CMBS

  • Administration for Windermere CMBS loan

    Hatfield Philips has moved the £172m remaining AMG portfolio loan into administration, following the failure to agree on an acceptable restructuring of the loan with the borrower. The loan - part of the Windermere VIII CMBS - matured in April 2010.

    Since then, Hatfield says it had been striving to find a consensual way forward with the borrowers. Following a .......

    News Round-up 17 November 2010

  • CRE firm adds svp

    George Smith Partners has appointed Eric Hamermesh as svp and director of its business development team. He will work alongside the firm's md and principal David Rifkind to underwrite, place and close client business.

    With over 30 years of CRE and securitisation experience, Hamermesh was most recently principal and founder of Platinum Capital Advisors. He has also worked at Goldman .......

    Job Swaps 16 November 2010

  • Adverse selection for Euro CMBS


    Fitch reports that despite low repayment rates on maturing loans, the lack of new issuance means that the number of loans securitised in European CMBS is shrinking. Excluding granular transactions, the agency says, the number of loans in the Fitch-rated CMBS universe fell to 701 from 740 during 3Q10.

    Fitch European CMBS director Gioia Dominedo says: "As loans reach their .......

    News Round-up 15 November 2010

  • Resecuritisation rating approach updated

    S&P is to incorporate its opinion of the interest payment at the applicable rating level, in addition to considering full principal payment in its ratings of resecuritisations.

    For transactions for which the agency has received a request to rate but has not issued a rating, its rating analysis will assess whether the securityholders will receive interest and principal payments consistent .......

    News Round-up 12 November 2010

  • US CMBS loss severities increase

    The current historical weighted average loss severity for all loans backing US CMBS that are liquidated at a loss increased in the third quarter, to 38.4% from 35% the previous quarter, according to Moody's. Excluding loans with de minimus losses, the historical weighted average loss severity increased to 51%, up from 49% a quarter ago.

    Loss severities in the third .......

    News Round-up 12 November 2010

  • Rise reported in US CMBS delinquency rates

    The delinquency rate on loans included in US CMBS increased by 15bp in October to 8.39%, according to Moody's Delinquency Tracker (DQT). The increase was almost the same as the 14bp increase in September and the fifth consecutive month of modest growth in the rate.

    In October, 282 loans totalling US$3.45bn became newly delinquent, while 211 previously delinquent loans totalling .......

    News Round-up 11 November 2010

  • New NAIC CMBS model 'less punitive'

    The National Association of Insurance Commissioners (NAIC) has released guidelines detailing its new method for determining capital requirements for CMBS. The new capital requirements are expected to be less punitive than under the existing model, leading to little or no forced selling from insurers.

    Initial results from the Blackrock model indicate that it is more optimistic than most Street projections, .......

    News Round-up 10 November 2010

  • Careful implementation urged on Volcker Rule

    The CRE Finance Council has submitted a comment letter to US Secretary Timothy Geithner, chair of the Financial Stability Oversight Council (FSOC), in response to an FSOC study on rulemaking to prohibit proprietary trading by certain financial institutions, known as the 'Volcker Rule'. The letter emphasises that regulators should strictly adhere to the Dodd-Frank Act, which directs that the Volcker .......

    News Round-up 9 November 2010

  • CRE firm on hiring spree

    The Situs Companies has opened a new office in Atlanta, Georgia, headed by Tammy Ellerbe. As part of the firm's integrated platform, the new office offers due diligence, loan underwriting, primary and special servicing, and asset management.

    Ellerbe will initially recruit 25 professionals with experience in CRE loan underwriting, collateral valuation, asset management, workouts and strategic disposition and REO advisory .......

    Job Swaps 8 November 2010

  • Japanese CMBS loan behaviour analysed

    Moody's reports that a large proportion of Japanese CMBS loans maturing this month and next are originated in 2007, backed by retail properties or amount to more than Y20bn each.

    16 loans totalling Y270.9bn will mature in November and December - the equivalent of 24% of the CMBS loan amounts maturing in 2010, the agency says. 40% of the loans .......

    News Round-up 8 November 2010

  • Milestone drop for CMBS delinquencies

    Fitch reports that US CMBS loan delinquencies have declined for the first time in 33 months, according to its latest loan delinquency index results, with a large assist from the hotel sector.

