CMBS

  • 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

  • CRE borrower service launched

    1st Service Solutions has launched 1st Equi-Debt Solutions, which aims to offer equity and debt to borrowers of non-performing CRE loans as part of their debt restructure. The new firm was formed by Ann Hambly, founder and ceo of 1st Service Solutions, and Mike Meisenbach, founder of Asset Advisory Alliance. Meisenbach will be based in Texas, where the firm is .......

    Job Swaps 13 December 2010

  • EMEA CMBS restructurings, losses continue

    Moody's reports that during 3Q10 EMEA CMBS transactions experienced further restructurings and principal losses as loan work-outs were completed.

    "Principal losses were allocated to a fourth deal during Q3 and over the next two quarters losses are likely to be allocated in another five EMEA CMBS transactions," says Moody's analyst Viola Karoly.

    The agency says that most of the restructurings .......

    News Round-up 8 December 2010

  • Advisory firm adds md

    NewOak Capital has appointed Rachel Gould as both general counsel and md, based in New York. Her responsibilities include helping the expansion and marketing of the firm's solutions and advisory platform, which provides analytical and portfolio construction services to institutional investors and managers.

    Prior to joining the firm, Gould was an attorney with Eckert Seamans in Boston, where she concentrated her .......

    Job Swaps 8 December 2010

  • Large divide in Japanese CMBS recoveries

    The duration of collections and the recovery rates for defaulted CMBS loans vary greatly depending on whether the loans' initial LTVs were higher or lower than 80%, according to Moody's. The agency's latest report on the sector analyses 112 defaulted loans backing Japanese CMBS. Of these loans, 46 have completed special servicing and the other 66 are still in special .......

    News Round-up 7 December 2010

  • Proposal aims to end REC 5 stalemate

    A proposal to REC 5 (Plantation Place) CMBS noteholders has been filed with the Irish Stock Exchange on behalf of the borrowers. The proposal seeks to find a solution to the ongoing deadlock following an LTV event of default on the underlying loan.

    The proposal to noteholders aims to allow for either the early repayment of the existing debt in .......

    News Round-up 2 December 2010

  • US CMBS delinquency rates rise again

    Trepp's latest Delinquency Report indicates that, after falling in October for the first time in over a year, the US CMBS delinquency rate started rising again in November. The percentage of loans 30 or more days delinquent, in foreclosure or REO rose by 35bp during the month to 8.93%, putting the value of delinquent loans at US$60.3bn. This increase is .......

    News Round-up 2 December 2010
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