CMBS

  • 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

  • Japanese CMBS property sales eyed

    In monitoring Japanese CMBS defaulted loans affected by the recent earthquake, Moody's says it will focus on the progress of property sales after the restart of special servicing, rather than on a temporary decline in the profitability and repair of properties. Of the 78 deals in the agency's Japanese rated CMBS portfolio, 23 are backed by 89 properties amounting to .......

    News Round-up 7 April 2011

  • US CMBS delinquencies hit highs

    The US CMBS delinquency rate rose again in March, according to Trepp's latest Delinquency Report, with the percentage of loans 30+ days delinquent, in foreclosure or REO climbing by 3bp to 9.42% - the highest in history for US commercial real estate loans in CMBS. The month-over-month increase, however, is even smaller than February's increase and is one of the .......

    News Round-up 5 April 2011

  • CREFC ceo appointed

    The CRE Finance Council has appointed Stephen Renna as ceo, effective from 1 May. Under Renna's direction, the Council says it will continue its efforts to ensure that the market's recovery in commercial real estate gains speed and that the current rulemaking underway by federal regulators has the intended beneficial consequences of ensuring sound, secure CRE mortgages without limiting the .......

    Job Swaps 5 April 2011

  • Euro CRE crisis threatens

    Navigant has warned of a looming commercial property funding crisis in the UK and Europe. The firm's research suggests that £500bn-£600bn loans made to commercial property borrowers by banks and other financial institutions will require refinancing within the next two years.

    Further, Navigant says that the institutions previously positioned to make these loans either no longer exist or have increased .......

    News Round-up 5 April 2011

  • EMEA CMBS criteria updated

    Fitch has released an updated version its EMEA CMBS rating criteria, which supersedes and replaces the agency's previous versions for all EMEA securitisations backed by commercial mortgage loans secured on investment property (including multifamily apartment blocks).

    In the report, Fitch details the qualitative and quantitative factors it considers in its rating analysis. Specifically, the criteria report addresses how the agency .......

    News Round-up 5 April 2011

  • Replacement CRE head appointed

    Jonathan Pollack is understood to be replacing John Nacos, who has left the bank, as Deutsche Bank's head of commercial real estate in the Americas. Pollack helped to found the bank's European CRE group in 2001, having joined from Nomura in 1999.

    .......

    Job Swaps 1 April 2011

  • CMBS maturity repayment index rises

    Fitch reports that improving loan repayments - totalling €196m in March - have increased its CMBS Maturity Repayment Index to 40.3% from 38.4%. These repayments also reduced the outstanding matured loan balance by 3.6%, with 55 of the 126 loans that matured since 2007 having been fully repaid.

    The two full repayments recorded in March included the £2m KD Investments .......

    News Round-up 1 April 2011

  • REIT spins off legacy assets

    Capital Trust has restructured all of its outstanding recourse debt obligations.

    The restructuring involved: the transfer of legacy assets to a newly formed subsidiary, CT Legacy REIT; the assumption of its legacy repurchase obligations by CT Legacy REIT; and the extinguishment of its senior credit facility (SCF) and junior subordinated notes (JSNs). The restructuring was financed by a new US$83m .......

    Job Swaps 1 April 2011

  • Bank welcomes back CMBS vet

    Faisal Ashraf has rejoined Credit Suisse as head of large-loan structuring, pricing and execution. Working on the bank's CMBS desk in New York, he will report to head of real estate finance and securitisation Ben Aitkenhead.

     

    .......

    Job Swaps 31 March 2011

  • Court direction sought for GSW funds

    In light of certain submissions made to the trustee, direction from the High Court of England and Wales is being sought as to the proper interpretation and application of the definition of sequential payment trigger in relation to the distribution of the GSW funds in the Fleet Street Finance 3 CMBS.

    The trustee understands that on 15 April 2010 the .......

