CMBS

  • 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

  • CRE director named

    Cole Real Estate Investments has appointed Travis Bowers as senior director of underwriting. Bowers will be responsible for underwriting functions related to analysing and acquiring prospective office and industrial acquisition pursuits.

    With 13 years of experience in structuring, underwriting complex CRE loans, structured financings and sale-leasebacks, Bowers was most recently vp of equity investments for GE Real Estate.

    .......

    Job Swaps 1 December 2010

  • Euro CMBS loan repayments on the rise

    The increase of European CMBS loan repayments was primarily driven by partial and full repayments of loans that had matured in earlier months, according to Fitch's latest Maturity Repayment Indiex. This, the agency says, is despite two of the three matured loans still outstanding.

    The Fitch Maturity Repayment Index improved to 39.5% from 36.3% during November - decreasing the outstanding .......

    News Round-up 1 December 2010

  • US CMBS showing signs of recovery?

    US commercial real estate is exhibiting signs of recovery, according to S&P. While delinquency rates for CMBS remain elevated, the rate of growth has slowed considerably from recessionary levels.

    Additionally, the agency reports that property fundamentals are improving, investment capital is slowly flowing back into the sector, commercial mortgage originations are increasing and demand for CMBS issuance is gaining traction.

    News Round-up 30 November 2010

  • Marlin restructuring proposed

    A noteholder meeting will convene on 10 December to vote on the proposed restructuring of the Marlin (EMC II) CMBS. Blackstone Real Estate Partners, the borrower, is seeking an extension of the loan to 17 June 2011. It has already sold down the majority of the original assets and expects to dispose of two more by June 2011 and fully .......

    News Round-up 29 November 2010

  • Continued stress for Euro CMBS

    S&P reports that despite glimmers of renewed activity in recent weeks, the stresses in the European CMBS market continue to be felt at both the loan and note levels.

    Property value declines contributed to appraisal reductions in two transactions, Talisman 6 Finance and Windermere X. More significantly, the agency says, the declines contributed to principal losses on two loans - .......

    News Round-up 29 November 2010

  • CMBS delinquent unpaid balance decreases

    The delinquent unpaid balance for US CMBS decreased last month for the first time in over a year, by US$3.02bn, according to Realpoint's latest Monthly Delinquency Report. The delinquent unpaid balance fell to US$59.18bn from US$62.19bn a month prior - a 4.8% decrease.

    The previously reported monthly decline came in July 2009 after nearly US$4.8bn of GGP-sponsored loans tied to .......

    News Round-up 25 November 2010

  • Pair of Titan loans restructured

    Hatfield Philips has restructured two loans that make up part of the Titan Europe 2006-2 CMBS portfolio. The €273.4m Margaux portfolio loan is secured on 526,586 square metres of predominantly residential properties across Germany, while the €208m Petrus portfolio loan is secured on 346,723 square metres of residential properties in Berlin Hellersdorf.

    Since the transfer of the two loans to .......

    News Round-up 23 November 2010

  • Fixed rate CMBS option offered

    Berkadia Commercial Mortgage has added a new fixed-rate loans option for inclusion in the new generation of CMBS. Offered through its nationwide mortgage banking network, the firm says the product will provide clients with access to capital and is expected to be available at the beginning of 2011.

    Berkadia svp Joseph Franzetti will manage the fixed-rate loan origination programme. Franzetti, .......

    News Round-up 23 November 2010

  • CMBS origination function enhanced

    Bridger Commercial Funding has added a mezzanine finance product to its CMBS origination programme. The capability is facilitated by a strategic relationship with New York Mortgage Trust.

    Bridger will issue mezzanine loans of US$0.5m-US$5m, but only on transactions where it originates the senior CMBS loan. By leveraging the underwriting for the CMBS loan, the firm aims to provide a quicker, .......

    Job Swaps 23 November 2010

  • Real estate firm adds evp

    Cole Real Estate Investments has appointed Mitchell Sabshon as evp and coo. Sabshon will be responsible for the firm's corporate finance activities and will work closely with president Marc Nemer on a broad range of initiatives relating to mergers and acquisitions, asset management and fund operations.

