CMBS

  • 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

  • CMBS resolutions drive commercial debt drop

    The level of commercial/multifamily mortgage debt outstanding decreased by 0.5% in 4Q10 to US$2.4trn, according to the Mortgage Bankers Association (MBA). On a year-over-year basis, the amount of mortgage debt outstanding at the end of 2010 was US$67bn lower than at the end of 2009, a decline of 2.7%, the MBA reports.

    The outstanding US$2.4trn in commercial/multifamily mortgage debt recorded .......

    News Round-up 18 March 2011

  • CRE capability boosted

    Trepp has acquired Investcap Advisors, a privately held company that provides web-based applications for US CMBS loan and property surveillance. The acquisition provides Trepp with additional commercial real estate expertise and technology resources, while also expanding its range of CRE loan and property surveillance products.

    As a result of the acquisition, Investcap founder Scott Barrie will be joining Trepp as .......

    Job Swaps 17 March 2011

  • CRE partnership to aid distressed banks

    Westport Investment Group has established a strategic relationship with a multinational mergers and acquisitions firm to acquire discounted commercial properties and notes from American banks in distress. The relationship is designed to help small to mid-sized US banks in distress to increase revenue and, in some cases, to secure infusions of capital.

    "It comes at a perfect time, when more .......

    Job Swaps 17 March 2011

  • Investment manager names CRE head

    NewOak Capital has appointed David Eyzenberg as md and head of its commercial real estate division. Based in New York, he will be responsible for directing the firm's principal activities in the CRE sector.

    Before joining NewOak Capital, Eyzenberg was president of Prodigious Capital Group. Since its founding in 2005, he led the firm in consummating over US$350m in financing .......

    Job Swaps 16 March 2011

  • CMBS payoffs holding steady

    The percentage of US CMBS loans paying off on their balloon date held steady last month, according to Trepp's latest Payoff Report. Overall, 38.4% of the loans reaching their balloon date paid off in February. In January, the level was almost identical at 38.7%.

    Over the last 12 months, the average percentage of loans by balance paying off each month .......

    News Round-up 16 March 2011

  • Communication tower CMBS prepped

    Richland Towers is in the market with the US$188m Richland Towers Communication Tower Revenue Notes series 2011-1, a CMBS secured by multiple assets and ownership interests in tall tower communication sites. The sites will be used to transmit broadcast signals for television, FM radio, land mobile radio, wireless communication equipment and other related purposes.

    The US$143m class A notes have a .......

    News Round-up 16 March 2011

  • US CMBS delinquencies rise again

    The delinquency rate on loans included in US CMBS conduit/fusion transactions increased by 17bp in February to 9.18%, according to Moody's Delinquency Tracker (DQT). The performance continued a trend of moderate increases that began in June 2010, yet as the year goes on, the agency expects the addition of new loans to suppress the tracker's delinquency rate.

    "As the specially .......

    News Round-up 16 March 2011

  • Property derivatives platform launched

    LaSalle Investment Management has partnered with BGC Partners to establish a property derivatives capability for clients. The offering will allow LaSalle's clients to access a range of property derivative products, while fund managers can actively manage portfolio sector weightings, asset allocation and hedge market downside risks.

    The announcement comes as interest in property derivatives continues to grow, despite a fall .......

    News Round-up 14 March 2011

  • CMBS risk indicators outlined

    The current credit risk level for this year's new issue CMBS is at a low level, although recent underwriting and macroeconomic trends may shift risk higher as the year progresses, according to S&P.

    "To help us gain a sense of what the prospects might be for 2011 CMBS originations, we analysed correlations between a set of macroeconomic and underwriting variables .......

    News Round-up 11 March 2011

  • Stable outlook for Canadian CMBS

    In Moody's new 'Canadian structured finance and covered bonds: 2011 outlook and 2010 review', the rating agency says it expects Canadian CMBS performance to remain stable as it sees signs of life in the new issuance market.

    "We expect the delinquency rate for properties underlying our rated CMBS transactions not to rise significantly throughout 2011. For the US$12.2bn in outstanding .......

    News Round-up 10 March 2011

  • Asset manager adds real estate md

    Kohlberg Kravis Roberts & Co (KKR) has appointed Ralph Rosenberg as md to lead its global real estate investing efforts. Rosenberg's principal responsibility will be working across KKR's global business to find real estate opportunities for the firm's pools of capital, including equity, debt and special situations investments.

    Rosenberg was previously a partner at Eton Park Capital Management, where he was .......

    Job Swaps 9 March 2011

  • New partner for investment advisor

    Torchlight Investors has appointed Steven Schwartz as partner and md. In this new role, Schwartz will focus on arranging the firm's debt investments and will report to Dan Heflin, Torchlight's ceo and cio. He comes from JPMorgan, where he was co-head of the CMBS group.

     

    .......

    Job Swaps 8 March 2011

  • CMBS research platform linked

    Trepp clients now have a direct feed to S&P's commercial mortgage research headlines, with links to deeper research provided on the agency's global credit portal investor analytics platform. The research offering includes analysis and commentaries from S&P Valuations and Risk Strategies across the structured finance marketplace.

    "This integration ensures that our real-time market news and deep-dive research is easily accessed .......

    News Round-up 8 March 2011

  • CMBS loan liquidations fall in February

    The dollar amount of US fixed rate CMBS loans that were liquidated in February dropped by 54% from January's level, according to Trepp. 106 loans with a total balance of US$815m were liquidated during the month.

    The losses on those loans total about US$292m - representing an average loss severity of 35.9%. That loss severity value is below the average .......

    News Round-up 8 March 2011

  • CRE firm adds structured products head

    Ranieri Real Estate Partners (RREP) has appointed Debra Huddleston as md and head of its real estate structured products group. Prior to joining RREP, Huddleston was md at BlackRock in its financial markets advisory group. Prior to this, she was md and head of special situations in Credit Suisse's residential mortgage department.

    .......

    Job Swaps 7 March 2011

  • Governance key for Japanese CMBS extensions

    Governance and property quality are important when it comes to extending loans in Japanese CMBS deals, according to Moody's. The agency reports that Japanese loan extensions have been structured in accordance with criteria stipulated in loan documents or through consensual decision-making between lenders and CMBS investors.

    The maturities of 29 loans, amounting to ¥284.2bn, have been extended so far for .......

    News Round-up 7 March 2011

  • Record high for CMBS late-pays

    US CMBS delinquencies climbed to a new record high this past month, according to Fitch's latest index results for the sector. Late-pays rose to 17bp to close out February at 8.76% - surpassing the index's previous high water mark of 8.66%, recorded in September 2010. However, the rising influx of new issuance may help to stem future late-pay increases, the .......

    News Round-up 4 March 2011

  • Assisted living CMBS prepped

    Goldman Sachs is in the market with the US$325m GS Mortgage Securities Corporation Trust 2011-ALF, a single-loan CMBS secured by 29 assisted living facilities owned by 19 property companies. Collateral also includes the borrowers' interest in the leases and rents, interest in the operating revenues from the properties and the assignment of the cash management accounts.

    Proceeds from the notes, .......

    News Round-up 4 March 2011

  • Increase in CMBS delinquencies slows

    US CMBS delinquencies had one of the smallest increases in February since the beginning of the credit crisis, according to Trepp, edging up by 5bp and putting the rate at 9.39%. However, this also represents the highest percentage of loans 30+ days delinquent, in foreclosure or REO in the history of the CMBS market.

    The percentage of loans seriously delinquent .......

    News Round-up 3 March 2011
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