Selections from Recent Issues
Vornado Moving to Refi Penn Plaza Offices (06/14/2013)
Vornado Realty is quietly talking to lenders about refinancing its $330 million mortgage on an office building across from Penn Station in Midtown Manhattan.
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Vornado Realty is quietly talking to lenders about refinancing its $330 million mortgage on an office building across from Penn Station in Midtown Manhattan.
Read more.
Razor-Thin Loan Pricing Extends to Suburbs (06/07/2013)
A Tishman Speyer partnership is close to nailing down a low-leverage mortgage on a suburban Philadelphia office complex at a razor-thin spread that is raising eyebrows.
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A Tishman Speyer partnership is close to nailing down a low-leverage mortgage on a suburban Philadelphia office complex at a razor-thin spread that is raising eyebrows.
Read more.
Blackstone Gets $581 Million Hotel Loan From GE (05/31/2013)
GE Capital Real Estate has provided Blackstone with a $581 million loan to refinance a portfolio of 16 hotels.
Read more.
GE Capital Real Estate has provided Blackstone with a $581 million loan to refinance a portfolio of 16 hotels.
Read more.
John Buck Seeks Loan to Buy Chicago Tower (05/24/2013)
The prospective buyer of an office building in downtown Chicago is looking for a $204 million loan to help finance the deal.
Read more.
The prospective buyer of an office building in downtown Chicago is looking for a $204 million loan to help finance the deal.
Read more.
Brookfield Taps Deutsche Team for NY Towers (05/17/2013)
A syndicate led by Deutsche Bank has agreed to lend up to $1 billion on two office buildings at Lower Manhattan’s Brookfield Place complex, known until recently as the World Financial Center.
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A syndicate led by Deutsche Bank has agreed to lend up to $1 billion on two office buildings at Lower Manhattan’s Brookfield Place complex, known until recently as the World Financial Center.
Read more.
Morgan Stanley Skips CMBS, Syndicates Loan (05/10/2013)
Switching gears, Morgan Stanley has syndicated a $240 million fixed-rate mall loan, rather than securitizing it.
Read more.
Switching gears, Morgan Stanley has syndicated a $240 million fixed-rate mall loan, rather than securitizing it.
Read more.
CIBC, Invesco Write Times Square Retail Loan (05/03/2013)
CIBC and Invesco Real Estate have written a roughly $200 million floating-rate debt package for SL Green Realty and investor Jeff Sutton on 51,000 square feet of retail space in the heart of Manhattan’s Times Square.
Read more.
CIBC and Invesco Real Estate have written a roughly $200 million floating-rate debt package for SL Green Realty and investor Jeff Sutton on 51,000 square feet of retail space in the heart of Manhattan’s Times Square.
Read more.
Pru Team Seeks to Refinance 11 Times Square (04/26/2013)
A Prudential Real Estate Investors partnership that owns the office building at 11 Times Square in Midtown Manhattan is seeking to refinance a $507 million loan that it was forced to modify a year ago.
Read more.
A Prudential Real Estate Investors partnership that owns the office building at 11 Times Square in Midtown Manhattan is seeking to refinance a $507 million loan that it was forced to modify a year ago.
Read more.
Barclays Ditches UBS, Links With JP Morgan (04/19/2013)
Barclays is parting ways with conduit partner UBS.
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Barclays is parting ways with conduit partner UBS.
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BofA in Lead for Big NY Apartment Mortgage (04/12/2013)
Bank of America has the inside track on a $550 million fixed-rate loan on an apartment complex in the Tribeca section of Manhattan.
Read more.
Bank of America has the inside track on a $550 million fixed-rate loan on an apartment complex in the Tribeca section of Manhattan.
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Banks Ease Loan Standards Amid Competition (04/05/2013)
Heightened competition for loans to high-quality sponsors is forcing commercial banks to lower their credit standards to win business.
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Heightened competition for loans to high-quality sponsors is forcing commercial banks to lower their credit standards to win business.
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Deutsche, Citi Land $550 Million Mall Loan (03/22/2013)
Deutsche Bank and Citigroup have agreed to provide a $550 million mortgage on Scottsdale Fashion Square, a high-end mall near Phoenix.
Read more.
Deutsche Bank and Citigroup have agreed to provide a $550 million mortgage on Scottsdale Fashion Square, a high-end mall near Phoenix.
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As Distressed Plays Wane, Fund Count Falls (03/15/2013)
The number of funds focused on high-yield debt plays has fallen back to pre-crash levels.
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The number of funds focused on high-yield debt plays has fallen back to pre-crash levels.
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Arbor Expands to CMBS Lending, Taps Hirsch (03/08/2013)
Arbor Commercial Mortgage is expanding its lending business to include commercial MBS loans and has hired market veteran Todd Hirsch to oversee the effort.
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Arbor Commercial Mortgage is expanding its lending business to include commercial MBS loans and has hired market veteran Todd Hirsch to oversee the effort.
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ING Selling $500 Million of Loans to Aozora (03/01/2013)
Aozora Bank is in the process of buying $500 million of performing commercial mortgages from the U.S. real estate lending arm of Dutch bank ING.
Read more.
Aozora Bank is in the process of buying $500 million of performing commercial mortgages from the U.S. real estate lending arm of Dutch bank ING.
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Goldman Taps CBRE for Big Freddie Package (02/22/2013)
CBRE Capital Markets is originating about $1.1 billion of Freddie Mac loans to finance a Goldman Sachs partnership’s acquisition of a multi-family portfolio from Equity Residential Properties.
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CBRE Capital Markets is originating about $1.1 billion of Freddie Mac loans to finance a Goldman Sachs partnership’s acquisition of a multi-family portfolio from Equity Residential Properties.
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Vornado Seeks Loan on 330 Madison Avenue (02/15/2013)
A Vornado Realty joint venture wants to put a mortgage of up to $400 million on an office property in Midtown Manhattan.
Read more.
A Vornado Realty joint venture wants to put a mortgage of up to $400 million on an office property in Midtown Manhattan.
Read more.
3 Banks Backing Luxury Project in Chicago (02/08/2013)
J.P. Morgan, Bank of America and RBS Citizens have agreed to provide a $210 million construction loan for a luxury hotel/residential complex in Chicago.
Read more.
J.P. Morgan, Bank of America and RBS Citizens have agreed to provide a $210 million construction loan for a luxury hotel/residential complex in Chicago.
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Starwood in Line to Finance Big NY Project (02/01/2013)
Starwood Property is poised to provide about $450 million of debt for the long-delayed construction of a large residential tower on Manhattan’s East Side.
Read more.
Starwood Property is poised to provide about $450 million of debt for the long-delayed construction of a large residential tower on Manhattan’s East Side.
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CMBS Spreads Hold Tight Amid Rising Supply (01/25/2013)
In a bullish sign for the commercial MBS market, the benchmark classes of two commercial MBS transactions priced yesterday at levels that matched the post-crash high achieved earlier this month.
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In a bullish sign for the commercial MBS market, the benchmark classes of two commercial MBS transactions priced yesterday at levels that matched the post-crash high achieved earlier this month.
Read more.
Vornado Seeks $550 Million Apartment Loan (01/18/2013)
A Vornado Realty partnership is seeking about $550 million of debt on the massive Independence Plaza apartment complex in Lower Manhattan.
Read more.
A Vornado Realty partnership is seeking about $550 million of debt on the massive Independence Plaza apartment complex in Lower Manhattan.
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Citi, BofA to Lead $1 Billion Supermarket Loan (01/11/2013)
Citigroup and Bank of America will co-lead a $1 billion loan backed by a portfolio of Albertsons supermarkets that a Cerberus Capital joint venture is acquiring as part of a larger deal with grocery operator Supervalu.
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Citigroup and Bank of America will co-lead a $1 billion loan backed by a portfolio of Albertsons supermarkets that a Cerberus Capital joint venture is acquiring as part of a larger deal with grocery operator Supervalu.
Read more.
$800 Million Loan Sought on Worldwide Plaza (12/21/2012)
The owner of one of New York’s largest office towers is shopping for an $800 million fixed-rate loan.
Read more.
The owner of one of New York’s largest office towers is shopping for an $800 million fixed-rate loan.
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Goldman, Blackstone Scoop Up Lloyds Loans (12/14/2012)
Goldman Sachs and Blackstone walked away with $524 million of commercial real estate debt last week as Lloyds Banking auctioned off loans it inherited from Bank of Scotland.
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Goldman Sachs and Blackstone walked away with $524 million of commercial real estate debt last week as Lloyds Banking auctioned off loans it inherited from Bank of Scotland.
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BofA, Citi to Fund Blackstone Hotel Takeover (12/07/2012)
Bank of America and Citigroup have agreed to supply $775 million of floating-rate debt to help finance Blackstone’s takeover of a nontraded hotel REIT.
Read more.
Bank of America and Citigroup have agreed to supply $775 million of floating-rate debt to help finance Blackstone’s takeover of a nontraded hotel REIT.
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Mesa West Scoops Up Pledges for 2 Funds (11/30/2012)
Fund shop Mesa West Capital has lined up nearly $500 million of initial equity commitments for two origination vehicles.
Read more.
Fund shop Mesa West Capital has lined up nearly $500 million of initial equity commitments for two origination vehicles.
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Insurers’ New Capital Rules Near Finish Line (11/16/2012)
After more than three years of work, regulators are close to approving a new formula for calculating how much capital insurers must hold to protect against possible losses in their commercial mortgages.
Read more.
