CMBS

  • Japanese CMBS defaults continue apace

    Moody's-rated CMBS loans amounting to ¥670bn will mature in 2011, the agency says. Of these, the ten largest loans comprise more than 65% of the remaining balance and amount to ¥432.6bn.

    Five large loans amounting to approximately ¥260bn will mature in March and April 2011, with their payment conditions expected to have a strong effect on overall performance in 2011. .......

    News Round-up 12 January 2011

  • Opportunistic CRE fund minted

    Declaration Management & Research has launched the DMR CRE Debt Fund I, which focuses on special situation recapitalisations of US commercial real estate of all types. Through opportunistic distressed debt acquisitions, discounted pay-offs and new senior and mezzanine financing, the fund targets an all-in yield in the low to mid-teens.

    Declaration expects the fund to be the first in a .......

    Job Swaps 11 January 2011

  • CRE vet moves on

    Ellington Management Group has appointed Leo Huang as a portfolio manager in its commercial real estate debt group. Huang will oversee the firm's CRE debt business, investing in CMBS, B-notes, mezzanine debt and various other CRE-related investments. He will report to Michael Vranos, Ellington's founder and chief executive.

    Huang previously worked at Starwood Capital Group as head of real estate .......

    Job Swaps 10 January 2011

  • CMBS delinquencies set to stabilise

    The delinquency rate for US CMBS ended 2010 at 8.23%, having moderated in recent months, according to Fitch's latest Loan Delinquency Index results. US CMBS delinquencies are down from the high of 8.66% reached in September 2010. The agency projects late-pays to peak at or near 10% within the next year - a notable markdown down from its original forecast .......

    News Round-up 10 January 2011

  • CRE md named

    NAI Global has appointed Peter Ruggiero as md in its global capital markets team. He is tasked with expanding capital market activity across the firm's CRE platform, including providing clients with acquisition/disposition solutions, as well as debt and equity financing and asset management.

    Ruggiero was most recently with Cassidy Turley and its predecessor Colliers International, where he created and managed its .......

    Job Swaps 10 January 2011

  • CMBS partner appointed

    Sidley Austin has appointed Kevin Blauch as partner in its structured finance and securitisation practice. With a strong emphasis on handling CMBS deals for major investment banks, loan originators and investors, Blauch will focus on all aspects of the firm's structured finance activities.

    Blauch has worked in the commercial mortgage loan workout area and has been involved in various real .......

    Job Swaps 7 January 2011

  • Starwood snaps up non-performing portfolio

    Starwood Capital Group has acquired a non-performing commercial loan portfolio with an outstanding principal balance of US$157m from a Midwest regional bank. The portfolio was purchased for 40 cents on the dollar and represents a price of around 32% of initial capitalisation.

    There are 137 commercial loans in the portfolio, with concentrations in Florida, Indiana, Michigan, North Carolina and Ohio. .......

    Job Swaps 7 January 2011

  • New high for US CMBS delinquencies

    Trepp reports that the US CMBS delinquency rate rose again in December with the percentage of loans 30 or more days delinquent, in foreclosure or REO climbing 27bp to 9.20%. This is the highest in history for US CRE loans in CMBS, with the value of delinquent loans now exceeding US$61.5bn, according to the firm.

    The decline in the delinquency .......

    News Round-up 6 January 2011

  • Annaly eyes MBS purchases

    Annaly Capital Management has priced an underwritten public offering of 75 million shares of its common stock. The shares are priced at US$17.20 for expected gross proceeds of approximately US$1.3bn. Annaly expects to use the proceeds of this offering to purchase MBS for its investment portfolio and for general corporate purposes.

    Credit Suisse is acting as the lead book-running manager .......

    News Round-up 5 January 2011

  • Fleet Street 2 affirmed post-restructuring

    S&P says the restructuring of the Fleet Street Finance Two CMBS this month by Capital Asset Services (Ireland) does not affect the transaction's ratings. The restructuring, begun in February 2010 and completed in October, followed the insolvency of key tenant Karstadt (SCI passim).

    The restructuring includes extending the notes' legal maturity to July 2017, on the condition that the application .......

    News Round-up 24 December 2010

  • Plantation Place proposal stalled

    The REC 5 (Plantation Place) CMBS restructuring proposal (SCI passim) has received a high level of support from noteholders, with four out of the five tranches voting in favour to break the deadlock. However, a single noteholder in the class B tranche rejected the proposal and a further meeting of the class B noteholders will be held early in the .......

