CMBS

  • 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

  • Opera Uni-Invest restructuring awaited

    The sponsor of the Opera Finance (Uni-Invest) CMBS has defaulted on its standstill agreement, following the expiration of a 10-day cure period without the breach of the senior loan balance target being cured (see SCI 22 February). The special servicer on the deal, Eurohypo, has reserved the rights of the senior finance parties in respect of such a termination event, .......

    News Round-up 2 March 2011

  • Euro CMBS maturity repayments improve

    Fitch reports that improving loan repayments and full and partial redemptions - totalling €232.5m - in February has increased its CMBS Maturity Repayment Index to 38.4% from 36.1%. These repayments also reduced the outstanding matured loan balance by 1.4%, with 53 of the 125 loans that matured since 2007 having been fully repaid.

    The largest repayment recorded in February relates .......

    News Round-up 2 March 2011

  • Windermere X misallocation corrected

    Investors in the Windermere X CMBS have been informed that available principal prepayments for the April and July 2010 payment dates were incorrectly applied on a pro-rata basis when they should have been applied on a fully sequential basis. The cash manager on the deal has begun discussions with Clearstream Luxembourg and Euroclear with the intention of correcting the misallocation .......

    News Round-up 28 February 2011

  • Special servicing fees impacting CMBS performance?

    Some recent loan workouts highlight the implications that special servicing fees may have on concentrated US CMBS portfolios, resulting in rating downgrades to select tranches, according to Fitch.

    Special servicing fees, which are often not a recoverable trust expense, are usually absorbed by non-rated or speculative grade classes. Fees are typically 25bp of the loan's balance at transfer per year .......

    News Round-up 25 February 2011

  • CMBS 2.0 leverage, DSCRs 'evolving'

    Only 15 months since the first US CMBS new issuance after a lengthy dormancy, structural, leverage and issuance amount trends have quickly changed, according to S&P. The 'CMBS 2.0' market began with the pricing of three single-borrower transactions with relatively simple structures in late 2009, while more recent deals have been more complex, more highly leveraged and with much greater .......

    News Round-up 25 February 2011

  • Commercial loan business acquired

    Capita has acquired the securitised commercial loan business of Barclays Capital Mortgage Servicing, which provides primary and special loan servicing for commercial real estate finance transactions. On completion, the business will be integrated into the existing Capita Asset Services business.

    Robert Hughes, md of Capita Asset Services, comments: "The acquisition is a natural fit for Capita Asset Services, fully complementing .......

    Job Swaps 24 February 2011

  • CRE joint venture formed

    Jefferies Group, the Government of Singapore Investment Corporation (GIC) and LoanCore have formed Jefferies LoanCore, a new joint venture CRE finance company.

    Jefferies LoanCore - led by Mark Finerman as ceo - has US$600m in initial equity commitments that will be leveraged appropriately. The new group will originate CRE debt through a team led by Finerman and with the support .......

    Job Swaps 24 February 2011

  • Advisory beefs up hedge fund team

    The Collingwood Group has promoted Mary Lou Christy from svp to md of the organisation. Christy will launch a new investor relations practice, while providing support to its growing hedge fund/private equity advisory business. Prior to joining Collingwood in 2010 (see SCI 29 September), Christy held several executive-level positions at Fannie Mae, including svp of investor relations, vp of the .......

    Job Swaps 24 February 2011

  • Euro CMBS loan losses filtering through

    Fitch reports that the increased number of loan workouts that commenced in 2010 is beginning to result in loss allocations to some European CMBS transactions. Four loans securitised in Fitch-rated transactions had a loss allocation during Q4, bringing the total for 2010 to six loans. No losses were realised in the previous year, the agency says.

    Loan defaults and transfers .......

    News Round-up 24 February 2011

  • Euro CRE recovery limited to prime sector

    Signs of recovery in the European commercial real estate market are being reported, but only in for prime properties, according to S&P. Given that the European CMBS universe is secured mainly by secondary assets, the agency therefore believes that loan maturity performance will remain under pressure in 2011.

    Reports of asset sales over the past 12 months indicate that the .......

