CMBS

  • TITN 07-1 progress reviewed

    A noteholder meeting was held on 23 March for the TITN 2007-1 (NHP) CMBS. The presentation included information on the recent actions taken by HC-One in connection with the 241 Southern Cross care homes transferred under the restructuring, as well as an overview of future plans for the homes.

    On 1 November 2011 NHP injected £30m into the HC-One business .......

    News Round-up 26 March 2012

  • CMBS vet moves up a rung

    Michael Mazzei has joined Ladder Capital as president. Greta Guggenheim, company co-founder and current president, will become cio.

    Mazzei has over 25 years of experience in CRE and capital markets. He joins from Bank of America, where he was md and global head of the CMBS and bank loan syndications groups, while he has also worked as head of CMBS .......

    Job Swaps 23 March 2012

  • All CMBS systems go

    US CMBS is continuing to perform strongly. The primary market is enjoying a flurry of issuance, while spreads in the secondary market remain relatively tight.

    "The market has been pretty active. There have been a couple of deals pricing this week and there was another one that priced last week. The new issue side of things is very active," reports .......

    Market Reports 23 March 2012

  • US CMBS loss severities hit highs

    The weighted average loss severity for loans in US CMBS liquidated at a loss was 41% in the fourth quarter, up from 39.7% in the third, and the highest severity since the inception of Moody's quarterly US CMBS Loss Severities report. Excluding those with 'de minimis' losses (of less than 2%), the historical weighted average loss severity for all liquidated .......

    News Round-up 22 March 2012

  • New role for CRE vet

    David Eyzenberg has joined Avison Young in New York as principal. He joins the CRE firm's capital markets team and will be responsible for providing representation to owners, developers and investors seeking to access institutional capital and assets.

    Eyzenberg joins from NewOak Capital where he was md and head of the firm's real estate division. He was president of Prodigious .......

    Job Swaps 22 March 2012

  • Loan restructuring completed

    The £175.66m Reference Loan no. 3 in the synthetic CMBS Estate UK-3 has been restructured. European asset-backed analysts at RBS note that successful CMBS loan restructurings have been less common in Europe than may be expected, so the result could prove to be a good template for other stressed loans.

    Under the restructuring, a £200m portion of senior debt was .......

    News Round-up 21 March 2012

  • CRE CDOs hit

    S&P has placed 697 ratings from 97 publicly rated CRE CDOs and re-REMIC transactions - representing an aggregate issuance amount of US$45.4bn - on credit watch with negative implications. The actions follow the update to the agency's criteria and assumptions used to rate CDO transactions backed by structured finance (SF) collateral (SCI 22 February).

    The credit watch placements affect 71% .......

    News Round-up 21 March 2012

  • CMBX rally losing steam?

    The CMBX indices may be in a period of consolidation, according to CMBS strategists at Citi. They note that the CMBX rally has lost some steam in recent weeks, with the indices largely underperforming the cash and equity markets.

    After peaking in January, synthetic AJ tranches - which had served as 'risk-on' trade candidates - have failed to keep up .......

    News Round-up 21 March 2012

  • Maguire property fates become clearer

    Maguire Properties has filed its 10-K statement with the US SEC, shedding light on a number of CMBS properties sponsored by the company. Several loans are either in, or heading for, receivership - although not all properties are set for disposal.

    The US$470m Two California Plaza loan securitised in GSMS 2007-GG10 is likely to be placed in receivership shortly. It .......

    News 21 March 2012

  • Call for improved servicing disclosure

    US CMBS investor concerns that servicers are increasingly basing workout strategies on the highest collectable fee can be quelled through improved disclosure, according to Fitch. The agency says it has been alerted to several instances where modification fees charged to the borrower have been significantly higher than expected and were not readily disclosed to investors.

    Once a loan workout is .......

    News Round-up 19 March 2012

  • Freddie eyes five-year mortgages

    Freddie Mac is in the market with the US$1.1bn FREMF 2012-K501, its first CMBS backed exclusively by multifamily mortgages with a five-year term. The transaction is expected to price this week and settle on 11 April.