After more than three years of work, regulators are close to approving a new formula for calculating how much capital insurers must hold to protect against possible losses in their commercial mortgages.
Read more.
Sandy’s Wrath Left Industry Pros Scrambling (11/09/2012)
Hurricane Sandy shut down a large segment of the commercial real estate finance industry last week, but most of the affected operations were up and running within a few days.
Read more.
Hurricane Sandy shut down a large segment of the commercial real estate finance industry last week, but most of the affected operations were up and running within a few days.
Read more.
Deka, HSBC to Fund Recap of 1411 Broadway (10/26/2012)
Deka Bank and HSBC have agreed to write a $375 million fixed-rate mortgage on the office building at 1411 Broadway in Midtown Manhattan.
Read more.
Deka Bank and HSBC have agreed to write a $375 million fixed-rate mortgage on the office building at 1411 Broadway in Midtown Manhattan.
Read more.
Werner Venture Seeks Loan for Chicago Deal (10/19/2012)
The prospective buyer of a trophy office building in Chicago is shopping for a $250 million loan to finance the deal.
Read more.
The prospective buyer of a trophy office building in Chicago is shopping for a $250 million loan to finance the deal.
Read more.
CMBS Shops, Insurers Mull Sharing Big Loans (10/12/2012)
Commercial MBS shops are talking to insurance companies about the possibility of teaming up on the origination of large mortgages.
Read more.
Commercial MBS shops are talking to insurance companies about the possibility of teaming up on the origination of large mortgages.
Read more.
Big Defaulted Loan on NY Tower Hits Market (10/05/2012)
Special servicer CWCapital is marketing a defaulted $219 million mortgage on an overleveraged Manhattan office building that is in foreclosure proceedings.
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Special servicer CWCapital is marketing a defaulted $219 million mortgage on an overleveraged Manhattan office building that is in foreclosure proceedings.
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Macerich Seeks Giant Loan on Queens Mall (09/28/2012)
A Macerich partnership is seeking a fixed-rate loan of up to $650 million on a top-quality mall in New York’s borough of Queens.
Read more.
A Macerich partnership is seeking a fixed-rate loan of up to $650 million on a top-quality mall in New York’s borough of Queens.
Read more.
3 Single-Borrower CMBS Deals Join Pipeline (09/21/2012)
Commercial MBS shops have landed three major fixed-rate lending assignments, which will result in separate single-borrower securitizations.
Read more.
Commercial MBS shops have landed three major fixed-rate lending assignments, which will result in separate single-borrower securitizations.
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CIBC, Natixis Finance Lord & Taylor Flagship (09/14/2012)
CIBC and Natixis last week originated a $250 million floating-rate mortgage on the flagship Lord & Taylor store on Fifth Avenue in Midtown Manhattan.
Read more.
CIBC and Natixis last week originated a $250 million floating-rate mortgage on the flagship Lord & Taylor store on Fifth Avenue in Midtown Manhattan.
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MetLife Writes Mass. Office Loan (09/07/2012)
MetLife has provided $80 million of fixed-rate debt on a fully occupied office property in suburban Boston.
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MetLife has provided $80 million of fixed-rate debt on a fully occupied office property in suburban Boston.
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Big Loan Sought for Recap of 1411 Broadway (08/17/2012)
A $375 million mortgage is being sought in conjunction with the pending recapitalization of the office building at 1411 Broadway in Midtown Manhattan.
Read more.
A $375 million mortgage is being sought in conjunction with the pending recapitalization of the office building at 1411 Broadway in Midtown Manhattan.
Read more.
Rally Puts CMBS Values Near Post-Crash High (08/10/2012)
A commercial MBS rally now into its second month drove up new-issue prices this week to their highest levels since before the market’s spring slump.
Read more.
A commercial MBS rally now into its second month drove up new-issue prices this week to their highest levels since before the market’s spring slump.
Read more.
Rockpoint, Kushner Line Up Big Freddie Loan (08/03/2012)
Beech Street Capital has originated a $371 million Freddie Mac loan in conjunction with the recapitalization of 10 apartment complexes in the Baltimore area.
Read more.
Beech Street Capital has originated a $371 million Freddie Mac loan in conjunction with the recapitalization of 10 apartment complexes in the Baltimore area.
Read more.
Onassis Team Seeks Refi of NY Trophy, Again (07/27/2012)
Months after refinancing debt on the Olympic Tower office/retail complex in Midtown Manhattan, the owners want to do it all over.
Read more.
Months after refinancing debt on the Olympic Tower office/retail complex in Midtown Manhattan, the owners want to do it all over.
Read more.
Snap-Back CMBS Rally Reverses June Slump (07/20/2012)
Commercial MBS prices, which slumped sharply last month, have quickly rebounded over the past couple of weeks, providing a much-needed shot in the arm to the sector.
Read more.
Commercial MBS prices, which slumped sharply last month, have quickly rebounded over the past couple of weeks, providing a much-needed shot in the arm to the sector.
Read more.
REIT-Bond Deluge Expected to Taper Off (07/13/2012)
Corporate-bond issuance by REITs is expected to fall off sharply for the rest of this year, following the busiest first half ever.
Read more.
Corporate-bond issuance by REITs is expected to fall off sharply for the rest of this year, following the busiest first half ever.
Read more.
Citi Wins Loan Assignment on Miami Center (07/06/2012)
Citigroup has written a $172.5 million fixed-rate loan to finance Crocker Partners’ purchase of Miami Center, a 784,000-square-foot skyscraper in downtown Miami.
Read more.
Citigroup has written a $172.5 million fixed-rate loan to finance Crocker Partners’ purchase of Miami Center, a 784,000-square-foot skyscraper in downtown Miami.
Read more.
$230 Million Loan Sought for Aruba Resort (06/29/2012)
The owner of a resort hotel and casino in Aruba is shopping for a $230 million mortgage to retire the property’s existing debt.
Read more.
The owner of a resort hotel and casino in Aruba is shopping for a $230 million mortgage to retire the property’s existing debt.
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Pru Gets Breathing Room on 11 Times Square (06/22/2012)
A Prudential Real Estate Investors partnership has substantially paid down its $714 million construction loan on the office building at 11 Times Square in Manhattan in return for an extension of the maturity date.
Read more.
A Prudential Real Estate Investors partnership has substantially paid down its $714 million construction loan on the office building at 11 Times Square in Manhattan in return for an extension of the maturity date.
Read more.
Deutsche Backing Diamond District Project (06/15/2012)
Deutsche Bank is working to line up as much as $400 million of debt to finance an office building that Gary Barnett’s Extell Development has started constructing in Manhattan’s Diamond District.
Read more.
Deutsche Bank is working to line up as much as $400 million of debt to finance an office building that Gary Barnett’s Extell Development has started constructing in Manhattan’s Diamond District.
Read more.
JP Morgan Backs Hotel Play by Blackstone (06/08/2012)
J.P. Morgan has agreed to provide a $350 million floating-rate loan to finance Blackstone’s purchase of a mortgage on 13 high-quality but overleveraged hotels that it is angling to seize.
Read more.
J.P. Morgan has agreed to provide a $350 million floating-rate loan to finance Blackstone’s purchase of a mortgage on 13 high-quality but overleveraged hotels that it is angling to seize.
Read more.
Deutsche, Apollo, Macquarie Land Hotel Deal (06/01/2012)
Deutsche Bank, Apollo Global Real Estate and Macquarie have agreed to provide $425 million of financing on three high-end hotels owned by a Goldman Sachs joint venture.
Read more.
Deutsche Bank, Apollo Global Real Estate and Macquarie have agreed to provide $425 million of financing on three high-end hotels owned by a Goldman Sachs joint venture.
Read more.
CMBS Buyers Weigh Special-Servicer Habits (05/25/2012)
As special servicers build up their track records for loan workouts and liquidations, secondary traders of commercial MBS are increasingly looking for patterns that might help them predict the fate of underlying loans.
Read more.
As special servicers build up their track records for loan workouts and liquidations, secondary traders of commercial MBS are increasingly looking for patterns that might help them predict the fate of underlying loans.
Read more.
Tishman to Buy SF Tower, Seeks Financing (05/18/2012)
Tishman Speyer has agreed to buy the office building at 650 California Street in San Francisco and is shopping for $130 million of financing.
Read more.
Tishman Speyer has agreed to buy the office building at 650 California Street in San Francisco and is shopping for $130 million of financing.
Read more.
JP Morgan Wins Big Floater on Vegas Complex (05/11/2012)
J.P. Morgan has agreed to originate a $200 million floating-rate mortgage on a retail/office complex in Las Vegas.
Read more.
J.P. Morgan has agreed to originate a $200 million floating-rate mortgage on a retail/office complex in Las Vegas.
Read more.
UBS, Aegon Form CMBS Lending Alliance (05/04/2012)
UBS and Aegon are teaming up to write commercial mortgages for securitization.
Read more.
UBS and Aegon are teaming up to write commercial mortgages for securitization.
Read more.
Vornado Seeks Loan on H&M’s NY Flagship (04/27/2012)
Vornado Realty wants to borrow $100 million to $115 million against a Midtown Manhattan building that houses clothier H&M’s flagship store.
Read more.
Vornado Realty wants to borrow $100 million to $115 million against a Midtown Manhattan building that houses clothier H&M’s flagship store.
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Lending Rebound Bolstering CMBS Pipeline (04/20/2012)
Commercial MBS issuance is picking up steam.
Read more.
Commercial MBS issuance is picking up steam.
