Home CMBS
CMBS
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 […]
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.
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.
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.
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.
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.
The Securities and Exchange Commission is reportedly banning Standard & Poor’s Ratings Services from rating CMBS for an entire year as part of an SEC probe and subsequent $60m settlement with the ratings agency. The SEC’s investigation looked at whether S&P bent its criteria to win business on six CMBS deals issued in 2011, according […]
Many of the concerns that rippled through the CREFC Miami conference this week were directed at the US CMBS market. Delegates asked tough questions about the quality of loans, underwriting and leverage levels. The Canadian CMBS panel this morning at the Fountainbleau Miami Beach offered a striking contrast, with a range of top Canadian lending […]
Spare an unforeseen rally, it’s looking like the year-end US CMBS issuance tally will fall short of the triple-digit billions number many had predicted, anticipated and/or hoped for. As of today, there was $87bn of CMBS issuance, according to TREPP.
Deutsche Bank and Crédit Agricole have brought back to the market the £750m CMBS, secured against Westfield’s Stratford City regional shopping centre in east London. The initial proposed deal was pulled in August because neither the sponsor or the advising banks were proposing to retain 5% of the notes of the issuance as is usually […]