    With 25 years of experience in the CRE and CMBS industries, Sabshon was previously .......

    Job Swaps 23 November 2010

  • CRE broker recruited

    Voit Real Estate Services has hired commercial real estate broker Darren Tappen.

    For the past several years, Tappen has advised life insurance companies, banks, private equity and institutional investors through foreclosures, REOs, bank takeovers, FDIC loan pools and, most recently, CMBS workouts. He specialises in industrial, office and land acquisition, disposition and development in the Phoenix metropolitan area.

    Prior to .......

    Job Swaps 19 November 2010

  • Rule 17g-5 brings unintended consequences

    Restrictions in dialogue between US CMBS special servicers and credit rating agencies brought about by SEC Rule 17g-5 may have the unintended consequence of producing unnecessary rating volatility, according to Fitch.

    The agency reports that some issuers have interpreted 17g-5 to extend to the interaction that the servicer may have on an ongoing basis with the hired rating agencies in their .......

    News Round-up 18 November 2010

  • CMBS borrower SPE criteria outlined

    S&P has clarified its methodology and assumptions for assessing borrower-level SPEs in US CMBS pools. Organising borrowers as SPEs in CMBS pool transactions helps focus the rating analysis on the credit risk of loans, the agency says.

    Further, the organisation of the borrower as an SPE helps reduce the risk of insolvency as a result of activities unrelated to owning .......

    News Round-up 18 November 2010

  • Canary Wharf asset substitution welcomed

    Fitch says that there is no impact on Canary Wharf Finance II's ratings from the substitution of assets completed on 17 November 2010 by the Canary Wharf Group. The substitution entailed the removal from the portfolio of two properties - 25 Bank Street and 40 Bank Street - and the inclusion of 10 and 20 Cabot Square.

    The total value .......

    News Round-up 18 November 2010

  • Administration for Windermere CMBS loan

    Hatfield Philips has moved the £172m remaining AMG portfolio loan into administration, following the failure to agree on an acceptable restructuring of the loan with the borrower. The loan - part of the Windermere VIII CMBS - matured in April 2010.

    Since then, Hatfield says it had been striving to find a consensual way forward with the borrowers. Following a .......

    News Round-up 17 November 2010

  • CRE firm adds svp

    George Smith Partners has appointed Eric Hamermesh as svp and director of its business development team. He will work alongside the firm's md and principal David Rifkind to underwrite, place and close client business.

    With over 30 years of CRE and securitisation experience, Hamermesh was most recently principal and founder of Platinum Capital Advisors. He has also worked at Goldman .......

    Job Swaps 16 November 2010

  • Adverse selection for Euro CMBS


    Fitch reports that despite low repayment rates on maturing loans, the lack of new issuance means that the number of loans securitised in European CMBS is shrinking. Excluding granular transactions, the agency says, the number of loans in the Fitch-rated CMBS universe fell to 701 from 740 during 3Q10.

    Fitch European CMBS director Gioia Dominedo says: "As loans reach their .......

    News Round-up 15 November 2010

  • Resecuritisation rating approach updated

    S&P is to incorporate its opinion of the interest payment at the applicable rating level, in addition to considering full principal payment in its ratings of resecuritisations.

    For transactions for which the agency has received a request to rate but has not issued a rating, its rating analysis will assess whether the securityholders will receive interest and principal payments consistent .......

    News Round-up 12 November 2010

  • US CMBS loss severities increase

    The current historical weighted average loss severity for all loans backing US CMBS that are liquidated at a loss increased in the third quarter, to 38.4% from 35% the previous quarter, according to Moody's. Excluding loans with de minimus losses, the historical weighted average loss severity increased to 51%, up from 49% a quarter ago.

    Loss severities in the third .......

    News Round-up 12 November 2010

  • Rise reported in US CMBS delinquency rates

    The delinquency rate on loans included in US CMBS increased by 15bp in October to 8.39%, according to Moody's Delinquency Tracker (DQT). The increase was almost the same as the 14bp increase in September and the fifth consecutive month of modest growth in the rate.

    In October, 282 loans totalling US$3.45bn became newly delinquent, while 211 previously delinquent loans totalling .......

    News Round-up 11 November 2010
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