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After Slow Quarter, CMBS Volume to Pick Up (04/06/2012)
Commercial MBS issuance in the U.S. got off to a slow start in the first quarter, but activity is expected to step up in coming months.
Read more.
Commercial MBS issuance in the U.S. got off to a slow start in the first quarter, but activity is expected to step up in coming months.
Read more.
$200 Million Loan Sought on Vegas Complex (03/30/2012)
A Five Mile Capital partnership that seized a Las Vegas retail/office complex from a defaulted borrower last year is now seeking a low-leverage loan of about $200 million.
Read more.
A Five Mile Capital partnership that seized a Las Vegas retail/office complex from a defaulted borrower last year is now seeking a low-leverage loan of about $200 million.
Read more.
Loan Sales Experiencing Springtime Revival (03/23/2012)
After a sluggish start to the year, the market for distressed commercial mortgages is roaring to life, with portfolios totaling $1.6 billion poised to hit the block in the coming weeks.
Read more.
After a sluggish start to the year, the market for distressed commercial mortgages is roaring to life, with portfolios totaling $1.6 billion poised to hit the block in the coming weeks.
Read more.
Continuing Trend, LNR Aligns With Brokerage (03/16/2012)
LNR Partners has acquired a stake in Auction.com’s commercial real estate unit, becoming the third major special servicer to align itself with a loan brokerage.
Read more.
LNR Partners has acquired a stake in Auction.com’s commercial real estate unit, becoming the third major special servicer to align itself with a loan brokerage.
Read more.
Outstanding CMBS: Down 25% and Still Falling (03/09/2012)
The balance of outstanding U.S. commercial MBS continues to fall, as issuance lags behind the pace at which seasoned paper is being retired.
Read more.
The balance of outstanding U.S. commercial MBS continues to fall, as issuance lags behind the pace at which seasoned paper is being retired.
Read more.
Mesa West, Prime Finance Prep Loan Funds (03/02/2012)
Mesa West Capital and Prime Finance have begun marketing their latest funds, seeking a total of $1.3 billion of equity to exploit surging demand for short-term mortgages.
Read more.
Mesa West Capital and Prime Finance have begun marketing their latest funds, seeking a total of $1.3 billion of equity to exploit surging demand for short-term mortgages.
Read more.
Landis, 2 Others Exit Rialto, Form Debt Shop (02/24/2012)
Three executives left B-piece buyer Rialto Capital this week to set up their own high-yield debt shop, which will team up on investments with fund operator Greenfield Partners.
Read more.
Three executives left B-piece buyer Rialto Capital this week to set up their own high-yield debt shop, which will team up on investments with fund operator Greenfield Partners.
Read more.
How CMBS Shop Snagged Trophy Office Loan (02/17/2012)
When developer Sheldon Solow began his search for a $625 million mortgage on his office building at Nine West 57th Street in Midtown Manhattan, the assignment seemed tailor-made for an insurance company: Extremely low leverage on a trophy property in a premier city.
Read more.
When developer Sheldon Solow began his search for a $625 million mortgage on his office building at Nine West 57th Street in Midtown Manhattan, the assignment seemed tailor-made for an insurance company: Extremely low leverage on a trophy property in a premier city.
Read more.
Rockpoint Scrambling to Refinance SF Hotel (02/10/2012)
As vulture investors circle, a Rockpoint Group partnership is negotiating with Wells Fargo, Blackstone and other players to line up enough capital to refinance an overleveraged hotel near Union Square in San Francisco.
Read more.
As vulture investors circle, a Rockpoint Group partnership is negotiating with Wells Fargo, Blackstone and other players to line up enough capital to refinance an overleveraged hotel near Union Square in San Francisco.
Read more.
S&P Ousts Duka as Head of CMBS Group (02/03/2012)
S&P has relieved managing director Barbara Duka of her duties as commercial MBS chief, continuing an overhaul of senior management that the rating agency kicked off several months ago.
Read more.
S&P has relieved managing director Barbara Duka of her duties as commercial MBS chief, continuing an overhaul of senior management that the rating agency kicked off several months ago.
Read more.
PacLife Lands Loan on Houston Office Trophy (01/27/2012)
H&R REIT has tapped Pacific Life for a low-leverage $250 million mortgage on a Houston office tower that it bought for a record price.
Read more.
H&R REIT has tapped Pacific Life for a low-leverage $250 million mortgage on a Houston office tower that it bought for a record price.
Read more.
S&P Falls Further Back in CMBS Ratings (01/20/2012)
S&P faces a long slog as it tries to rebuild its commercial MBS rating business, after falling to last place among agencies that rated the most common type of offerings last year.
Read more.
S&P faces a long slog as it tries to rebuild its commercial MBS rating business, after falling to last place among agencies that rated the most common type of offerings last year.
Read more.
Pru Faces Maturing Loan on 11 Times Square (01/13/2012)
A Prudential Real Estate Investors partnership is preparing to start negotiations with its lending syndicate about a maturing $714 million construction loan on the overleveraged office building at 11 Times Square in Midtown Manhattan.
Read more.
A Prudential Real Estate Investors partnership is preparing to start negotiations with its lending syndicate about a maturing $714 million construction loan on the overleveraged office building at 11 Times Square in Midtown Manhattan.
Read more.
GGP Seeks $1.3 Billion Loan on Hawaii Mall (01/06/2012)
General Growth Properties is shopping for a massive $1.3 billion mortgage on one of the country’s top-performing malls: Ala Moana Center in Honolulu.
Read more.
General Growth Properties is shopping for a massive $1.3 billion mortgage on one of the country’s top-performing malls: Ala Moana Center in Honolulu.
Read more.
Calpers Team Seeks $400 Million Mall Loan (12/16/2011)
A Calpers partnership is trying to line up about $400 million of financing on Woodfield Shopping Center, a high-end mall in the Chicago suburb of Schaumburg.
Read more.
A Calpers partnership is trying to line up about $400 million of financing on Woodfield Shopping Center, a high-end mall in the Chicago suburb of Schaumburg.
Read more.
Clarion Shops for $325 Million of Hotel Debt (12/09/2011)
Clarion Partners is weighing bids on a $325 million debt package that would refinance 50 Courtyard by Marriott hotels.
Read more.
Clarion Partners is weighing bids on a $325 million debt package that would refinance 50 Courtyard by Marriott hotels.
Read more.
Attendance Rise Seen for January Conference (12/02/2011)
Despite the second-half swoon that crushed profits and sapped the morale of commercial MBS pros, turnout at the CRE Finance Council’s 13th annual January conference is on track to slightly exceed the level at last winter’s event.
Read more.
Despite the second-half swoon that crushed profits and sapped the morale of commercial MBS pros, turnout at the CRE Finance Council’s 13th annual January conference is on track to slightly exceed the level at last winter’s event.
Read more.
Vornado Seeks to Refinance Manhattan Mall (11/18/2011)
Vornado Realty is shopping for a mortgage of up to $350 million on the mixed-use Manhattan Mall.
Read more.
Vornado Realty is shopping for a mortgage of up to $350 million on the mixed-use Manhattan Mall.
Read more.
Eurohypo Shops $358 Million of Mortgages (11/11/2011)
Eurohypo is marketing $358 million of mixed-quality loans that it wrote during the real estate boom on hotel, office and retail properties in the U.S.
Read more.
Eurohypo is marketing $358 million of mixed-quality loans that it wrote during the real estate boom on hotel, office and retail properties in the U.S.
Read more.
REITs Press for Cuts in Credit-Line Spreads (11/04/2011)
Some property owners have been seeking to negotiate lower spreads on their credit facilities to take advantage of declining borrowing costs, but their success rate is mixed.
Read more.
Some property owners have been seeking to negotiate lower spreads on their credit facilities to take advantage of declining borrowing costs, but their success rate is mixed.
Read more.
Citi Marketing Big Batch of Performing Loans (10/28/2011)
Citibank is shopping $460.8 million of high-quality seasoned mortgages, one of the largest performing-loan portfolios to hit the market this year.
Read more.
Citibank is shopping $460.8 million of high-quality seasoned mortgages, one of the largest performing-loan portfolios to hit the market this year.
Read more.
Vornado Seeks to Refinance 350 Park Avenue (10/21/2011)
Vornado Realty is shopping for a $300 million mortgage on a premier Manhattan office building for a refinancing that will require it to put up a substantial chunk of equity.
Read more.
Vornado Realty is shopping for a $300 million mortgage on a premier Manhattan office building for a refinancing that will require it to put up a substantial chunk of equity.
Read more.
Goldman Seeking to Syndicate Hotel Floater (10/14/2011)
Goldman Sachs is looking to syndicate a $180 million floating-rate loan on a new hotel in Midtown Manhattan.
Read more.
Goldman Sachs is looking to syndicate a $180 million floating-rate loan on a new hotel in Midtown Manhattan.
Read more.
Demand Soft for First Pooled Floater in 4 Years (10/07/2011)
Deutsche Bank struggled this week to drum up enough buyers for the first multi-borrower securitization backed by floating-rate loans in almost four years, amid a weakening market and concerns about the deal’s heavy concentration of hotel loans.
Read more.
Deutsche Bank struggled this week to drum up enough buyers for the first multi-borrower securitization backed by floating-rate loans in almost four years, amid a weakening market and concerns about the deal’s heavy concentration of hotel loans.
Read more.
Allstate Slashes Rates to Win Low-Risk Loans (09/30/2011)
Allstate is seeking to originate $500 million of low-leverage commercial mortgages by yearend.
Read more.
