CMBS

  • EMEA special servicing activity reviewed

    Moody's has released its latest monthly update on specially serviced EMEA CMBS loans. As of year end, 114 loans were in special servicing across the large multi-borrower and single borrower transactions the agency monitors.

    The Princes loan, securitised in Titan Europe 2007-3, was newly transferred to special servicing during December. The £9.3m loan (accounting for 1% of the pool) .......

    News Round-up 25 January 2012

  • PPIP capital supporting CMBS

    Oaktree was the only firm to deploy additional Public Private Investment Program (PPIP) capital in Q4, according to the US Treasury Department's latest update on the programme. The fund deployed about US$29m in equity, increasing the total gross paid in capital by US$116mn (including Treasury equity and Treasury debt). As a result, Oaktree's reported utilisation ratio increased to 31.8% in .......

    News Round-up 24 January 2012

  • Restructuring firm renamed

    Guardian Solutions has changed its name to Alliance Commercial Group. The firm will continue to specialise in CMBS restructuring and resolution advisory services.

    Alliance has also established a new division offering access to private and institutional capital for clients requiring financing alternatives. It believes these options can benefit clients facing a near term or past due maturity date or those .......

    Job Swaps 24 January 2012

  • Fair value in the balance?

    The wrangling over the JW Marriott Las Vegas Resort & Spa loan, securitised in CSMC 2007-TFLA, continues. CMBS investors are concerned that the case could set a negative precedent that may result in further artificially low valuations benefitting junior debt holders at the expense of those more senior in the capital structure.

    "While the outcome remains unclear, following the GGP .......

    News 24 January 2012

  • Loan extensions on the cards

    Thirty European CMBS loans, accounting for €1.8bn, are due to mature this month. Issuer notifications regarding these loans have not been positive to date and this trend is expected to continue for the most part.

    Of the loans maturing this month, CRE debt analysts at Deutsche Bank anticipate that the Gutperle (securitised in EMC VI), MPC, Caprice, Six Hotels (TITN .......

    News 23 January 2012

  • DQT edges up 5bp

    The delinquency rate on loans included in US CMBS conduit/fusion transactions increased by 5bp in December to 9.32%, according to Moody's Delinquency Tracker (DQT). The rate of loans in special servicing, as measured by Moody's Specially Serviced Loan Tracker, declined by 13bp in December, to 11.97%.

    December was the 12th consecutive month that delinquencies in the US have been above .......

    News Round-up 20 January 2012

  • Euro CMBS sparks into life

    The European secondary CMBS market has seen a pick-up in activity over the last few days. However, activity is effectively limited to smaller players and broader market involvement still remains elusive.

    "The market has not been extremely busy and clients' involvement is fairly limited, but they are definitely getting more involved in buying seniors. There is less interest in mezz, .......

    Market Reports 20 January 2012

  • Catching the wave

    CMBS loan mod, refi likelihood explored

    December saw the second highest volume of US CMBS loan modifications ever, after the GGP-related spike in 2010. The most visible increase in liquidations during the month, meanwhile, came from the 2007 vintage - ahead of the wave of five-year loans due to mature in 2012.

    Among the CMBS loans resolved and modified last month were a number of high-profile .......

    News Analysis 19 January 2012

  • Risk specialists team up

    RangeMark Financial Services and Cooperstein Analytics (CA) have established RangeMark Analytics (RA). RA will license its analytics platform to financial institutions, investors and government agencies for valuation and risk assessment of mortgage loans, RMBS and CMBS.

    RangeMark has acquired the exclusive rights to CA's fixed-income valuation platform. Richard Cooperstein will become president of the RangeMark affiliate and Colin Strasser will .......

    Job Swaps 18 January 2012

  • Industry vets form CRE firm

    A new firm has launched in the CRE space, offering a source of capital solutions and expertise. SL Capital is an affiliate of The Lynd Company, providing capital from US$3m to US$200m-plus for commercial loan programmes and non-performing notes.

    The company offers a variety of national loan programmes including CMBS, multifamily financing, mezzanine debt, preferred equity, bridge loans and senior .......

    Job Swaps 18 January 2012

  • TITN 2006-4FS steps up

    The borrower behind the Titan Europe 2006-4FS CMBS has given notice in connection with the Four Seasons loan that it will not meet the minimum prepayment amount. As a result, investors will receive a step-up in coupon for both the class A1 and A2 notes.

