Scope Ratings listed six securitised European loans, due to mature this year, as most at risk.
City of London skyline
The ratings agency is reviewing its ratings of a £367m commercial mortgage-backed securitisation secured by the City of London tower.
The manager has won a three-year loan extension which enables its Sponda subsidiary to divest assets.
The credit ratings agency says the Toronto-based manager faces a 'severe test' meeting repayments as interest rate costs on the securitised loan soar.
London skyline against the sunrise
The loan servicing firm is understood to have appointed Investec to market it to prospective buyers.
The US manager says it is on track to meet repayments, despite rating agency warnings about the impact of market conditions. 
The rating agency says refinancing risk is particularly severe for sterling-denominated loans within securitisations.
The survey shows widespread, albeit measured, pessimism around commercial real estate in the coming year.
Aareal Capital Corp last week originated a $370m green loan for SL Green Realty Corp, a frequent CMBS borrower.
The repricing in global financial markets since Russia’s invasion of Ukraine in February has put upward pressure on financing costs in Europe’s real estate sector.

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