CMBS

  • CMBS payoffs holding steady

    The percentage of US CMBS loans paying off on their balloon date held steady last month, according to Trepp's latest Payoff Report. Overall, 38.4% of the loans reaching their balloon date paid off in February. In January, the level was almost identical at 38.7%.

    Over the last 12 months, the average percentage of loans by balance paying off each month .......

    News Round-up 16 March 2011

  • Communication tower CMBS prepped

    Richland Towers is in the market with the US$188m Richland Towers Communication Tower Revenue Notes series 2011-1, a CMBS secured by multiple assets and ownership interests in tall tower communication sites. The sites will be used to transmit broadcast signals for television, FM radio, land mobile radio, wireless communication equipment and other related purposes.

    The US$143m class A notes have a .......

    News Round-up 16 March 2011

  • US CMBS delinquencies rise again

    The delinquency rate on loans included in US CMBS conduit/fusion transactions increased by 17bp in February to 9.18%, according to Moody's Delinquency Tracker (DQT). The performance continued a trend of moderate increases that began in June 2010, yet as the year goes on, the agency expects the addition of new loans to suppress the tracker's delinquency rate.

    "As the specially .......

    News Round-up 16 March 2011

  • Property derivatives platform launched

    LaSalle Investment Management has partnered with BGC Partners to establish a property derivatives capability for clients. The offering will allow LaSalle's clients to access a range of property derivative products, while fund managers can actively manage portfolio sector weightings, asset allocation and hedge market downside risks.

    The announcement comes as interest in property derivatives continues to grow, despite a fall .......

    News Round-up 14 March 2011

  • CMBS risk indicators outlined

    The current credit risk level for this year's new issue CMBS is at a low level, although recent underwriting and macroeconomic trends may shift risk higher as the year progresses, according to S&P.

    "To help us gain a sense of what the prospects might be for 2011 CMBS originations, we analysed correlations between a set of macroeconomic and underwriting variables .......

    News Round-up 11 March 2011

  • Stable outlook for Canadian CMBS

    In Moody's new 'Canadian structured finance and covered bonds: 2011 outlook and 2010 review', the rating agency says it expects Canadian CMBS performance to remain stable as it sees signs of life in the new issuance market.

    "We expect the delinquency rate for properties underlying our rated CMBS transactions not to rise significantly throughout 2011. For the US$12.2bn in outstanding .......

    News Round-up 10 March 2011

  • Asset manager adds real estate md

    Kohlberg Kravis Roberts & Co (KKR) has appointed Ralph Rosenberg as md to lead its global real estate investing efforts. Rosenberg's principal responsibility will be working across KKR's global business to find real estate opportunities for the firm's pools of capital, including equity, debt and special situations investments.

    Rosenberg was previously a partner at Eton Park Capital Management, where he was .......

    Job Swaps 9 March 2011

  • New partner for investment advisor

    Torchlight Investors has appointed Steven Schwartz as partner and md. In this new role, Schwartz will focus on arranging the firm's debt investments and will report to Dan Heflin, Torchlight's ceo and cio. He comes from JPMorgan, where he was co-head of the CMBS group.

     

    .......

    Job Swaps 8 March 2011

  • CMBS research platform linked

    Trepp clients now have a direct feed to S&P's commercial mortgage research headlines, with links to deeper research provided on the agency's global credit portal investor analytics platform. The research offering includes analysis and commentaries from S&P Valuations and Risk Strategies across the structured finance marketplace.

    "This integration ensures that our real-time market news and deep-dive research is easily accessed .......

    News Round-up 8 March 2011

  • CMBS loan liquidations fall in February

    The dollar amount of US fixed rate CMBS loans that were liquidated in February dropped by 54% from January's level, according to Trepp. 106 loans with a total balance of US$815m were liquidated during the month.

    The losses on those loans total about US$292m - representing an average loss severity of 35.9%. That loss severity value is below the average .......

    News Round-up 8 March 2011

  • CRE firm adds structured products head

    Ranieri Real Estate Partners (RREP) has appointed Debra Huddleston as md and head of its real estate structured products group. Prior to joining RREP, Huddleston was md at BlackRock in its financial markets advisory group. Prior to this, she was md and head of special situations in Credit Suisse's residential mortgage department.