Allstate is seeking to originate $500 million of low-leverage commercial mortgages by yearend.
Read more.
Size of Wells Deal Shrinks by $600 Million (09/23/2011)
Wells Fargo’s planned contribution of loans to an upcoming securitization with RBS and GE Capital has shrunk by about $600 million, reducing the deal’s size to some $1 billion.
Read more.
Wells Fargo’s planned contribution of loans to an upcoming securitization with RBS and GE Capital has shrunk by about $600 million, reducing the deal’s size to some $1 billion.
Read more.
Deutsche Real Estate Chief in Europe Leaving (09/16/2011)
Cyril Courbage, head of European real estate for Deutsche Bank, is departing, the second London-based securitization pro to exit within a few weeks.
Read more.
Cyril Courbage, head of European real estate for Deutsche Bank, is departing, the second London-based securitization pro to exit within a few weeks.
Read more.
Morgan-BofA Deal Kicks Off Issuance Wave (09/09/2011)
Morgan Stanley and Bank of America rolled out their latest commercial MBS offering this week in an uncertain market, where it may set pricing benchmarks for the year’s last flurry of issues.
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Morgan Stanley and Bank of America rolled out their latest commercial MBS offering this week in an uncertain market, where it may set pricing benchmarks for the year’s last flurry of issues.
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Bank of Ireland Team Jumping Over to CIT (08/19/2011)
CIT Group has tapped Matthew Galligan and several other Bank of Ireland executives to relaunch its commercial real estate lending operation.
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CIT Group has tapped Matthew Galligan and several other Bank of Ireland executives to relaunch its commercial real estate lending operation.
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Insurers Slow Originations Amid Volatility (08/12/2011)
Life companies have turned more cautious about lending over the past few weeks, taking steps to protect themselves from growing market volatility.
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Life companies have turned more cautious about lending over the past few weeks, taking steps to protect themselves from growing market volatility.
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BofA to Put $1.3 Billion Portfolio Up for Sale (08/05/2011)
Bank of America is poised to put $1.3 billion of mixed-quality loans on the block next week — adding a third massive portfolio to the secondary market.
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Bank of America is poised to put $1.3 billion of mixed-quality loans on the block next week — adding a third massive portfolio to the secondary market.
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S&P Pullout Blindsides Dealers, Investors (07/29/2011)
S&P wasn’t the only one hurt by its unprecedented decision to pull its ratings from a virtually completed securitization.
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S&P wasn’t the only one hurt by its unprecedented decision to pull its ratings from a virtually completed securitization.
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CMBS Spreads Blow Out Again, Roiling Market (07/22/2011)
The commercial MBS market was dealt another body blow this week when bond spreads widened sharply again.
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The commercial MBS market was dealt another body blow this week when bond spreads widened sharply again.
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Bidders for Anglo Irish Portfolio Court Lenders (07/15/2011)
Investors planning to bid on all or part of the $9.7 billion loan portfolio being shopped by Anglo Irish Bank were actively trying to line up financing commitments from lenders this week.
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Investors planning to bid on all or part of the $9.7 billion loan portfolio being shopped by Anglo Irish Bank were actively trying to line up financing commitments from lenders this week.
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Bond Pros Foresee Resumption of CMBS Rally (07/08/2011)
Despite the recent plunge in bond prices, commercial MBS professionals expect a long-running rally to resume in the second half for high-grade paper from both new issues and legacy deals.
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Despite the recent plunge in bond prices, commercial MBS professionals expect a long-running rally to resume in the second half for high-grade paper from both new issues and legacy deals.
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New Markit Index May Solve Hedging Woes (07/01/2011)
Markit, which runs the CMBX index of credit-default swaps tied to commercial MBS, is close to rolling out a new index that could address a big problem for securitization shops: the difficulty of hedging warehoused commercial mortgages.
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Markit, which runs the CMBX index of credit-default swaps tied to commercial MBS, is close to rolling out a new index that could address a big problem for securitization shops: the difficulty of hedging warehoused commercial mortgages.
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The Life and Death of a Real Estate CDO (06/24/2011)
Deutsche Bank is winding down a troubled $1.25 billion CDO that it set up with two partners in 2006 to invest in commercial real estate debt.
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Deutsche Bank is winding down a troubled $1.25 billion CDO that it set up with two partners in 2006 to invest in commercial real estate debt.
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CMBS Spreads Blow Out in Softening Market (06/10/2011)
Amid weakening conditions in the financial markets, new-issue spreads blew out to the highest level of the year yesterday as Morgan Stanley and Bank of America priced a $1.2 billion multi-borrower offering.
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Amid weakening conditions in the financial markets, new-issue spreads blew out to the highest level of the year yesterday as Morgan Stanley and Bank of America priced a $1.2 billion multi-borrower offering.
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Lone Star to Securitize Seasoned Mortgages (06/03/2011)
Lone Star Funds plans to securitize about $400 million of seasoned floating-rate commercial mortgages this summer via J.P. Morgan.
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Lone Star Funds plans to securitize about $400 million of seasoned floating-rate commercial mortgages this summer via J.P. Morgan.
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MetLife, NY Life Zero In on Blackstone Loan (05/27/2011)
MetLife, New York Life and Singapore’s sovereign wealth fund have the inside track on a $1.3 billion loan on a West Coast office portfolio owned by Blackstone.
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MetLife, New York Life and Singapore’s sovereign wealth fund have the inside track on a $1.3 billion loan on a West Coast office portfolio owned by Blackstone.
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Deutsche Lures Belanger From UBS in London (05/20/2011)
Deutsche Bank has hired a top real estate executive away from UBS to bolster its London operation.
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Deutsche Bank has hired a top real estate executive away from UBS to bolster its London operation.
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New Mix of Foreign Banks Chasing US Loans (05/13/2011)
A changing of the guard is taking place among foreign banks that lend on U.S. commercial real estate.
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A changing of the guard is taking place among foreign banks that lend on U.S. commercial real estate.
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Vornado Buys Note on NY Offices (05/06/2011)
Vornado Realty has acquired a $19.5 million junior mezzanine loan on two Midtown Manhattan office buildings owned by developer Joseph Moinian.
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Vornado Realty has acquired a $19.5 million junior mezzanine loan on two Midtown Manhattan office buildings owned by developer Joseph Moinian.
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Starwood Seeks Loan to Revive Calif. Project (04/29/2011)
A joint venture headed by Starwood Capital is seeking about $230 million of financing to buy and finish a failed mixed-use redevelopment in California’s Silicon Valley.
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A joint venture headed by Starwood Capital is seeking about $230 million of financing to buy and finish a failed mixed-use redevelopment in California’s Silicon Valley.
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Allied Irish Shops $950 Million US Portfolio (04/15/2011)
Allied Irish Bank took a second round of bids on Wednesday for a $950 million portfolio of performing U.S. commercial mortgages that it wrote during the economic boom.
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Allied Irish Bank took a second round of bids on Wednesday for a $950 million portfolio of performing U.S. commercial mortgages that it wrote during the economic boom.
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Fortress Taps Deutsche for Loan on Sheffield (04/08/2011)
Deutsche Bank has originated a $125 million floating-rate loan on the unsold units at the Sheffield, the ill-fated Manhattan condominium-conversion property that Fortress Investment bought out of foreclosure in 2009.
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Deutsche Bank has originated a $125 million floating-rate loan on the unsold units at the Sheffield, the ill-fated Manhattan condominium-conversion property that Fortress Investment bought out of foreclosure in 2009.
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Risk-Retention Proposal Spooks CMBS Issuers (04/01/2011)
The proposed risk-retention rules that federal regulators unveiled this week include a surprise provision that market pros fear could derail the commercial MBS market.
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The proposed risk-retention rules that federal regulators unveiled this week include a surprise provision that market pros fear could derail the commercial MBS market.
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3 Insurers Team Up on Big NY Office Loan (03/25/2011)
MetLife, Prudential Mortgage and New York Life have won a $700 million financing assignment from Boston Properties on the office building at 601 Lexington Avenue in Midtown Manhattan.
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MetLife, Prudential Mortgage and New York Life have won a $700 million financing assignment from Boston Properties on the office building at 601 Lexington Avenue in Midtown Manhattan.
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Deutsche, Others Weigh Floating-Rate Deals (03/18/2011)
Several conduit shops are exploring whether to resume securitizing floating-rate loans.
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Several conduit shops are exploring whether to resume securitizing floating-rate loans.
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Seems Like Old Times: GGP Taps 5 CMBS Shops (03/11/2011)
General Growth Properties has awarded $1.1 billion of fixed-rate mall mortgages to five securitization shops.
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General Growth Properties has awarded $1.1 billion of fixed-rate mall mortgages to five securitization shops.
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Cantor to Regroup With Solo CMBS Offering (02/25/2011)
Cantor Fitzgerald plans to move forward with a solo commercial MBS offering following its split with Wells Fargo.
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Cantor Fitzgerald plans to move forward with a solo commercial MBS offering following its split with Wells Fargo.
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Control of Capmark Fund Up for Grabs Again (02/18/2011)
The management rights to a struggling $1.1 billion debt fund operated by bankrupt Capmark Investments are back on the market.
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The management rights to a struggling $1.1 billion debt fund operated by bankrupt Capmark Investments are back on the market.
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RCG Sets Up Conduit to Foster Mezz Loans (02/11/2011)
In a move to generate mezzanine loans for its high-yield debt fund, RCG Longview has rolled out a securitization program.
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In a move to generate mezzanine loans for its high-yield debt fund, RCG Longview has rolled out a securitization program.
