Selections from Recent Issues
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.
Read more.
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.
Read more.
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.
Read more.
Developers Diversified Realty has pulled the plug on its plan for a second round of financing via the commercial MBS market.
Read more.
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.
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President Obama has thrown a wrench into the long-running commercial MBS rally.
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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.
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Colony Capital has won the bidding for a 40% stake in a $1 billion portfolio of mixed-quality commercial mortgages from the FDIC.
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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.
Read more.
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.
Read more.
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.
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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.
Read more.
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?
Read more.
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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Read more.
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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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Read more.
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.
Read more.
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.
Read more.
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.
Read more.
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.
Read more.
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.
Read more.
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.
Read more.
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.
Read more.
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.
Read more.
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.
Read more.
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.
Read more.
The window has opened for TALF financing of "legacy" commercial MBS, but the program is expected to get off to a slow start.
Read more.
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.
Read more.
The amount of commercial mortgages in special servicing continued to climb in June, reflecting the ongoing deterioration in credit quality.
Read more.
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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Read more.
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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.
Read more.
End of an Era: Mazzei Is Leaving Barclays (06/05/2009)
Mike Mazzei, the dean of commercial MBS executives, is moving on.
Read more.
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.
Read more.
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.
Read more.
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.
Read more.
The Federal Reserve's Term Asset-Backed Securities Loan Facility is spurring positive developments for commercial MBS issuance and secondary trading.
Read more.
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.
Read more.
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.
Read more.
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.
Read more.
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.
Read more.
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.
Read more.
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.
Read more.
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.
Read more.
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.
Read more.
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.
Read more.
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.
Read more.
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.
Read more.
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.
Read more.
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.
Read more.
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.
Read more.
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.
Read more.
Fund operators continue to pour into the high-yield debt market, but few are pulling the trigger on investments so far.
Read more.
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.
Read more.
The game plan of securitization pioneer Ethan Penner, who joined CB Richard Ellis Investors last spring, is starting to emerge.
Read more.
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.
Read more.
More than a dozen large insurance companies have suspended lending for the foreseeable future - perhaps the entire year.
Read more.
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.
Read more.
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
Read more.
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.
Read more.
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.
Read more.
J.P. Morgan is preparing to launch a high-yield debt fund with an equity goal of roughly $2 billion.
Read more.
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
Read more.
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
Read more.
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.
Read more.
A group of institutional investors has laid out a sweeping agenda of changes it contends are necessary to revive the commercial MBS market.
Read more.
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.
Read more.
Shell-shocked securitization pros are already writing off 2009 as pretty much a lost cause.
Read more.
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.
Read more.
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.
Read more.
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.
Read more.
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.
Read more.
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.
Read more.
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.
Read more.
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.
Read more.
The commercial MBS market's freefall continued yesterday as the third large loan in a week was suddenly transferred to special servicing.
Read more.
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
Read more.
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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
Read more.
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
Read more.
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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
Read more.
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.
Read more.
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.
Read more.
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.
Read more.
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.
Read more.
Another Macklowe Building Under Pressure (10/17/2008)
Developer Harry Macklowe is facing a debt squeeze on yet another Manhattan office building.
Read more.
Developer Harry Macklowe is facing a debt squeeze on yet another Manhattan office building.
Read more.
Barclays Axes Most of Lehman's CMBS Team (10/10/2008)
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CORRECTION: An Oct. 10 article, "Barclays Axes Most of Lehman's CMBS Team," didn't fully describe Paul Hughson's duties at Lehman Brothers. Hughson oversaw the distribution of all debt products in the commercial real estate
Read more.
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CORRECTION: An Oct. 10 article, "Barclays Axes Most of Lehman's CMBS Team," didn't fully describe Paul Hughson's duties at Lehman Brothers. Hughson oversaw the distribution of all debt products in the commercial real estate
Read more.