    News Round-up 30 March 2011

  • Euro CMBS repayments continue to decline

    Only one out of the seven European CMBS loans scheduled to mature in February met its maturity obligation, according to S&P. Such performance coloured the month's loan level activity and contributed significantly to loan delinquencies and transfers to special servicing, the agency says.

    February's results reinforces the trend set in 2010 when loans in European CMBS showed a greater propensity .......

    News Round-up 30 March 2011

  • Bank adds CMBS trader

    Former Goldman Sachs CRE and derivatives trader Ben Solomon is joining Deutsche Bank as md and head of CMBS trading. He will report jointly to md and head of ABS trading Pius Sprenger and md and head of the MBS pass-through trading group Troy Dixon.

    .......

    Job Swaps 30 March 2011

  • 'Positive' first quarter for US CMBS

    The first quarter was positive for the US CMBS market, according to research analysts at S&P. They point to an increase in new issuance on a year-over-year basis, the slowing delinquency rate, firming industry fundamentals and tightening spreads as evidence for this. Additionally, while rating actions remain primarily negative, most have been due to interest shortfalls and their impact has .......

    News Round-up 29 March 2011

  • Delinquent unpaid balance rises again

    The US CMBS delinquent unpaid balance last month increased slightly by US$330.4m, up to US$62.42bn from US$62.09bn a month prior, according to Realpoint's latest monthly delinquency report. This follows a slight decrease of US$229.8m in January, which marked only the second recorded decrease in the past 12 months.

    A net decline in the 30-day and 60-day delinquency categories was noted .......

    News Round-up 25 March 2011

  • CMBS 2.0 standards unveiled

    The CRE Finance Council (CREFC) has released its new market standards for CMBS 2.0. The aim of CREFC's new best practices is to create market standards that can be used in the CMBS market immediately and to provide support to US federal regulators as they work to implement the Dodd-Frank Act's goal of better aligning investor and originator interests.

    First, .......

    News Round-up 24 March 2011

  • US CRE prices slip again

    US commercial real estate prices fell by 1.2% in January, the second consecutive monthly decline, according to Moody's/REAL National All Property Price Index (CPPI). Recent declines have been moderate, however, with prices currently 4.2% above the post-peak low reached in August 2010.

    "Choppiness in the CPPI is starting to subside as the bottoming process that started in 4Q09 continues. However, .......

    News Round-up 23 March 2011

  • Grubb and Ellis explores merger possibilities

    Grubb & Ellis has engaged JMP Securities to explore strategic alternatives, including the potential sale or merger of the firm. In conjunction with the announcement, the Grubb & Ellis board also determined not to declare the quarterly dividend to holders of its 12% cumulative participating perpetual convertible preferred stock.

    "A formal process to explore a transaction which affords the company .......

    Job Swaps 23 March 2011

  • Advisory firm beefs up in Asia

    StormHarbour has appointed Aaron Tan as senior advisor in its Hong Kong office. Reporting to the firm's principal and Asia-Pacific ceo, Water Cheung, Tan will be involved in advising on and originating real estate transactions. He was previously md and head of Hong Kong coverage, investment banking and debt capital markets at Barclays Capital.

    At the same time, Jean-Christophe Levens, Marc-Antoine .......

    Job Swaps 23 March 2011

  • Special servicing transfers begin to ease

    The speed and volume of US CMBS loans transferring into special servicing has begun to subside in recent months, according to Fitch.

    Approximately 200 loans have transferred for 2011, compared with 631 loans for 1Q10. "Following a monthly high of 255 loan transfers in January 2010, new specially serviced transfers steadily decreased each month, reaching a low of 74 in .......

    News Round-up 18 March 2011

  • Japanese quake's impact on SF deals reviewed

    Japan's recent earthquake may impact some of the underlying assets in rated structured finance securities, S&P says, with CMBS and RMBS most likely to be affected.

    "Although we are in the process of identifying the affected transactions, we believe securitisation participants of rated structured finance securities, such as loan servicers, would require some time to fully assess the impact of .......

    News Round-up 18 March 2011
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