    News Round-up 23 February 2011

  • US CRE prices dip slightly

    After three consecutive months of increases, US commercial real estate prices declined by 0.9% in December, according to Moody's/REAL National - All Property Price Index (CPPI). Although overall 2010 prices fell by 2.1%, the index has recovered by 5.5% since reaching its low in August 2010. Prices at the end of December stood at 42.1% below the October 2007 peak, .......

    News Round-up 23 February 2011

  • CMBS restructured on REIT conversion

    The Imser Securitisation 2, an Italian single-loan CMBS backed by 197 specialised telecom properties, has been restructured upon an application by the borrower and its majority shareholder for the special tax regime existing for REITs in Italy. This follows changes to corporate taxation in the country, under which an additional tax exposure has arisen for the borrower - Imser 60 .......

    News Round-up 22 February 2011

  • Decrease seen in delinquent unpaid balance

    The US CMBS delinquent unpaid balance decreased slightly last month by US$229.8m - down to US$62.09bn - from the previous month, according to Realpoint's latest Monthly Delinquency Report. This 0.4% decrease follows increases of US$1.21bn and US$1.93bn respectively in December and November.

    This is only the second time in the past 12 months that the delinquent unpaid balance decreased, following .......

    News Round-up 18 February 2011

  • US CMBS loss severities moderating?

    The current historical weighted average loss severity for loans backing US CMBS that are liquidated at a loss increased in the last quarter of 2010, albeit at a slower rate than the prior quarter, says Moody's.

    The average loss severity stood at 39.6% in December, up from 38.4% in September and 35.4% in June of 2010. Excluding loans with de .......

    News Round-up 18 February 2011

  • CRE firm adds svp

    Broad Street has appointed Tim McCann as svp of its acquisitions and capital markets group. In this role, he will work closely with Broad Street principals Tom Yockey, Mike Jacoby and Jeff Kelly on sourcing new acquisitions and building the firm's debt and equity relationships. Prior to joining Broad Street, McCann held both credit and underwriting positions with several leading .......

    Job Swaps 17 February 2011

  • Timely recovery for lodging loans

    With almost US$10bn in lodging loan collateral scheduled to mature this year and another US$8.5bn due in 2012, a recovery in the sector is arriving at an opportune time, S&P says. While the early stages of recovery in the lodging sector first took hold in the higher-priced segments last year, the rebound is spilling over to the midscale and economy .......

    News Round-up 17 February 2011

  • US CMBS delinquencies increasing

    The delinquency rate on loans included in US CMBS conduit/fusion transactions increased by 22bp in January to 9.01%, according to Moody's Delinquency Tracker (DQT). January marks the first time the delinquency rate has been above 9% and the seventh straight month the rate has increased by less than 25bp. The total number of delinquent loans fell during the month, the .......

    News Round-up 15 February 2011

  • Mortgage servicing revisited

    CRE special servicer-style model touted for RMBS

    The FHFA's initiative to restructure the GSE mortgage servicing model (see SCI 19 January) has re-energised debate on servicer compensation. While there is agreement that the current system has many shortcomings, some believe that the proposed changes don't go far enough.

    Ron D'Vari, ceo of NewOak Capital, says the issue at stake is how to incentivise servicers to do a .......

    News Analysis 15 February 2011

  • CRE firm forms advisory

    Grubb & Ellis Company has formed Daymark Realty Advisors, a wholly owned and separately managed subsidiary. The new group will be based in Santa Ana, with regional offices in Atlanta, Chicago, Dallas, Phoenix and Richmond, Virginia.

    Daymark will be responsible for the management of Grubb & Ellis' entire tenant-in-common portfolio and will provide specialised management services to the owners of the .......

    Job Swaps 14 February 2011

  • Distressed CRE servicing team formed

    Hilco Real Estate has formed Hilco Real Estate Managed Asset Resolutions (HREMAR). The new operating unit will provide specialised, turnkey loan servicing to lenders and other real estate investing entities on their most deeply-distressed loans and REO assets.

    HREMAR will service distressed assets, from single parcels of raw land to the largest commercial and residential projects, including a broad array .......

    Job Swaps 11 February 2011
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