Advisors Angle for Part of Distressed Jackpot (10/03/2008)
Commercial real estate specialists are coming out of the woodwork to position themselves to advise buyers and sellers of the growing pool of distressed assets.
Read more.
Commercial real estate specialists are coming out of the woodwork to position themselves to advise buyers and sellers of the growing pool of distressed assets.
Read more.
Lenders Say Bailout Agency Can Only Help (09/26/2008)
Lenders and analysts are hopeful that the proposed government bailout agency would be a step in the right direction toward resuscitating the commercial mortgage market.
Read more.
Lenders and analysts are hopeful that the proposed government bailout agency would be a step in the right direction toward resuscitating the commercial mortgage market.
Read more.
Sector Paralyzed by Fear, Lehman Overhang (09/19/2008)
Panic from the growing financial crisis washed over the commercial mortgage market this week, dashing any remaining hope that the sector would only be sideswiped by what has grown into a crisis of historic proportions.
Read more.
Panic from the growing financial crisis washed over the commercial mortgage market this week, dashing any remaining hope that the sector would only be sideswiped by what has grown into a crisis of historic proportions.
Read more.
JP Morgan Chops CMBS Unit, Shuts Offices (09/12/2008)
J.P. Morgan, which had maintained a relatively large conduit operation in hopes of positioning itself to capture market share when the sector rebounded, reversed course last week and heavily cut back the group.
Read more.
J.P. Morgan, which had maintained a relatively large conduit operation in hopes of positioning itself to capture market share when the sector rebounded, reversed course last week and heavily cut back the group.
Read more.
Durst Courts Lenders for Midtown Tower (09/05/2008)
New York developer Douglas Durst and Bank of America are seeking $650 million of permanent financing on One Bryant Park, a 54-story office tower nearing completion in Midtown Manhattan.
Read more.
New York developer Douglas Durst and Bank of America are seeking $650 million of permanent financing on One Bryant Park, a 54-story office tower nearing completion in Midtown Manhattan.
Read more.
Syndication for GM Building Back on Track (08/15/2008)
Deutsche Bank and Boston Properties have apparently settled a month-long dispute that threatened to unravel the syndication of a $1.3 billion senior loan on the General Motors Building in Manhattan.
Read more.
Deutsche Bank and Boston Properties have apparently settled a month-long dispute that threatened to unravel the syndication of a $1.3 billion senior loan on the General Motors Building in Manhattan.
Read more.
ORIX Snags B-Piece Portfolio, Irking Rival (08/08/2008)
ORIX Capital Markets has agreed to buy a $500 million B-piece portfolio from J.P. Morgan in a transaction criticized by one major high-yield investor that wasn't given an opportunity to bid.
Read more.
ORIX Capital Markets has agreed to buy a $500 million B-piece portfolio from J.P. Morgan in a transaction criticized by one major high-yield investor that wasn't given an opportunity to bid.
Read more.
Eurohypo to Lead Refi for Douglas Emmett (08/01/2008)
Eurohypo has agreed to lead a $365 million mortgage on a Southern California office portfolio that Douglas Emmett Realty acquired earlier this year from GE Real Estate's Arden Realty.
Read more.
Eurohypo has agreed to lead a $365 million mortgage on a Southern California office portfolio that Douglas Emmett Realty acquired earlier this year from GE Real Estate's Arden Realty.
Read more.
Debt Funds See Torrent of Capital Slowing (07/25/2008)
Market players see a slowdown in what had been a flood of capital into high-yield real estate debt funds - a shift they say is due to a perception that too many funds are chasing too few opportunities.
Read more.
Market players see a slowdown in what had been a flood of capital into high-yield real estate debt funds - a shift they say is due to a perception that too many funds are chasing too few opportunities.
Read more.
Spreads Rise on Deals Flagged by Servicers (07/18/2008)
Investors are penalizing two massive commercial MBS deals floated last year that have significant amounts of their collateral loans on servicer watchlists.
Read more.