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Guggenheim Hires Quinn, Eyes CMBS Loans (02/04/2011)
Guggenheim Partners has hired veteran lender Kieran Quinn as it prepares to expand its fledgling loan platform beyond agency product to securitized mortgages.
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Guggenheim Partners has hired veteran lender Kieran Quinn as it prepares to expand its fledgling loan platform beyond agency product to securitized mortgages.
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KeyBank Getting Back Into the CMBS Game (01/28/2011)
Add KeyBank to the growing ranks of lenders reviving securitization shops.
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Add KeyBank to the growing ranks of lenders reviving securitization shops.
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Council Pushes ‘Reps & Warranties' Standard (01/21/2011)
The CRE Finance Council is poised to release a proposed standard for a key portion of securitization documents — the “representations and warranties” that lenders provide about the adequacy and accuracy of collateral-loan data.
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The CRE Finance Council is poised to release a proposed standard for a key portion of securitization documents — the “representations and warranties” that lenders provide about the adequacy and accuracy of collateral-loan data.
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After Surge, REITs Seen Easing Bond Issuance (01/14/2011)
REITs are expected to scale back issuance of unsecured bonds this year, after bringing a near-record volume of paper to market in 2010.
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REITs are expected to scale back issuance of unsecured bonds this year, after bringing a near-record volume of paper to market in 2010.
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Lenders Entering 2011 With Rising Optimism (01/07/2011)
Lenders are feeling better about their prospects than they have for years — but they’re not ready to break out the champagne just yet.
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Lenders are feeling better about their prospects than they have for years — but they’re not ready to break out the champagne just yet.
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REIT Seeks $700 Million Loan on NY Trophy (12/17/2010)
Boston Properties has quietly begun shopping for a $700 million loan on the trophy office building at 601 Lexington Avenue in Midtown Manhattan.
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Boston Properties has quietly begun shopping for a $700 million loan on the trophy office building at 601 Lexington Avenue in Midtown Manhattan.
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Citi, BofA, Barclays Win Huge Healthcare Deal (12/10/2010)
A JER Partners team has tapped Citigroup, Bank of America and Barclays to refinance $1.6 billion of debt on a healthcare portfolio.
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A JER Partners team has tapped Citigroup, Bank of America and Barclays to refinance $1.6 billion of debt on a healthcare portfolio.
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Three Foreign Banks to Share Big Hotel Loan (12/03/2010)
Aareal Bank and two other foreign lenders have agreed to originate a $240 million floating-rate mortgage on a Hilton hotel next to San Diego's convention center.
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Aareal Bank and two other foreign lenders have agreed to originate a $240 million floating-rate mortgage on a Hilton hotel next to San Diego's convention center.
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Berkadia to Originate Loans for Securitization (11/19/2010)
Berkadia Commercial Mortgage plans to originate fixed-rate commercial mortgages and sell them to securitization shops.
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Berkadia Commercial Mortgage plans to originate fixed-rate commercial mortgages and sell them to securitization shops.
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Last Out of the Gate, Hotel Lending Revives (11/12/2010)
Lenders have resumed pursuing mortgages on hotels - the last sector to emerge from the credit crunch.
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Lenders have resumed pursuing mortgages on hotels - the last sector to emerge from the credit crunch.
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Regulator Repackages $3.8 Billion of CMBS (11/05/2010)
The federal regulator of credit unions this week resecuritized $3.8 billion of high-grade commercial MBS that it inherited from two failed institutions - the first and only such transaction it expects to conduct.
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The federal regulator of credit unions this week resecuritized $3.8 billion of high-grade commercial MBS that it inherited from two failed institutions - the first and only such transaction it expects to conduct.
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Beacon Seeking to Refinance Boston Trophy (10/29/2010)
A joint venture between Beacon Capital and Allianz is quietly shopping for a loan of more than $300 million on one of Boston's top office towers.
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A joint venture between Beacon Capital and Allianz is quietly shopping for a loan of more than $300 million on one of Boston's top office towers.
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MetLife Backs Beacon Deal for DC Complex (10/22/2010)
MetLife has originated a $160 million fixed-rate mortgage for a Beacon Capital partnership that acquired an office complex in Washington last month.
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MetLife has originated a $160 million fixed-rate mortgage for a Beacon Capital partnership that acquired an office complex in Washington last month.
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Ares Taps Bartling, Eyes Forming Loan Unit (10/15/2010)
Investment manager Ares Capital Markets has hired veteran lender John Bartling to explore the possibility of setting up a commercial-mortgage operation.
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Investment manager Ares Capital Markets has hired veteran lender John Bartling to explore the possibility of setting up a commercial-mortgage operation.
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Newcomer Circles B-Piece of Wells-BofA Deal (10/08/2010)
A new player in the B-piece market - Rialto Capital - has circled the junior classes of an upcoming $850 million commercial MBS deal led by Wells Fargo and Bank of America.
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A new player in the B-piece market - Rialto Capital - has circled the junior classes of an upcoming $850 million commercial MBS deal led by Wells Fargo and Bank of America.
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Morgan Stanley Lands 2 Big Mall Mortgages (10/01/2010)
Morgan Stanley's revived commercial MBS operation has won a roughly $175 million mortgage on a mall in Hawaii, its second big retail assignment in the past few weeks.
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Morgan Stanley's revived commercial MBS operation has won a roughly $175 million mortgage on a mall in Hawaii, its second big retail assignment in the past few weeks.
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NYSTRS Shops for $200 Million Office Loan (09/24/2010)
A New York State Teachers partnership is trying to line up a $200 million mortgage on the office building at 525 Market Street in San Francisco.
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A New York State Teachers partnership is trying to line up a $200 million mortgage on the office building at 525 Market Street in San Francisco.
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$400 Million of Sour Hotel Loans on Block (09/17/2010)
LNR Partners and two other special servicers are jointly shopping more than $400 million of nonperforming hotel mortgages - the largest offering of distressed loans on a single property type since the market collapse.
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LNR Partners and two other special servicers are jointly shopping more than $400 million of nonperforming hotel mortgages - the largest offering of distressed loans on a single property type since the market collapse.
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Lenders Vie for Loan on Trophy Calif. Mall (09/10/2010)
At least a half-dozen insurance companies and commercial MBS lenders are scrambling to land a $500 million mortgage on Fashion Valley Mall, one of the West Coast's top malls.
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At least a half-dozen insurance companies and commercial MBS lenders are scrambling to land a $500 million mortgage on Fashion Valley Mall, one of the West Coast's top malls.
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H/2 Snags B-Piece of JP Morgan Conduit Deal (08/20/2010)
High-yield investment shop H/2 Capital has circled the below-investment-grade portion of J.P. Morgan's upcoming $1.2 billion conduit deal.
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High-yield investment shop H/2 Capital has circled the below-investment-grade portion of J.P. Morgan's upcoming $1.2 billion conduit deal.
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Cornerstone Raising Capital for Bridge Loans (08/13/2010)
Cornerstone Real Estate is seeking to raise $500 million of equity for a fund that would originate commercial mortgages on transitional properties.
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Cornerstone Real Estate is seeking to raise $500 million of equity for a fund that would originate commercial mortgages on transitional properties.
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Deutsche, in Switch, Eyes Deal With Ladder (08/06/2010)
Deutsche Bank, which was thinking about teaming up with Bank of America and Wells Fargo on a pooled commercial MBS offering, is going in another direction.
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Deutsche Bank, which was thinking about teaming up with Bank of America and Wells Fargo on a pooled commercial MBS offering, is going in another direction.
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Hypo Offers Mezz Debt on 5 Luxury Resorts (07/30/2010)
(SEE CORRECTION BELOW) Hypo Real Estate is seeking a buyer for a $110 million mezzanine loan on five well-known luxury resorts owned by CNL Hotels.
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(SEE CORRECTION BELOW) Hypo Real Estate is seeking a buyer for a $110 million mezzanine loan on five well-known luxury resorts owned by CNL Hotels.
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Eurohypo Group Backs Douglas Emmett Deal (07/23/2010)
Douglas Emmett Inc. has lined up a commitment from a Eurohypo syndicate for a $400 million floating-rate loan backed partly by a large Hawaiian office complex that it acquired last month.
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Douglas Emmett Inc. has lined up a commitment from a Eurohypo syndicate for a $400 million floating-rate loan backed partly by a large Hawaiian office complex that it acquired last month.
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BofA Hires Kok, Eyes 3-Way CMBS Offering (07/16/2010)
Bank of America has tapped veteran lender George Kok to oversee conduit lending.
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Bank of America has tapped veteran lender George Kok to oversee conduit lending.
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Wells Taps McShane for a Top CMBS Post (07/09/2010)
Former Morgan Stanley executive Kara McShane will join Wells Fargo next week to spearhead the bank's drive to set up a capital-markets operation for commercial real estate.
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Former Morgan Stanley executive Kara McShane will join Wells Fargo next week to spearhead the bank's drive to set up a capital-markets operation for commercial real estate.
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Colony Snares Another Big FDIC Portfolio (07/02/2010)
Beating out a host of rivals, Colony Capital is in line to buy a 40% stake in a $1.85 billion portfolio of commercial mortgages from the FDIC.
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Beating out a host of rivals, Colony Capital is in line to buy a 40% stake in a $1.85 billion portfolio of commercial mortgages from the FDIC.
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Citadel Turning Its Sights to CMBS Lending (06/25/2010)
Citadel is ramping up to originate commercial mortgages for securitization.
