US CMBS issuance ended 2015 just over $101 billion, a post-recession first, according to data from research firm Trepp. That may provide some solace after 2014 failed to hit the triple digits as many had hoped, but the final tally is also significantly lower than many early predictions for 2015.
2 min read · 04 January 2016
Fitch-rated underperforming CMBS loans transferred to special servicing so far this year have experienced a sharp, 38 percent decline compared with last year.
2 min read · 16 November 2015
Trepp expects a 60 basis point drop in November’s US CMBS delinquency rate thanks to the anticipated resolution of a $3 billion securitized loan tied to Blackstone’s purchase of Stuyvesant Town-Peter Cooper Village.
2 min read · 03 November 2015
Colliers International (Colliers), the US-based real estate services firm, has won its case at the Court of Appeal in London, with a unanimous verdict that its valuation of a German mixed-use property at €135 million in 2005 was correct. The latest case was the result of an appeal by Colliers following a High Court ruling last year that that it had over-valued a complex mixed-use property in Nuremberg, Germany, by €32 million.
2 min read · 03 November 2015
A spate of assaults, robberies and other crimes that have raised safety concerns for residents living at the complex, near the neighboring Western Michigan University, contributing to a large appraisal reduction for the 256-unit multifamily property that is used in part for student housing.
4 min read · 19 October 2015
Widening spreads in the European CMBS market are due to an oversupply of product and a lack of buying by the European Central Bank (ECB), an audience in London was told. The last three CMBS deals have been disappointing for the issuing banks, Bank of America Merrill Lynch with €145.8m Taurus 2015-3 EU DAC, and Goldman Sachs
2 min read · 18 October 2015
A judge was wrong to hold that the CMBS issuer in the Titan v Colliers case was the correct claimant and also had no basis for finding an asset overvalued, the Court of Appeal in London has heard. Colliers is appealing against a High Court ruling last year that it overvalued an asset in Germany by €32m in the Titan Europe 2006-3 CMBS deal.
3 min read · 09 October 2015
Credit Suisse is taking legal action against its own Titan Europe 2006-2 deal in what is believed to be the first action of its type by a Class X noteholder. The €862m 11-tranche Titan Europe 2006-2 deal contained a €50,000 Class X component. The transaction is a securitization of seven loans, originated by Credit Suisse, made on 208 properties located across Germany.
3 min read · 02 October 2015
Proceeds from the sale of assets in the heavily defaulted £850m Gemini CMBS should be classified as principal and not interest, the High Court in London has ruled. The decision means that under the deal’s contract only the Class A noteholders should receive payments from any asset sales. Had the court ruled sale proceeds as interest, then the junior noteholders, classes B to E, would also be eligible for payments.
3 min read · 01 October 2015
Improving industrial performance in the US could result in the sector becoming a larger part of commercial real estate lending through the CMBS markets, according to a new report from data and research firm Trepp.
1 min read · 01 October 2015
