CMBS

  • 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

  • CRE exec hired

    Neil Bane has joined Johnson Capital as principal and head of its equity desk. Based in the firm's New York office, he is also a partner in the global hospitality investment banking group and loan sale advisory/workout team.

    Bane was previously a director at Carlton Group, responsible for the origination and placement of over US$6bn in debt, equity and loan .......

    Job Swaps 11 February 2011

  • CRE md recruited

    Berkadia Commercial Mortgage has appointed Hugh Hall as md in its capital markets group. Hall will focus on developing and managing loan programmes to offer the firm's clients greater access to the increasing level of available capital. Based in New York, he will report to Berkadia svp Joe Franzetti.

    Hall was most recently a consultant to Loan Core Capital. Prior .......

    Job Swaps 10 February 2011

  • Real estate division head hired

    JPMorgan Asset Management has hired John Fraser as md and head of its new US opportunistic real estate investment division, Junius Real Estate Partners. Based in New York, Fraser will report to Joe Azelby, head of JPMorgan Asset Management − Global Real Assets.

    The new business will manage assets separately from the bank's existing real estate asset management business. "We .......

    Job Swaps 8 February 2011

  • CRE underwriting solution offered

    Zenta and Rockport have formed a partnership to deliver a combined technology and services offering to the CMBS, commercial banking and CRE markets. The initiative will enable the firms to provide clients with a single turn-key underwriting solution, integrating cutting-edge technology and services.

    "Rockport provides a true enterprise level platform for each facet of the loan origination lifecycle, as well .......

    Job Swaps 7 February 2011

  • CMBS loan liquidation volume spikes

    The dollar amount of US fixed rate conduit CMBS loans that were liquidated in January reached its highest level in the 13 months since Trepp has been compiling this number. In total, 189 loans with a total balance of US$1.51bn were liquidated during the month, according to the firm.

    The losses on those loans were almost US$583m - representing an .......

    News Round-up 7 February 2011

  • Accelerated collections likely for Japan hotel loans

    Japanese hotel-backed CMBS loans are poised to enter an accelerated collection phase, according to Moody's. Five loans amounting to ¥59.5bn defaulted in January, two of which (amounting to ¥49.1bn) were backed by hotels, with the largest of the five being one of the ten largest loans maturing in 2011. As a result, the default rate of hotel-backed loans has increased .......

    News Round-up 7 February 2011

  • NPL criteria explained

    Fitch has published its global rating criteria for non-performing loan securitisations. The agency's analysis of non-performing loan transactions is predicated on the level and timing of recoveries, from the disposition of residential and CRE-secured loans that are in default and/or properties that have been repossessed.

    Recoveries, which are stressed incrementally higher for each rating scenario, are the basis for the .......

    News Round-up 4 February 2011

  • Multifamily defaults driving CMBS delinquencies

    Large multifamily defaults contributed to a 36bp climb for US CMBS delinquencies to 8.59%, according to Fitch's latest loan delinquency index. Late-pays within the multifamily sector jumped from 15.63% to 17.40% in January - the highest level yet for the index. Three large loans totalling US$915m comprised the bulk of the US$1.2bn of new multifamily defaults, the agency reports.

    "While .......

    News Round-up 4 February 2011

  • Canadian CMBS completed

    Institutional Mortgage Capital Canada (IMC) has completed a C$206m CMBS private placement. The transaction, dubbed Institutional Mortgage Securities Canada series 2011, is the first CMBS issued in Canada since 2007 and is backed by 16 loans to two of Canada's largest REITs - RioCan REIT and Calloway REIT. TD Securities was the lead placement agent on the transaction.

    "IMC is .......

    News Round-up 4 February 2011

  • GSW refi positive for Euro CMBS

    Fitch confirms that the ratings of Windermere IX CMBS and Fleet Street Finance 3 will not be affected by the proposed redemption of the GSW loan, due to the transactions' respective pay-down structures. The loan is expected to prepay within the next three weeks, following completion of the portfolio refinancing.

    The €890m loan is securitised in two CMBS transactions: a .......