Investors are penalizing two massive commercial MBS deals floated last year that have significant amounts of their collateral loans on servicer watchlists.
Read more.
Petra Loan to Affiliate Spurs CDO Dispute (07/11/2008)
A maneuver by Andy Stone's Petra Capital Management is raising eyebrows in the CDO market.
Read more.
A maneuver by Andy Stone's Petra Capital Management is raising eyebrows in the CDO market.
Read more.
Vornado Alters Terms After Syndication Flops (07/04/2008)
A Vornado Realty partnership has agreed to kick in more equity for a mixed-use project in Boston after lead lenders Bank of America and Bank of Ireland were unable to put together a syndicate for a $545.5 million construction loan.
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A Vornado Realty partnership has agreed to kick in more equity for a mixed-use project in Boston after lead lenders Bank of America and Bank of Ireland were unable to put together a syndicate for a $545.5 million construction loan.
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Verrone in Talks to Join Hedge-Fund Shop (06/27/2008)
Robert Verrone, who stepped down last month as co-head of the U.S. commercial real estate operation at Wachovia, is in discussions to join hedge-fund operator Scoggin Capital Management.
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Robert Verrone, who stepped down last month as co-head of the U.S. commercial real estate operation at Wachovia, is in discussions to join hedge-fund operator Scoggin Capital Management.
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Pru Team, General Growth Map CMBS Deals (06/20/2008)
Two new deals are flowing into the bone-dry commercial MBS pipeline.
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Two new deals are flowing into the bone-dry commercial MBS pipeline.
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Bear Takeover Spurs Big Layoffs, Defections (06/13/2008)
J.P. Morgan's acquisition of Bear Stearns has resulted in significant cutbacks in commercial MBS staffing, both because of deep layoffs and the departure of executives unhappy with new roles.
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J.P. Morgan's acquisition of Bear Stearns has resulted in significant cutbacks in commercial MBS staffing, both because of deep layoffs and the departure of executives unhappy with new roles.
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CMBS Prognosis: Slow Revival, Big Changes (06/06/2008)
Securitization pros expect a dramatically different commercial MBS industry to emerge from the deep downturn, with as many as one-third of conduit shops leaving the sector, new players emerging and senior managements insisting on tighter risk controls and
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Securitization pros expect a dramatically different commercial MBS industry to emerge from the deep downturn, with as many as one-third of conduit shops leaving the sector, new players emerging and senior managements insisting on tighter risk controls and
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Syndicated Lenders Seeking to Curb Risks (05/30/2008)
Borrowers who fled the securitization arena because of doubts about pricing and certainty of execution are finding that the same concerns have followed them into the syndication market.
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Borrowers who fled the securitization arena because of doubts about pricing and certainty of execution are finding that the same concerns have followed them into the syndication market.
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Rally Moves CMBS Shops Closer to Lending (05/23/2008)
The ongoing commercial MBS rally is fueling cautious optimism that securitization programs might be able to start lending again this fall, although plenty of hurdles remain.
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The ongoing commercial MBS rally is fueling cautious optimism that securitization programs might be able to start lending again this fall, although plenty of hurdles remain.
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Carlyle Taps Barclays Team for 666 Fifth Ave. (05/16/2008)
Barclays and SL Green have agreed to provide $460 million of short-term financing to Carlyle Group for its purchase of a stake in the retail space at the office building at 666 Fifth Avenue in Midtown Manhattan.
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Barclays and SL Green have agreed to provide $460 million of short-term financing to Carlyle Group for its purchase of a stake in the retail space at the office building at 666 Fifth Avenue in Midtown Manhattan.
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Finerman Leaving RBS, Eyes Job on Buy Side (05/09/2008)
Mark Finerman, one of the best-known lenders in commercial real estate, is leaving the top commercial MBS position at RBS Greenwich Capital.
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Mark Finerman, one of the best-known lenders in commercial real estate, is leaving the top commercial MBS position at RBS Greenwich Capital.
