CMBS

  • US CMBS delinquencies moderating?

    The delinquent unpaid balance for US CMBS increased in December by an additional US$1.21bn, up to US$62.32bn, according to Realpoint's latest monthly delinquency report. This follows the previous month's increase of US$1.93bn.

    The total unpaid balance for CMBS pools available for review for the December remittance remained steady at US$752.25bn. Despite the one-month delinquency decline experienced 4Q10, both the delinquent .......

    News Round-up 26 January 2011

  • Japanese CRE sales hit new peak

    Fitch reports that sales of collateral properties backing Japanese CMBS transactions have increased substantially both in number and value in the second half of 2010. This was mainly due to the progress of work-outs for defaulted loans, including bulk sales of the collateral properties to resolve the default status, the agency says.

    "In 2010, office properties accounted for the largest .......

    News Round-up 25 January 2011

  • CRE servicing team acquired

    Crown Westfalen Credit Services (CWCS) has integrated a team of four commercial mortgage servicing specialists from JPMorgan's subsidiary Whiteshire Debt Solutions. The new team will continue to manage an array of JPMorgan servicing mandates in Frankfurt.

    Elke Wagner, who joins as coo of CWCS, says: "We are excited to join the CWCS team and their partner and main investor Forum .......

    Job Swaps 24 January 2011

  • Full-year securitisation league tables released

    SCI has released its latest league tables for bank arrangers in the European and US structured credit and ABS markets. The figures show that in December JP Morgan in Europe and Barclays Capital in the US held on to their top spots. The leaders participated in over €28bn and US$77bn worth of qualifying deals throughout 2010.

    The tables are intended .......

    News Round-up 24 January 2011

  • CMBS counsel recruited

    Winston & Strawn has appointed Christine Spletzer as of counsel in its real estate practice in New York. With over 20 years of experience, Spletzer has focused on CMBS, representing issuers, underwriters and loan sellers. She joins Winston from Duval & Stachenfeld, where she was partner and co-chair of its structured finance strategies practice group.

    .......

    Job Swaps 24 January 2011

  • 70% of maturing CMBS loans to pass refi test

    Fitch reports that approximately 2000 US commercial mortgage loans are due to mature over the next 12 months, representing an outstanding balance of US$22.5bn. The maturities are expected as follows: US$4.5bn in 1Q11 (with hotel properties accounting for 29% of the total); US$4.9bn in 2Q11 (39% retail properties); US$6.1bn in 3Q11 (39% retail properties); and US$6.8bn in 4Q11 (28% office .......

    News Round-up 24 January 2011

  • US CMBS loan mods quickening

    Although US special servicers are working out underperforming commercial mortgage loans at an increasingly faster rate, they remain mired in an uphill battle heading into 2011, Fitch says.

    Loans transferring out of special servicing reached a record US$27.9bn during 3Q10 - more than in the last four years combined. Additionally, the rate of loans entering special servicing fell for the .......

    News Round-up 24 January 2011

  • Noteholders reiterate support for REC proposal

    A notice has been issued on behalf of a group of REC Plantation Place CMBS noteholders and junior lenders reiterating their support for the owner's recent proposal to sell Plantation Place on a consensual basis. The notice also states the group's intention to oppose any alternative proposal that may lead to an enforced sale of the underlying loan or property.

    News Round-up 20 January 2011

  • CRE vets pair up again

    Cassidy Turley has appointed Noble Carpenter and Bart Steinfeld to lead its capital markets expansion into key markets across the US. The pair will provide investors and users with capital markets services, including investment sales, debt placement, structured finance, recapitalisations, joint venture equity, development financing and note sales. Both will be based in New York.

    Carpenter and Steinfeld join from .......

    Job Swaps 20 January 2011

  • Minimal impact from Silver Maple asset release

    Moody's says that the release of Hougang Plaza from the security of Silver Maple Investment Corporation will not result in a reduction or withdrawal of the ratings assigned to the series 25 and 30 notes. The affected Singapore CMBS notes are the Aa1 rated US$255.5m series 025 and €175m series 030, which are due to mature in April 2014.

    Silver .......

    News Round-up 18 January 2011

  • CMBS conduit lender formed

    Cohen & Company has formed a new venture with FundCore Finance Group to create a CRE conduit lender. The venture will offer borrowers extensive capital markets experience combined with superior loan origination, underwriting, execution and risk management capabilities, the firms say. The primary focus will be writing 5- to 10-year CRE fixed rate loans ranging in size from US$5m to .......

    Job Swaps 17 January 2011

  • Freddie positive on K-deal pipeline

    Freddie Mac is in the market with its debut multifamily structured pass-through certificate (K Certificate) offering of 2011. The US$1bn K-010 transaction is backed by 76 recently originated multifamily mortgages guaranteed by the agency and is expected to price next week and settle on 10 February.

    The offering is the first K-deal to be publicly rated by two rating agencies .......

    News Round-up 13 January 2011

  • CMBS svp appointed

    DBRS has appointed Richard Carlson as svp in its CMBS group. Carlson will focus on operational risk reviews for CMBS ratings, including servicer evaluations and originator reviews globally. He will report to Mary Jane Potthoff and Erin Stafford, co-heads of the rating agency's US, Canadian and European CMBS group.

    Prior to joining DBRS, Carlson spent 10 years performing operational risk reviews .......

    Job Swaps 13 January 2011

  • Rate of CMBS delinquency increases to slow

    The delinquency rate on loans included in US CMBS conduit/fusion transactions increased by 16bp in December to 8.79%, according to Moody's Delinquency Tracker (DQT). For the year, the delinquency rate increased by 79% from 4.9% at the end of 2009 - albeit the rate of increase slowed considerably in the second half of 2010.

    Moody's expects the delinquency rate to .......

    News Round-up 13 January 2011

  • 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
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