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Citadel is ramping up to originate commercial mortgages for securitization.
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TIAA May Refi Securitized Loan on GGP Mall (06/18/2010)
TIAA-CREF, which holds as much as $89 million of subordinate debt on a suburban Seattle mall owned by a General Growth Properties partnership, is thinking about refinancing the property's $196.9 million securitized mortgage to protect its investment.
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TIAA-CREF, which holds as much as $89 million of subordinate debt on a suburban Seattle mall owned by a General Growth Properties partnership, is thinking about refinancing the property's $196.9 million securitized mortgage to protect its investment.
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Council Pushes Loan-Modification Disclosure (06/11/2010)
The CRE Finance Council is close to unveiling a proposal to increase the level of detail that servicers must disclose when they modify securitized loans.
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The CRE Finance Council is close to unveiling a proposal to increase the level of detail that servicers must disclose when they modify securitized loans.
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Office Mortgages Turning Sour at Faster Pace (06/04/2010)
Securitized office mortgages, which initially were somewhat insulated from the market distress, are increasingly being dragged down as well.
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Securitized office mortgages, which initially were somewhat insulated from the market distress, are increasingly being dragged down as well.
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Crexus Turning Focus to B-Notes, B-Pieces (05/28/2010)
Crexus Investment, a mortgage REIT formed last year by Annaly Capital, plans to step up its investment in subordinate commercial real estate debt.
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Crexus Investment, a mortgage REIT formed last year by Annaly Capital, plans to step up its investment in subordinate commercial real estate debt.
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Lenders Chase Big Loan on NY Office Tower (05/21/2010)
A partnership between insurer AXA Equitable and J.P. Morgan Investment Management is seeking a loan of up to $375 million on the office building at 1285 Avenue of the Americas in Midtown Manhattan.
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A partnership between insurer AXA Equitable and J.P. Morgan Investment Management is seeking a loan of up to $375 million on the office building at 1285 Avenue of the Americas in Midtown Manhattan.
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Wells Writes $50 Million Office Loan (05/14/2010)
Wells Fargo has originated a $50 million mortgage on a suburban Chicago office complex that fund operator Angelo, Gordon & Co. acquired in March.
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Wells Fargo has originated a $50 million mortgage on a suburban Chicago office complex that fund operator Angelo, Gordon & Co. acquired in March.
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After Big Lending Dip in '09, Insurers Revive (05/07/2010)
Lending by the largest insurance companies slumped sharply for the second straight year in 2009, but the industry is now back in a growth mode.
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Lending by the largest insurance companies slumped sharply for the second straight year in 2009, but the industry is now back in a growth mode.
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MetLife Shops Large Performing Portfolio (04/30/2010)
MetLife is offering 22 performing commercial mortgages with a combined balance of $196.5 million.
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MetLife is offering 22 performing commercial mortgages with a combined balance of $196.5 million.
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Goldman to Write CMBS Loan for Taubman (04/23/2010)
Goldman Sachs has agreed to originate a $77 million commercial MBS loan for Taubman Centers on a Michigan mall.
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Goldman Sachs has agreed to originate a $77 million commercial MBS loan for Taubman Centers on a Michigan mall.
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Dealers Open Up Spigot on 'Repo' Lending (04/16/2010)
As the commercial MBS rally rages on, investors are finding it easier, and often cheaper, to line up financing for bond purchases.
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As the commercial MBS rally rages on, investors are finding it easier, and often cheaper, to line up financing for bond purchases.
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CMBS Lenders Focusing on Large Mortgages (04/09/2010)
Most of the re-emerging securitization shops are focusing their origination efforts on loans of at least $25 million, largely bypassing traditional conduit mortgages for now.
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Most of the re-emerging securitization shops are focusing their origination efforts on loans of at least $25 million, largely bypassing traditional conduit mortgages for now.
Read more.
Wells Snags Big Freddie Mortgage (04/02/2010)
Wells Fargo has originated a $100 million Freddie Mac mortgage on a Manhattan apartment building.
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Wells Fargo has originated a $100 million Freddie Mac mortgage on a Manhattan apartment building.
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Berkshire, Carmel Buy B-Note on Starrett City (03/26/2010)
A joint venture between Berkshire Group and Carmel Partners has acquired the $52.9 million subordinate portion of a $528.9 million mortgage on the massive Starrett City housing complex in Brooklyn.
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A joint venture between Berkshire Group and Carmel Partners has acquired the $52.9 million subordinate portion of a $528.9 million mortgage on the massive Starrett City housing complex in Brooklyn.
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After Years of Growth, Debt Funds Pull Back (03/19/2010)
The debt-fund bandwagon has hit a speed bump.
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The debt-fund bandwagon has hit a speed bump.
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FDIC Kicks Off Its Securitization Program (03/12/2010)
The FDIC's long-awaited program for securitizing real estate assets inherited from failed banks is starting to take shape.
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The FDIC's long-awaited program for securitizing real estate assets inherited from failed banks is starting to take shape.
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CMBS Credit Quality Continues to Plunge (03/05/2010)
The ongoing decline in commercial MBS credit quality continued at a rapid pace in February.
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The ongoing decline in commercial MBS credit quality continued at a rapid pace in February.
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Spring Hill Seeking to Expand Broker Unit (02/26/2010)
Spring Hill Capital, which received its broker-dealer license from the Financial Industry Regulatory Authority on Wednesday, plans to hire up to 10 structured-finance specialists by yearend.
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Spring Hill Capital, which received its broker-dealer license from the Financial Industry Regulatory Authority on Wednesday, plans to hire up to 10 structured-finance specialists by yearend.
Read more.
Fund Shop Looking to Refinance LA Complex (02/19/2010)
LBA Realty is seeking a $130 million mortgage on AT&T Center in Los Angeles.
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LBA Realty is seeking a $130 million mortgage on AT&T Center in Los Angeles.
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DDR Drops Plan for Follow-Up CMBS Deal (02/12/2010)
Developers Diversified Realty has pulled the plug on its plan for a second round of financing via the commercial MBS market.
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Developers Diversified Realty has pulled the plug on its plan for a second round of financing via the commercial MBS market.
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10% of CMBS Loans Now in Special Servicing (02/05/2010)
The percentage of CMBS loans in special servicing has reached double digits.
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The percentage of CMBS loans in special servicing has reached double digits.
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Regulatory-Reform Plan Spooks Bond Market (01/29/2010)
President Obama has thrown a wrench into the long-running commercial MBS rally.
Read more.
President Obama has thrown a wrench into the long-running commercial MBS rally.
Read more.
Citigroup Gearing Up Conduit-Loan Program (01/22/2010)
Citigroup is dipping its toes back into the conduit market.
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Citigroup is dipping its toes back into the conduit market.
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Wells, BofA Top Holders of Real Estate Loans (01/15/2010)
Wells Fargo is by far the largest holder of commercial real estate loans among bank holding companies.
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Wells Fargo is by far the largest holder of commercial real estate loans among bank holding companies.
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Colony Wins Auction of Big FDIC Portfolio (01/08/2010)
Colony Capital has won the bidding for a 40% stake in a $1 billion portfolio of mixed-quality commercial mortgages from the FDIC.
Read more.
Colony Capital has won the bidding for a 40% stake in a $1 billion portfolio of mixed-quality commercial mortgages from the FDIC.
Read more.
Industry Mood Better as CMSA Confab Nears (12/18/2009)
As the Commercial Mortgage Securities Association prepares to gather for its 11th annual January conference, the atmosphere is decidedly more upbeat than a year ago.
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As the Commercial Mortgage Securities Association prepares to gather for its 11th annual January conference, the atmosphere is decidedly more upbeat than a year ago.
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Borrower Sees Hints of Firmer Loan Market (12/11/2009)
A Monday Properties partnership that is looking to refinance $239 million of securitized mortgages is finding interest among lenders to be stronger than it expected.
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A Monday Properties partnership that is looking to refinance $239 million of securitized mortgages is finding interest among lenders to be stronger than it expected.
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Rate of Loans in Special Servicing Nears 9% (12/04/2009)
The percentage of commercial MBS loans in special servicing climbed sharply to almost 9% last month, fueled largely by the transfer of the $3 billion loan on the Stuyvesant Town apartment complex in Manhattan.
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The percentage of commercial MBS loans in special servicing climbed sharply to almost 9% last month, fueled largely by the transfer of the $3 billion loan on the Stuyvesant Town apartment complex in Manhattan.
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NY Apartment B-Note Sells at 33% Discount (11/20/2009)
An Angelo, Gordon & Co. partnership has acquired a $34 million participation interest in a Manhattan apartment loan from Morgan Stanley for about 67 cents on the dollar.
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An Angelo, Gordon & Co. partnership has acquired a $34 million participation interest in a Manhattan apartment loan from Morgan Stanley for about 67 cents on the dollar.
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B-Note on LA Building Sells at 80% of Face (11/13/2009)
An investment group last week purchased a $15 million B-note on a major Los Angeles office building for about 80 cents on the dollar.
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An investment group last week purchased a $15 million B-note on a major Los Angeles office building for about 80 cents on the dollar.
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House Bill Seen Choking Off CMBS Revival (11/06/2009)
A sweeping proposal by U.S. lawmakers to overhaul the regulatory framework for financial institutions could be the kiss of death for a revival of the commercial MBS market, market pros are warning.
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A sweeping proposal by U.S. lawmakers to overhaul the regulatory framework for financial institutions could be the kiss of death for a revival of the commercial MBS market, market pros are warning.
Read more.