    The borrower intends to retain the investment properties that were going to be sold to .......

    News Round-up 17 January 2012

  • Special servicer fees scrutinised

    CMBS investors are becoming increasingly concerned about post-maturity loan pay-offs that generate workout fees despite only spending a few months with the special servicer, according to US CRE Debt analysts at Deutsche Bank. They cite the pay-off of the securitised loan on the 50 South Tenth Street building in Minneapolis as a notable recent example of the issue.

    "50 South .......

    News 13 January 2012

  • Apollo refinances TALF debt

    Apollo Commercial Real Estate Finance has utilised additional capacity under its master repurchase agreement with Wells Fargo Bank to refinance all of its TALF debt outstanding.

    Prior to the refinancing, Apollo had TALF borrowings totalling US$250.3m with a weighted average cost of funds of 2.8%. Those borrowings were secured by triple-A rated CMBS with a face amount of US$298.6m.

    By .......

    News Round-up 12 January 2012

  • HFF appoints debt placement director

    Holliday Fenoglio Fowler (HFF) has added a director to the debt placement group in its New Jersey office. Tom Graziano was most recently vp at Keefe, Bruyette & Woods in New York.

    In his new role, Graziano will focus on debt, structured finance and joint venture equity transactions for office, retail, multi-housing and industrial properties throughout the northeastern US. Before .......

    Job Swaps 11 January 2012

  • K-Deal analytics tool prepped

    Freddie Mac is preparing a free database tool for investors and analysts to monitor the performance and credit quality of its multifamily K-Deal MBS. The Multifamily Securities Investor Access tool is designed to increase transparency and save investors time by providing easy access to all post-securitisation data from investor reporting packages for the securities underlying the related series of K .......

    News Round-up 11 January 2012

  • December pay-offs fall sharply

    The percentage of CMBS loans paying off at their maturity date fell sharply in December, posting the lowest reading since May 2011, according to the latest Trepp pay-off report.

    In December, 37.5% of loans reaching their balloon date paid off. This was almost 10 points below November's 47.1% reading.

    During 2010, the average monthly reading had been 34%. In 2011, .......

    News Round-up 10 January 2012

  • CMBS delinquency index drops as office sector rises

    US CMBS delinquencies finished last year with a fifth straight month of declines, according to the latest US CMBS Loan Delinquency Index results from Fitch. However, office delinquencies are continuing on an upward trajectory.

    CMBS late-pays declined in December to 8.37% from 8.41% a month earlier, Fitch says. However, office delinquencies climbed to 6.84%, exceeding their previous high of 6.64% .......

    News Round-up 6 January 2012

  • New CMBS director recruited

    Morningstar has appointed Gregory Murdock as director of CMBS investor services. He reports to Robert Dobilas, president of Morningstar's structured credit ratings business.

    Murdock will work directly with CMBS investors to educate them on Morningstar's structured credit rating methodology. He will also represent the firm's structured ratings business with industry trade groups.

    Murdock joins from Fannie Mae, where he was .......

    Job Swaps 6 January 2012

  • CMBS loan liquidations retreat

    The volume of CMBS conduit loans liquidated in December retreated sharply, dropping by 51% from November's reading, according to Trepp. However, last month's reading was unusually high - it was the highest total since Trepp began tracking this number in January 2010. The December number represents more of a reversion to the mean, the firm says.

    At US$1.04bn, liquidations were .......

    News Round-up 5 January 2012

  • CMBS evolution considered

    New issue US CMBS continues to evolve but with uncertainties that broader market volatility will only serve to exacerbate, according to Fitch.

    CMBS 2.0 - or 3.0, as some market participants are now calling it - closed out 2011 with issuance at just over US$40bn, the rating agency notes. "Among the more notable attributes is the re-emergence of public deals .......

    News Round-up 5 January 2012

  • 2007-vintage maturities hit CMBS delinquency rate

    After a positive November delinquency report, the Trepp CMBS delinquency rate reversed course and moved higher in December. The firm believes that the move marks the beginning of a six- to twelve-month stretch where the rate could increase by 75bp in aggregate, driven by the first wave of 2007-vintage loans reaching their balloon dates over the next few months.

    Overall .......

    News Round-up 4 January 2012
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