    News Round-up 23 December 2010

  • Euro CMBS extensions, restructurings to continue

    Loans across the European CMBS market suffered maturity breaches, term payment defaults or contributed to shortfalls on note payments last month, according to S&P. The assets backing these loans include retail, mixed-use, office and multi-family properties located in the UK, France and Germany.

    The number of loans in the agency's delinquency index in November rose to 62, with euro- and .......

    News Round-up 23 December 2010

  • CMBS joint strategy announced

    Bank of America Merrill Lynch has entered into a formal agreement with AEGON USA Realty Advisors that will enable it to source new lending opportunities for its CMBS securitisation programme.

    Mike Mazzei, global head of CMBS at BofA, says: "AEGON has a very successful and established commercial real estate lending platform. As the CMBS market continues to recover, this relationship .......

    Job Swaps 20 December 2010

  • Delinquent unpaid CMBS balance reverts

    The delinquent unpaid US CMBS balance in November 2010 increased by US$1.94bn, up to US$61.11bn (a 3.3% increase), according to Realpoint's latest Monthly Delinquency Report. This followed the previous month's substantial decrease of US$3.02bn - the first reported decrease in over a year.

    The delinquent unpaid balance for CMBS at such time had decreased uncharacteristically to US$59.18bn from US$62.19bn a .......

    News Round-up 20 December 2010

  • CRE firm adds debt and equity md

    Grubb & Ellis has appointed Richard Jarocki as md in its debt & equity finance group. He will co-manage the group's efforts in the Northeast of the US, alongside former head of Citi's CMBS lending programme Steven Roberts.

    Jarocki joins the firm from Rock Financial Consulting, where he advised on debt vehicles and processes. Prior to this, he spent eight .......

    Job Swaps 20 December 2010

  • CRE workout firm launched

    Peter Monroe and Joseph Gaynor have launched VRM - a value-added receivership and asset management company specialising in Florida commercial properties. Monroe will assume the position of ceo, while Gaynor becomes president of the firm.

    Monroe was previously oversight board president of the RTC and coo of the Federal Housing Administration. He is a licensed Florida lawyer, commercial real estate broker .......

    Job Swaps 17 December 2010

  • US CMBS 2.0 index prepped

    Barclays Capital will launch a US CMBS 2.0 index on 1 January 2011. The index aims to offer investors a clear measure for evolving CMBS markets by tracking the new category of recently issued securities commonly referred to as 'CMBS 2.0'.

    The US CMBS 2.0 index will be a rules-based index constructed to measure the market of investment grade CMBS .......

    News Round-up 17 December 2010

  • Securitisation arranger numbers released

    SCI has released its latest league tables for bank arrangers in the European and US structured credit and ABS markets. The figures show JP Morgan has eased in to top spot in Europe, while in the US Barclays Capital has extended its lead for 2010 to the end of November. The leaders participated in an impressive €7.26bn and US$13.5bn worth .......

    News Round-up 17 December 2010

  • CMBS partner hired

    Dechert has appointed Laura Swihart as partner in its finance and real estate practice based in New York. She will contribute to the firm's CMBS and structured finance coverage.

    Swihart was most recently a partner at Winston & Strawn. Prior to this, she acted as securitisation counsel to Freddie Mac in connection with the Freddie Mac multifamily CMBS programme. In .......

    Job Swaps 16 December 2010

  • CMBS prepayment announced

    MEPC is to prepay £102m of the £470m loan securitised in the Opera Finance (MEPC) CMBS. The prepayment will take place on 20 January 2011, in advance of the loan's maturity in July 2012, and is part of a wider financing strategy.

    The CMBS, which was completed in November 2005 and arranged by Eurohypo, is secured against four of MEPC's .......

    News Round-up 15 December 2010

  • US CMBS delinquencies continue rising

    The delinquency rate on loans included in US CMBS conduit/fusion transactions increased by 24bp in November to 8.63%, according to Moody's Delinquency Tracker (DQT). The increase was larger than the 15bp increase in October and continues a trend of moderate increases that has prevailed over the second half of the year.

    In November, 294 loans became newly delinquent, while 245 .......

    News Round-up 14 December 2010
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