BofA Eyes TALF, Mezz Financing for Fortress (10/30/2009)
Bank of America is seeking to arrange $650 million of financing on a portfolio controlled by Fortress Investment, part of which could be raised via a securitization eligible for the Federal Reserve's TALF program.
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Bank of America is seeking to arrange $650 million of financing on a portfolio controlled by Fortress Investment, part of which could be raised via a securitization eligible for the Federal Reserve's TALF program.
Read more.
GE Seeking $3 Billion for Origination Fund (10/23/2009)
GE Capital Real Estate is seeking to raise up to $3 billion of equity for a fund that would originate senior fixed- and floating-rate commercial mortgages.
Read more.
GE Capital Real Estate is seeking to raise up to $3 billion of equity for a fund that would originate senior fixed- and floating-rate commercial mortgages.
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Lenders Gloomy as Credit Crunch Drags On (10/16/2009)
More than two years into the credit crunch, commercial real estate lenders still see no easy way out.
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More than two years into the credit crunch, commercial real estate lenders still see no easy way out.
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Starwood's Price for Corus Raises Eyebrows (10/09/2009)
A Starwood Capital partnership's aggressive winning bid for the real estate assets of Corus Bank has left some market pros asking: Did Barry Sternlicht overpay?
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A Starwood Capital partnership's aggressive winning bid for the real estate assets of Corus Bank has left some market pros asking: Did Barry Sternlicht overpay?
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AREA, CIBC Teaming Up on Mortgage Fund (10/02/2009)
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CORRECTION: An Oct. 2 article, "AREA, CIBC Teaming Up on Mortgage Fund," misstated Richard Mack's title at AREA Property Partners. He is North America chief executive, not the firm's chairman.
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CORRECTION: An Oct. 2 article, "AREA, CIBC Teaming Up on Mortgage Fund," misstated Richard Mack's title at AREA Property Partners. He is North America chief executive, not the firm's chairman.
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FDIC Unveils 2 Big Troubled-Loan Offerings (09/25/2009)
Investors this week got their first detailed look at two large distressed-loan portfolios in which the FDIC is offering minority stakes.
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Investors this week got their first detailed look at two large distressed-loan portfolios in which the FDIC is offering minority stakes.
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Ex-Credit Suisse Pros to Lead Cantor Foray (09/18/2009)
Cantor Fitzgerald has hired four former senior executives of Credit Suisse, including Steven Kantor, to oversee a major push into commercial real estate.
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Cantor Fitzgerald has hired four former senior executives of Credit Suisse, including Steven Kantor, to oversee a major push into commercial real estate.
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First New-Issue TALF Deal Set for October (09/11/2009)
Developers Diversified Realty is on track to unveil the first commercial MBS transaction under the TALF program in mid-October, but two other potential issuers - Simon Property and Westfield - have dropped out of the picture.
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Developers Diversified Realty is on track to unveil the first commercial MBS transaction under the TALF program in mid-October, but two other potential issuers - Simon Property and Westfield - have dropped out of the picture.
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Goldman Launches Fixed-Rate Loan Program (08/21/2009)
Seeing cracks in the frozen loan market, Goldman Sachs has launched a program aimed at originating fixed-rate commercial mortgages of $25 million or more.
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Seeing cracks in the frozen loan market, Goldman Sachs has launched a program aimed at originating fixed-rate commercial mortgages of $25 million or more.
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Barclays Extends $2 Billion Crescent Loan (08/14/2009)
Barclays has granted a three-month extension on a $2 billion floating-rate loan that helped finance Morgan Stanley's ill-fated takeover of Crescent Real Estate Equities at the top of the market.
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Barclays has granted a three-month extension on a $2 billion floating-rate loan that helped finance Morgan Stanley's ill-fated takeover of Crescent Real Estate Equities at the top of the market.
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Green, Other Wachovia Alumni Open Shop (08/07/2009)
A handful of former senior executives in Wachovia's real estate finance group have joined forces to launch an advisory firm in Charlotte.
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A handful of former senior executives in Wachovia's real estate finance group have joined forces to launch an advisory firm in Charlotte.
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Substitute Lenders Sought for Xanadu Project (07/31/2009)
After several lenders balked at fulfilling commitments, a Colony Capital partnership is seeking up to $500 million of replacement funding to complete a giant entertainment and retail complex next to the Meadowlands sports complex in New Jersey.
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After several lenders balked at fulfilling commitments, a Colony Capital partnership is seeking up to $500 million of replacement funding to complete a giant entertainment and retail complex next to the Meadowlands sports complex in New Jersey.
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High TALF Approval Rate Bolsters Market (07/24/2009)
The Federal Reserve's decision to approve applications for TALF loans on legacy bonds from 35 of 36 commercial MBS deals buoyed the market this week, undoing some of the upheaval caused by a shocking about-face by S&P.
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The Federal Reserve's decision to approve applications for TALF loans on legacy bonds from 35 of 36 commercial MBS deals buoyed the market this week, undoing some of the upheaval caused by a shocking about-face by S&P.
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Anticipating Demand, Dealers Snap Up CMBS (07/17/2009)
Major banks and brokerage firms are engaging in a commercial MBS buying frenzy, loading up on bonds expected to be in high demand when they qualify for U.S. government financing.
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Major banks and brokerage firms are engaging in a commercial MBS buying frenzy, loading up on bonds expected to be in high demand when they qualify for U.S. government financing.
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Slow Start Seen for Legacy TALF Program (07/10/2009)
The window has opened for TALF financing of "legacy" commercial MBS, but the program is expected to get off to a slow start.
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The window has opened for TALF financing of "legacy" commercial MBS, but the program is expected to get off to a slow start.
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Rate of Loans in Special Servicing Hits 5.4% (07/03/2009)
The amount of commercial mortgages in special servicing continued to climb in June, reflecting the ongoing deterioration in credit quality.
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The amount of commercial mortgages in special servicing continued to climb in June, reflecting the ongoing deterioration in credit quality.
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Vornado, Macerich, Inland Mull TALF Deals (06/26/2009)
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CORRECTION: A June 26 article, "Vornado, Macerich, Inland Mull TALF Deals," cited talk in the market that Alexandria Real Estate Equities explored a TALF-eligible securitization, but discovered that the Federal Reserve was uncomfortable with the REIT's property niche: bio-medical research space. However, Alexandria subsequently said that it wasn't rebuffed by the Fed and that after making an initial inquiry it decided not to pursue a TALF deal because it determined it could obtain more attractive mortgage financing from insurance companies.
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CORRECTION: A June 26 article, "Vornado, Macerich, Inland Mull TALF Deals," cited talk in the market that Alexandria Real Estate Equities explored a TALF-eligible securitization, but discovered that the Federal Reserve was uncomfortable with the REIT's property niche: bio-medical research space. However, Alexandria subsequently said that it wasn't rebuffed by the Fed and that after making an initial inquiry it decided not to pursue a TALF deal because it determined it could obtain more attractive mortgage financing from insurance companies.
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Green Departs as Debt Chief at Starwood (06/19/2009)
Bill Green has stepped down as head of Starwood Capital's debt-investment business.
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Bill Green has stepped down as head of Starwood Capital's debt-investment business.
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Moody's, Fitch Cede Bear Territory to S&P (06/12/2009)
Moody's and Fitch said this week they don't expect to cut their triple-A ratings on outstanding super-senior commercial MBS, setting the stage for a sharp divide with rival S&P.
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Moody's and Fitch said this week they don't expect to cut their triple-A ratings on outstanding super-senior commercial MBS, setting the stage for a sharp divide with rival S&P.
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End of an Era: Mazzei Is Leaving Barclays (06/05/2009)
Mike Mazzei, the dean of commercial MBS executives, is moving on.
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Mike Mazzei, the dean of commercial MBS executives, is moving on.
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S&P Rating Plan Sparks Industry Firestorm (05/29/2009)
S&P this week asked the industry to comment on proposed changes to its rating methodology that would result in sweeping downgrades of super-senior, triple-A commercial MBS. The agency may want to brace itself for the response.
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S&P this week asked the industry to comment on proposed changes to its rating methodology that would result in sweeping downgrades of super-senior, triple-A commercial MBS. The agency may want to brace itself for the response.
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Pru, MetLife Eye TALF Deals; Rally Broadens (05/22/2009)
The Federal Reserve's Term Asset-Backed Securities Loan Facility is spurring positive developments for commercial MBS issuance and secondary trading.
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The Federal Reserve's Term Asset-Backed Securities Loan Facility is spurring positive developments for commercial MBS issuance and secondary trading.
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TALF Spurs Deutsche to Start Loan Program (05/15/2009)
Prompted by the new government program that will finance buyers of commercial MBS, Deutsche Bank has rolled out a program that aims to originate fixed-rate loans of up to $200 million for securitization.
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Prompted by the new government program that will finance buyers of commercial MBS, Deutsche Bank has rolled out a program that aims to originate fixed-rate loans of up to $200 million for securitization.
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Banks, Borrowers Start Mulling TALF Deals (05/08/2009)
A handful of lenders and REITs have started exploring the possibility of using the Federal Reserve's Term Asset-Backed Securities Loan Facility to foster new commercial MBS transactions, but no one expects a rush of deals to result.
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A handful of lenders and REITs have started exploring the possibility of using the Federal Reserve's Term Asset-Backed Securities Loan Facility to foster new commercial MBS transactions, but no one expects a rush of deals to result.
