The court case seeking clarification about apportioning recoveries from the heavily defaulted £850m Gemini CMBS appears finely balanced, according to court observers. After a day-and-a-half of argument in front Mr Justice Henderson at the London High Court last week, no party left proceedings confident of victory.
2 min read · 29 April 2015
Bondholders have consented to a restructuring of £1.5bn of debt secured by a 35 –strong portfolio of General Healthcare Group’s UK private hospitals. This brings to a close nearly two years of negotiations among borrowers, bondholders and lenders to refinance its loans. The new structure involves group of junior bondholders injecting £175m and taking control of the assets. Senior lenders will be partially repaid; amoritisation is increased and the interest rate on senior and one junior tranche is being increased. A long-dated interest rate swap – whose mark-to-market value is currently around £675m – is being partially crystallised and replaced by new hedging arrangements.
3 min read · 27 April 2015
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