    CMBS delinquencies dropped by 88bp to 7.78% due largely, the agency says, to the resolution of seven loans greater than US$100m - including the US$4.1bn Extended Stay America .......

    News Round-up 5 November 2010

  • Boutique strengthens real estate team

    Future Capital Partners (FCP) has appointed Elodie George, Tim Mycock and Aysha Banks to its real estate team. The team, led by Peter Young, is responsible for managing the investment partnerships for the firm's £150m luxury real estate development in Budva, Montenegro, as well as a number of landmark UK real estate developments.

    As real estate manager, George is responsible .......

    Job Swaps 5 November 2010

  • Mortgage finance partner recruited

    Berwin Leighton Paisner has appointed structured finance lawyer, Lucy Oddy, as partner in its banking and capital markets team in London. Joining the firm from Clifford Chance, she has experience in working on UK and pan-European SF transactions, with a focus on residential and commercial mortgage financing portfolio disposals.

    .......

    Job Swaps 4 November 2010

  • Extended Stay resolution dampens delinquencies

    Trepp has issued its October 2010 Delinquency Report, which indicates that the US CMBS delinquency rate fell in October, marking the first month-to-month drop in over a year. The percentage of loans 30 or more days delinquent, in foreclosure or REO fell by 47bp during the month to 8.58%, putting the value of delinquent loans at US$58.3bn. This compares to .......

    News Round-up 3 November 2010

  • Debut Euro CMBS resecuritisation rated

    S&P has rated what are believed to be the first public resecuritisations of a European CMBS bond. The Asset Repackaging Vehicle series 2010-4 and 2010-5 transactions are backed by portions of GEMINI (ECLIPSE 2006-3)'s double-B plus rated class A notes, sold by Lazuli Ltd (in the case of the series 2010-4 resecuritisation) and HSBC Bank (2010-5).

    The £69.41m series 2010-4 .......

    News Round-up 2 November 2010

  • First losses seen on Euro CMBS matured loans

    Fitch says in its latest bulletin that European CMBS loan repayments fell in October, with two loans reporting their first losses.

    Fitch's Maturity Repayment Indices reduced from 38.5% to 36.6% during the month, as less than 4% of maturing loan balance was successfully repaid. Overall, the outstanding matured loan balance has increased by 9% to €4.84bn. Of the 96 loans .......

    News Round-up 1 November 2010

  • CMBS borrowers taking 'opportunistic measures'

    While most US CMBS loans transferring to special servicing are driven by borrowers looking to prevent future defaults, select recent transfers are showing different results entirely, according to Fitch.

    Most CMBS loans now in special servicing are there due to an 'imminent default'. This is an opaque, catch-all classification that provides little colour on what circumstances precipitated the transfer, the agency .......

    News Round-up 29 October 2010

  • CMBS vet launches advisory

    Dan Smith has formed Four Point Alliance, partnering with Hart Advisors Group. The CRE advisory firm will specialise in expert witness testimony in CMBS lawsuits, loan servicing and asset management.

    Smith previously originated transactions for RBC Capital Markets, including sourcing, underwriting and closing commercial and multifamily loans for inclusion in CMBS pools. He says: "Volume in the CMBS industry has .......

    Job Swaps 28 October 2010

  • US CMBS loss severities climbing

    S&P recently undertook a study of defaults and losses for North American CMBS that suggests defaults this year could eclipse the record 2,138 defaults experienced in 2009, if the current pace continues. During the first half of 2010, 1,200 loans defaulted, according to the rating agency.

    More than half (3,338) of the defaults over the course of the study period - .......

    News Round-up 25 October 2010

  • Liquidation line

    Public sales proving positive for US CMBS market

    US CMBS liquidation volumes via public sales average almost US$200m a month and are expected to remain elevated as unprecedented amounts of distressed assets are worked through. All of the major special servicers are selling into these auctions, with prices having increased significantly since the beginning of the year due to better financing opportunities.

    "It is compelling from an NPV .......

    News Analysis 25 October 2010

  • US CMBS loans defaulting at 'record pace'

    Fitch reports that cumulative defaults for fixed rate US CMBS jumped by 112bp this quarter to 10.6%, through to the end of 3Q10.

    "Loans continue to default at a record pace, with large loans driving the trend," says Fitch md Mary MacNeill. "Hotel and office properties were the largest contributors to defaults this past quarter."

    Loan defaults for this year .......

    News Round-up 25 October 2010
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