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Simon Pullout From Mall Draws Ire of ORIX (05/01/2009)
Special servicer ORIX Capital Markets said that Simon Property's decision to walk away from an aging Florida mall should cause investors to be wary about the willingness of even the biggest institutional sponsors to stand behind properties that run into trouble.
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Special servicer ORIX Capital Markets said that Simon Property's decision to walk away from an aging Florida mall should cause investors to be wary about the willingness of even the biggest institutional sponsors to stand behind properties that run into trouble.
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Citi Shopping $2.1 Billion Loan Portfolio (04/24/2009)
Citigroup has placed slightly more than 10% of a $2.1 billion portfolio of fixed- and floating-rate mortgages with investors and continues to shop the remaining loans.
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Citigroup has placed slightly more than 10% of a $2.1 billion portfolio of fixed- and floating-rate mortgages with investors and continues to shop the remaining loans.
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HSBC Mulls Way to Rescue Big Condo Loan (04/17/2009)
An HSBC syndicate is weighing an idea that could stave off the foreclosure of a high-profile Miami condominium complex and minimize losses on the $502 million loan that funded its construction.
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An HSBC syndicate is weighing an idea that could stave off the foreclosure of a high-profile Miami condominium complex and minimize losses on the $502 million loan that funded its construction.
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Lehman Alumnus Rolling Out Merchant Bank (04/10/2009)
A former Lehman Brothers executive has launched a firm with an ambitious strategy that includes an advisory arm, a broker-dealer platform and a fund operation.
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A former Lehman Brothers executive has launched a firm with an ambitious strategy that includes an advisory arm, a broker-dealer platform and a fund operation.
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Treasury Plan Seen Spurring CMBS Sales (04/03/2009)
Veteran commercial MBS investors think there's a reasonable chance that the U.S. Treasury Department's new toxic-assets program will drive up prices enough to encourage institutions to unload their holdings of super-senior CMBS.
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Veteran commercial MBS investors think there's a reasonable chance that the U.S. Treasury Department's new toxic-assets program will drive up prices enough to encourage institutions to unload their holdings of super-senior CMBS.
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Geithner Plan Raises Hopes of CMBS Pros (03/27/2009)
The U.S. Treasury Department's proposal for spurring the trading of toxic assets touched off a huge rally in the commercial MBS market this week, leading some players to conclude that the tide might have turned.
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The U.S. Treasury Department's proposal for spurring the trading of toxic assets touched off a huge rally in the commercial MBS market this week, leading some players to conclude that the tide might have turned.
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Debt Funds Multiply, But Are Slow to Invest (03/20/2009)
Fund operators continue to pour into the high-yield debt market, but few are pulling the trigger on investments so far.
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Fund operators continue to pour into the high-yield debt market, but few are pulling the trigger on investments so far.
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Penner Setting Up 2 Debt Funds for CBRE (03/13/2009)
The game plan of securitization pioneer Ethan Penner, who joined CB Richard Ellis Investors last spring, is starting to emerge.
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The game plan of securitization pioneer Ethan Penner, who joined CB Richard Ellis Investors last spring, is starting to emerge.
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Many Insurers Halt Lending as Crisis Widens (03/06/2009)
More than a dozen large insurance companies have suspended lending for the foreseeable future - perhaps the entire year.
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More than a dozen large insurance companies have suspended lending for the foreseeable future - perhaps the entire year.
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Mezzanine Lender Snags Riverton Workout (02/27/2009)
The investor holding an apparently worthless $25 million mezzanine loan on the Riverton apartment complex in Manhattan is angling for a payoff in return for allowing a workout to proceed.
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The investor holding an apparently worthless $25 million mezzanine loan on the Riverton apartment complex in Manhattan is angling for a payoff in return for allowing a workout to proceed.
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Hilton Debt Clogs Lenders' Balance Sheets (02/20/2009)
Blackstone Group's $26.2 billion takeover of Hilton Hotels, the last big real estate transaction before the market downturn began in late-2007, has left seven banks - and the Federal Reserve - holding massive chunks of debt that they can't sell without ta
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Blackstone Group's $26.2 billion takeover of Hilton Hotels, the last big real estate transaction before the market downturn began in late-2007, has left seven banks - and the Federal Reserve - holding massive chunks of debt that they can't sell without ta
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Lone Star Eyes $10 Billion for Distress Plays (02/13/2009)
Lone Star Funds is gearing up to solicit $10 billion of equity for what would be the second-largest real estate fund ever.
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Lone Star Funds is gearing up to solicit $10 billion of equity for what would be the second-largest real estate fund ever.
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Kantor, Brennan, Reiff Exiting Top Posts (02/06/2009)
The changing of the guard continues at the big real estate shops on Wall Street.
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The changing of the guard continues at the big real estate shops on Wall Street.
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JP Morgan Seeks $2 Billion for Debt Fund (01/30/2009)
J.P. Morgan is preparing to launch a high-yield debt fund with an equity goal of roughly $2 billion.
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J.P. Morgan is preparing to launch a high-yield debt fund with an equity goal of roughly $2 billion.
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Loan Extensions Add Wrinkles to Market (01/23/2009)
Special servicers are increasingly extending the terms of maturing commercial MBS loans that can't be refinanced, a move that is pitting senior bondholders against B-piece players and is complicating the efforts of fledgling finance shops to get off the g
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Special servicers are increasingly extending the terms of maturing commercial MBS loans that can't be refinanced, a move that is pitting senior bondholders against B-piece players and is complicating the efforts of fledgling finance shops to get off the g
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Investors Urge Sweeping Changes in CMBS (01/16/2009)
A group of institutional investors has laid out a sweeping agenda of changes it contends are necessary to revive the commercial MBS market.
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A group of institutional investors has laid out a sweeping agenda of changes it contends are necessary to revive the commercial MBS market.
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Pros See No Hope for CMBS Revival in '09... (01/09/2009)
Shell-shocked securitization pros are already writing off 2009 as pretty much a lost cause.
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Shell-shocked securitization pros are already writing off 2009 as pretty much a lost cause.
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Industry Lobbies for Fed Facility, Eased Rules (12/19/2008)
Worried that many borrowers will be unable to refinance maturing loans next year, the commercial real estate industry is lobbying decision-makers in Washington for financial and regulatory relief.
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Worried that many borrowers will be unable to refinance maturing loans next year, the commercial real estate industry is lobbying decision-makers in Washington for financial and regulatory relief.
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Deutsche Pushes for New Approach to Crisis (12/12/2008)
With no end in sight to the credit freeze, Deutsche Bank has detailed a senior executive to Washington to approach government officials about ways to help the crippled structured-finance markets.
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With no end in sight to the credit freeze, Deutsche Bank has detailed a senior executive to Washington to approach government officials about ways to help the crippled structured-finance markets.
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LoanCore Seeks Equity for Origination Fund (12/05/2008)
LoanCore Capital, which raised $500 million of equity from Singapore's sovereign wealth fund this summer to buy distressed debt, is now seeking to line up more than $3 billion for a commingled fund that will originate loans.
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LoanCore Capital, which raised $500 million of equity from Singapore's sovereign wealth fund this summer to buy distressed debt, is now seeking to line up more than $3 billion for a commingled fund that will originate loans.
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CMBS Prices Crushed as Loan Woes Emerge (11/21/2008)
The commercial MBS market's freefall continued yesterday as the third large loan in a week was suddenly transferred to special servicing.
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The commercial MBS market's freefall continued yesterday as the third large loan in a week was suddenly transferred to special servicing.
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Few Big CMBS Loans Set to Mature in 2009 (11/14/2008)
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CORRECTION: A Nov. 14 table of large CMBS mortgages scheduled to mature next year incorrectly included two loans: a $254 million mortgage to Americold on an industrial portfolio and a $77.2 million loan to Ross Partrich of R
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CORRECTION: A Nov. 14 table of large CMBS mortgages scheduled to mature next year incorrectly included two loans: a $254 million mortgage to Americold on an industrial portfolio and a $77.2 million loan to Ross Partrich of R
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Lehman, Credit Suisse Top Writedown Tally (11/07/2008)
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CORRECTION: The second paragraph of a Nov. 7 article, "Lehman, Credit Suisse Top Writedown Tally," incorrectly attributed Credit Suisse's $2.6 billion commercial real estate writedown over the past year to J.P. Morgan. The h
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CORRECTION: The second paragraph of a Nov. 7 article, "Lehman, Credit Suisse Top Writedown Tally," incorrectly attributed Credit Suisse's $2.6 billion commercial real estate writedown over the past year to J.P. Morgan. The h
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CWCapital Taps Philipp to Head Advisory Unit (10/31/2008)
CWCapital has hired commercial MBS veteran Tad Philipp to oversee a new business that will advise clients on how to evaluate and manage commercial real estate risk.
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CWCapital has hired commercial MBS veteran Tad Philipp to oversee a new business that will advise clients on how to evaluate and manage commercial real estate risk.
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Leverage Cut on Vornado Project in Boston (10/24/2008)
After significantly reducing the amount of leverage originally planned, Bank of Ireland and Bank of America are close to wrapping up a $360 million syndicated loan for a mixed-use tower that a Vornado Realty partnership is building in Boston.
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After significantly reducing the amount of leverage originally planned, Bank of Ireland and Bank of America are close to wrapping up a $360 million syndicated loan for a mixed-use tower that a Vornado Realty partnership is building in Boston.
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Another Macklowe Building Under Pressure (10/17/2008)
Developer Harry Macklowe is facing a debt squeeze on yet another Manhattan office building.
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Developer Harry Macklowe is facing a debt squeeze on yet another Manhattan office building.
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