    .......

    Job Swaps 7 March 2011

  • Governance key for Japanese CMBS extensions

    Governance and property quality are important when it comes to extending loans in Japanese CMBS deals, according to Moody's. The agency reports that Japanese loan extensions have been structured in accordance with criteria stipulated in loan documents or through consensual decision-making between lenders and CMBS investors.

    The maturities of 29 loans, amounting to ¥284.2bn, have been extended so far for .......

    News Round-up 7 March 2011

  • Record high for CMBS late-pays

    US CMBS delinquencies climbed to a new record high this past month, according to Fitch's latest index results for the sector. Late-pays rose to 17bp to close out February at 8.76% - surpassing the index's previous high water mark of 8.66%, recorded in September 2010. However, the rising influx of new issuance may help to stem future late-pay increases, the .......

    News Round-up 4 March 2011

  • Assisted living CMBS prepped

    Goldman Sachs is in the market with the US$325m GS Mortgage Securities Corporation Trust 2011-ALF, a single-loan CMBS secured by 29 assisted living facilities owned by 19 property companies. Collateral also includes the borrowers' interest in the leases and rents, interest in the operating revenues from the properties and the assignment of the cash management accounts.

    Proceeds from the notes, .......

    News Round-up 4 March 2011

  • Increase in CMBS delinquencies slows

    US CMBS delinquencies had one of the smallest increases in February since the beginning of the credit crisis, according to Trepp, edging up by 5bp and putting the rate at 9.39%. However, this also represents the highest percentage of loans 30+ days delinquent, in foreclosure or REO in the history of the CMBS market.

    The percentage of loans seriously delinquent .......

    News Round-up 3 March 2011

  • Opera Uni-Invest restructuring awaited

    The sponsor of the Opera Finance (Uni-Invest) CMBS has defaulted on its standstill agreement, following the expiration of a 10-day cure period without the breach of the senior loan balance target being cured (see SCI 22 February). The special servicer on the deal, Eurohypo, has reserved the rights of the senior finance parties in respect of such a termination event, .......

    News Round-up 2 March 2011

  • Euro CMBS maturity repayments improve

    Fitch reports that improving loan repayments and full and partial redemptions - totalling €232.5m - in February has increased its CMBS Maturity Repayment Index to 38.4% from 36.1%. These repayments also reduced the outstanding matured loan balance by 1.4%, with 53 of the 125 loans that matured since 2007 having been fully repaid.

    The largest repayment recorded in February relates .......

    News Round-up 2 March 2011

  • Windermere X misallocation corrected

    Investors in the Windermere X CMBS have been informed that available principal prepayments for the April and July 2010 payment dates were incorrectly applied on a pro-rata basis when they should have been applied on a fully sequential basis. The cash manager on the deal has begun discussions with Clearstream Luxembourg and Euroclear with the intention of correcting the misallocation .......

    News Round-up 28 February 2011

  • Special servicing fees impacting CMBS performance?

    Some recent loan workouts highlight the implications that special servicing fees may have on concentrated US CMBS portfolios, resulting in rating downgrades to select tranches, according to Fitch.

    Special servicing fees, which are often not a recoverable trust expense, are usually absorbed by non-rated or speculative grade classes. Fees are typically 25bp of the loan's balance at transfer per year .......

    News Round-up 25 February 2011

  • CMBS 2.0 leverage, DSCRs 'evolving'

    Only 15 months since the first US CMBS new issuance after a lengthy dormancy, structural, leverage and issuance amount trends have quickly changed, according to S&P. The 'CMBS 2.0' market began with the pricing of three single-borrower transactions with relatively simple structures in late 2009, while more recent deals have been more complex, more highly leveraged and with much greater .......

    News Round-up 25 February 2011

  • Commercial loan business acquired

    Capita has acquired the securitised commercial loan business of Barclays Capital Mortgage Servicing, which provides primary and special loan servicing for commercial real estate finance transactions. On completion, the business will be integrated into the existing Capita Asset Services business.

    Robert Hughes, md of Capita Asset Services, comments: "The acquisition is a natural fit for Capita Asset Services, fully complementing .......

    Job Swaps 24 February 2011
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