11 April 2011

  • First CMBS late-pay fall since October

    The climb towards an expected 10% delinquency rate for US CMBS has slowed, according to Fitch. Late-pays retreated by 2bp to end March at 8.74%, representing the first decrease since October 2010, the agency says.

    "Preliminary indications on year-end 2010 financials that have come in thus far are somewhat encouraging. Net operating income declines have slowed or reversed, which - .......

    News Round-up 8 April 2011

  • CMBS loss severity drops in March

    The dollar amount of US CMBS fixed rate loans that were liquidated in March increased by 49% from February's level, according to Trepp's latest loss analysis report. However, the firm notes that the majority of loans with losses have losses of less than 2%.

    In total, 105 loans with a total balance of US$1.2bn were liquidated in March. The losses .......

    News Round-up 8 April 2011

  • Second MEPC prepayment made

    MEPC will prepay £74.5m of the £470m loan securitised via Opera Finance (MEPC) on the next interest payment date, 20 April, in advance of maturity in July 2012. This follows the first stage prepayment of £102.5m in January 2011 (see SCI 15 December 2010).

    The CMBS - completed in November 2005 and arranged by Eurohypo - was secured against four .......

    News Round-up 7 April 2011
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