There is no single cause for the widening in CMBS spreads that saw the last three European deals sell below par, delegates at Real Estate Capital’s Europe Forum 2015 heard today. Three CMBS deals, from Goldman Sachs and Bank of America Merrill Lynch, priced below par and are assumed to have made losses for the respective issuing banks.
3 min read · 29 September 2015
Seven loans from a JP Morgan CMBS deal from 2006 have been liquidated, amounting to more than $82m in write-offs, according to data from research firm Trepp.
2 min read · 17 September 2015
Rating agency Morningstar has raised a red flag on the potential default of California’s $220m Maple Drive portfolio loan due to the upcoming departures of several major tenants. The loan, the second largest in the JPC07L11 CMBS, is backed by six buildings at three locations (335-345 North Maple, 9242 Beverly Boulevard and 407 North Maple Drive) in Beverly Hills, California, […]
2 min read · 08 September 2015
Kroll Bond Rating Agency (KBRA) is flagging a rise in “Credit Bar-Belling” among CMBS loan pools, a practice that uses lower leverage investment grade (IG) loans to compensate for increases in riskier loans.
1 min read · 03 September 2015
Goldman Sachs has priced its restructured €182.25m REITALY CMBS at a blended coupon of 317.4bps. The deal, a securitisation of a single €191.5m loan to Apollo Global Management for a portfolio of 25 Italian retail assets, was relaunched last week after being delayed in June.
2 min read · 02 September 2015
The US CMBS delinquency rate increased three basis points (bps) in August, negating July’s rate improvement, according to data and research firm Trepp.
2 min read · 01 September 2015
European Commission (EC) plans to unify Europe’s capital markets have been criticised for potentially harming the commercial real estate (CRE) securitisation market. The EC will publish its Capital Markets Union (CMU) plan in the autumn which will outline its proposals to bind Europe’s capital markets closer together.
2 min read · 26 August 2015
Goldman Sachs has restructured its €182.25m REITALY CMBS and is reassessing its price guidance as it relaunches the transaction. The deal is the securitisation of a single €191.5m loan to Apollo Global Management for a portfolio of 25 Italian retail assets.
2 min read · 25 August 2015
Walker & Dunlop has brought in Jeffrey Taschler as COO and senior vice president of its CMBS lending business, originating structured finance products for clients across the US from the firm’s New York office.
2 min read · 20 August 2015
Replacing the special servicer on the DECO 15 – Pan Europe 6 CMBS will require the approval of all noteholders by extraordinary resolution, the High Court in the UK has ruled. The decision is a serious setback to Cheyne Capital Management’s attempts to have the special servicer, Hatfield Philips, removed and replaced with Solutus Advisors.
3 min read · 14 August 2015
