During its first full year as a CMBS originator, investment and advisory firm Greystone completed $700m of loans in 2014. This year, the firm plans to surpass the $1bn mark, head of Greystone’s CMBS production group, Robert Russell, told Real Estate Capital.
2 min read · 23 April 2015
Bank of America Merrill Lynch has priced its €445m Taurus 2015-2 CMBS at a blended coupon of 198.25 bps. The issue was well-received by investors; the €153m Class A notes, which offer 90bps over Euribor, were 2.2 times subscribed.
1 min read · 23 April 2015
A number of Washington, D.C.-area CMBS loans are slipping into special servicing, reflecting a slowing D.C. office market marked by increasing office vacancies. Most recently, a $46.4m loan tied to the adjacent Willowwood I and II office buildings at Eaton Place in Fairfax, Virginia was sent off to the special servicer this week after a string of missed payments.
2 min read · 22 April 2015
US CMBS defaults fell to their lowest level since 2008 last year, marking a six-year low
1 min read · 15 April 2015
Bank of America Merrill Lynch has launched the €455m five-year Taurus 2015-2 DEU CMBS secured by a single loan on IVG Immobilien’s The Squaire property at Frankfurt Airport. The six-tranche CMBS refinancing loan includes a 7.1% debt yield and matures in January 2020 with a six year tail period. The loan-to-value is 72.2% based on […]
1 min read · 15 April 2015
The US CMBS delinquency rate hit a bit of a snag in March after falling four consecutive months. The rate stayed at 5.58%, on par with February, according to research and data firm Trepp.
1 min read · 09 April 2015
Of the oncoming $300bn wave of vintage 10-year loans expected to mature between 2005 through 2007, nearly one-third of the balance will come from loans backed by retail properties, according to Trepp. While this will lead to increased originations, more than $20bn of the $90bn or so in retail loans could run into trouble refinancing, particularly those involving decades-old regional malls anchored by big box tenants like JC Penney, Sears or Best Buy, the data and research firm noted in a new report.
2 min read · 02 April 2015
Guggenheim Partners has provided $112m in CMBS financing on eight office properties located across four US states. A $95m chunk of the financing backs a family of Brazilian investors in its acquisition of a portfolio of six office properties occupied by Wells Fargo. The 10-year loan carries a 65% loan-to-value.
1 min read · 11 March 2015
Fitch Ratings has issued final ratings on Deutsche Bank Securities’ $1.4bn COMM 2015-DC1 securitization, one of the largest CMBS deals completed so far this year. The rating agency awarded its triple-A rating to the deal’s roughly $1.1bn top tranche, also noting that the securitization carries higher leverage than recent fixed-rate multi-borrower transactions.
1 min read · 05 March 2015
On the heels of an SEC agreement that delivered a hefty slap on the wrist and partial CMBS ban to ratings agency S&P, a new report from a rival firm suggests that a so-called slippage of underwriting among “other rating agencies” is widespread and could lead to a new credit crisis. “Those who cannot remember the past are condemned to repeat it,” the US CMBS Q4 Review from Moody’s Investor Service begins, quoting philosopher George Santayana.
3 min read · 02 February 2015