    "In the first quarter of this year, we have brought four K Deals to a vibrant agency CMBS market," comments Mitch Resnick, co-head of .......

    News Round-up 19 March 2012

  • CRE debt JV formed

    Hudson Realty Capital and RXR Realty have launched a CRE lending platform to originate and purchase CRE debt assets. The joint venture will focus on first-mortgage bridge loans as well as B-notes, mezzanine and preferred equity opportunities in the New York tri-state region.

    RXR has significant experience operating in these markets and will provide real estate underwriting through use of .......

    Job Swaps 19 March 2012

  • CRE firm appoints sales md

    Jordan Cortez has joined Rockwood Real Estate Advisors as md. He will be based in Dallas and lead the firm's investment sales efforts throughout Texas and the Southwest as well as executing complex debt and equity engagements nationally.

    Cortez joins from Johnson Capital where he was equity finance vp in New York and focused on large scale equity raises and .......

    Job Swaps 19 March 2012

  • Special servicer switched

    The operating advisor on Deco 17 - Pan Europe 7 has replaced Hatfield Philips with Deutsche Bank as special servicer for the Mayne loan. Moody's notes that, based on its assessment of the capability of Deutsche Bank to perform the role, the replacement will not result in a reduction or withdrawal of the current ratings of the notes.

    The agency .......

    News Round-up 16 March 2012

  • EMEA special servicing activity reviewed

    One EMEA CMBS loan was transferred into special servicing and no loans were fully worked out during February, according to Moody's monthly update on the sector. The agency's weighted average expected principal loss for loans in special servicing stands at 36%.

    The newly transferred loan is the £429m City Point asset securitised in Ulysses (European Loan Conduit No. 27), backed .......

    News Round-up 16 March 2012

  • Recourse wrangling

    A recent Michigan Court of Appeals decision over the Cherryland Center loan securitised in GMACC 2002-C3 has the potential to challenge the main tenets of the CMBS market - the non-recourse nature of the loans. The ultimate outcome of the litigation is likely to be positive for CMBS investors, according to CRE debt analysts at Deutsche Bank.

    The collateral for .......

    News 14 March 2012

  • Multi variety

    Diverse German multifamily CMBS outcomes expected

    The German multifamily sector accounts for about 20% of all securitised assets in European CMBS. Deal performance in the sector has been mixed, with noteholders frequently facing extensions and sometimes losses.

    Geography is a highly significant factor in German multifamily CMBS, as property location is often a major driver in loan performance. Aside from a few notable exceptions, East German .......

    News Analysis 13 March 2012

  • Stale CMBS loans to improve

    The balance of stale US CMBS loans - loans in special servicing for longer than 24 months - has tripled over the past year. However, a new report from US CMBS & CRE analysts at Wells Fargo Securities suggests that the trend is likely reverse and that the balance of stale loans should improve over the next 12 months.

    At .......

    News 12 March 2012

  • CMBS loan payoffs bounce

    The percentage of US CMBS loans paying off on their balloon date posted their second highest reading since December 2008, according to Trepp's February payoff report. During the month, 61.6% of loans reaching their balloon date paid off.

    Only September 2011 had a better reading since the credit crisis began: that month the payoff level was 64.4%. February marks only .......

    News Round-up 12 March 2012

  • QUOKK 06-1 management structure revised

    A number of changes have been made to the management structure of the €560m Quokka Finance, a German multifamily CMBS. These include a change of property manager and borrower general partner.

    The original property manager, Krüger Immobilien, has been dissolved due to insolvency and its functions transferred to replacement property managers - Colonia, Pentaproperty, TAG and Hermes - to avoid .......

    News Round-up 12 March 2012

  • Servicer conflicts of interest scrutinised

    S&P says it is monitoring potential conflicts of interest that may arise between special servicers, their affiliates and/or parents - especially when a servicer has changed ownership. The agency notes that several market participants, including CMBS investors, have expressed concern over special servicers' exercising 'fair market value' purchase options and the practice of charging additional fees in connection with loan .......

    News Round-up 12 March 2012
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