    News Round-up 4 February 2011

  • CRE bailout service prepped

    ICP Financial has signed an agreement with an unnamed top-five European bank that will allow it to buy distressed property and mortgage portfolios directly from US banks for purchases between US$5m and US$180m at a time. The partnership also allows ICP to leverage the financial firepower of its new backer in bailing out small to mid-sized troubled US banks.

    In .......

    Job Swaps 3 February 2011

  • US CMBS delinquency rate at highest level

    The US CMBS delinquency rate rose again in January, according to Trepp's latest Delinquency Report, with the percentage of loans 30 or more days delinquent, in foreclosure or REO climbing by 14bp to 9.34% - the highest level yet. The value of delinquent loans now exceeds US$61.4bn.

    "While the rate continues to head higher, optimists can point to the fact .......

    News Round-up 3 February 2011

  • EMEA CMBS assumptions updated

    Moody's expects the loans backing EMEA CMBS to continue to perform poorly over the next five years. This forecast is based on the rating agency's 2011 updated key assumptions, which look ahead to the coming five years and represent the central scenarios it uses in its quantitative rating assessment for the asset class.

    Moody's updated assumptions are in line with .......

    News Round-up 2 February 2011

  • Concerns outlined over special servicer replacements

    The current trend of controlling class noteholders (CCN) replacing special servicers in European CMBS transactions is creating additional operational risk in the sector, according to Fitch. Should newly-appointed special servicers lack demonstrable expertise and experience in the functions associated with the office, the transfer may lead to negative rating action for affected CMBS, the agency warns. The likelihood of negative .......

    News Round-up 2 February 2011

  • Q4 APAC downgrades driven by Japanese CMBS

    Fitch reports that a total of 35 Asia-Pacific structured finance tranches were downgraded during Q410. At the same time, 15 were upgraded and over 250 tranches were affirmed.

    "The most significant rating actions in Q410 were once again the downgrades of Japanese CMBS classes as property values continued their downward path and losses were crystallised in one transaction. A number .......

    News Round-up 2 February 2011

  • Euro CMBS loan repayment falls

    European CMBS loan repayments decreased in January due to the large proportion of maturing loans that were not redeemed, according to Fitch. The agency's CMBS Maturity Repayment Index decreased to 36.1% from 38.8% during January, excluding loans that were repurchased by their originators. Including repurchases, the index decreased to 42% from 45.3%.

    The 23 loans that matured in January increased .......

    News Round-up 1 February 2011

  • Fannie Mae multifamily offerings expanded

    Fannie Mae has introduced Fannie Mae Guaranteed Multifamily Structures (GeMS), an expanded multifamily MBS execution that will include DUS Megas, DUS REMICs and syndicated DUS Megas. This expansion builds on the agency's DUS REMIC issuances, providing additional GeMS products with similar features and liquidity. Other new structures are expected to join the roster of multifamily structured product offerings in 2011.

    News Round-up 1 February 2011

  • Plantation Place sale to progress

    The owners of Plantation Place, the property in the REC 5 CMBS portfolio, have confirmed that they will pursue a strategy to sell the property. This is despite the same single class B noteholder blocking their proposal to break the deadlock on the transaction (SCI passim).

    At a vote held yesterday (31 January), the owners' proposal - which seeks a .......

    News Round-up 1 February 2011

  • Maturity delinquencies weigh on Euro CMBS

    S&P says that the European CMBS downgrades of late last year have set the tone for 2011. Factors that caused the credit watch negative placements in December include special servicing fees and declining cashflow, and in turn value declines and country risk in the case of loans backed by assets in the Hellenic Republic and Portugal.

    "Despite signs of recovery .......

    News Round-up 1 February 2011

  • Deco 11 special servicer replaced

    Moody's has commented on the replacement by Solutus Advisors of Hatfield Philips International as the special servicer on the Wildmoor Northpoint and CPI Retail loans in the Deco 11 - UK Conduit 3 CMBS transaction.

    Based on its assessment of the capability of Solutus Advisors to perform the role of special servicer and the relatively small size of the loans, .......

    News Round-up 1 February 2011
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