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Bear Exec Gets Top CMBS Post at JP Morgan (05/02/2008)
Bear Stearns executive Randy Reiff is taking the reins of the merged commercial MBS group of J.P. Morgan and Bear.
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Bear Stearns executive Randy Reiff is taking the reins of the merged commercial MBS group of J.P. Morgan and Bear.
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Credit Suisse Holds 3rd Big Round of Layoffs (04/25/2008)
Credit Suisse, which runs one of the biggest commercial MBS operations on Wall Street, had another big round of layoffs this week as the company continued to downsize in the wake of the CMBS freeze-up.
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Credit Suisse, which runs one of the biggest commercial MBS operations on Wall Street, had another big round of layoffs this week as the company continued to downsize in the wake of the CMBS freeze-up.
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Wachovia, BofA Lead Latest Round of Layoffs (04/18/2008)
Another wave of layoffs has started crashing over the commercial MBS market, with at least 30 staffers losing jobs at Wachovia and Bank of America.
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Another wave of layoffs has started crashing over the commercial MBS market, with at least 30 staffers losing jobs at Wachovia and Bank of America.
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For Loan-Sale Advisors, It's a Bull Market (04/11/2008)
The market downturn is producing a flood of business for loan-sale advisors.
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The market downturn is producing a flood of business for loan-sale advisors.
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CMBS Pros Say Recovery Unlikely in 2008 (04/04/2008)
After seeing U.S. commercial MBS issuance plunge by 90% in the first quarter, market players say it increasingly looks like any recovery won't happen until next year.
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After seeing U.S. commercial MBS issuance plunge by 90% in the first quarter, market players say it increasingly looks like any recovery won't happen until next year.
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Trade Group Urges More CMBX Disclosure (03/28/2008)
The commercial MBS industry's trade group is urging the release of more information about the CMBX index so investors can better assess the validity of pricing levels.
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The commercial MBS industry's trade group is urging the release of more information about the CMBX index so investors can better assess the validity of pricing levels.
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DiDonato Jumps to Sorin From Capmark (03/21/2008)
Securitization veteran Brian DiDonato has joined hedge fund operator Sorin Capital to help expand the firm's commercial real estate debt portfolio.
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Securitization veteran Brian DiDonato has joined hedge fund operator Sorin Capital to help expand the firm's commercial real estate debt portfolio.
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CMBX Draws Fire for Lack of Transparency (03/14/2008)
Real estate veterans are increasingly complaining about a lack of transparency in the trading of CMBX contracts.
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Real estate veterans are increasingly complaining about a lack of transparency in the trading of CMBX contracts.
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Credit Suisse, 'IQ' Team Merge CMBS Deals (03/07/2008)
Faced with shrinking collateral pools, Credit Suisse and the Morgan Stanley-led "IQ" team have decided to combine their upcoming securitizations.
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Faced with shrinking collateral pools, Credit Suisse and the Morgan Stanley-led "IQ" team have decided to combine their upcoming securitizations.
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Soaring Debt Yields Luring Fund Operators (02/29/2008)
Attracted by juicy yields, opportunity funds are increasingly turning their sights to the debt market.
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Attracted by juicy yields, opportunity funds are increasingly turning their sights to the debt market.
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Nomura Lays Off 30; CMBS Exit in Works? (02/22/2008)
Nomura this week laid off 30 members of its commercial MBS group, prompting speculation that the bank was exiting the market for the second time.
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Nomura this week laid off 30 members of its commercial MBS group, prompting speculation that the bank was exiting the market for the second time.
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Layoffs Grow; Morgan Stanley Cuts Overseas (02/15/2008)
Morgan Stanley this week slashed nearly 100 staffers from its global commercial MBS groups, including deep cuts in its European and Asian operations.
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Morgan Stanley this week slashed nearly 100 staffers from its global commercial MBS groups, including deep cuts in its European and Asian operations.
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Weak Market Prompts Wells to Exit TOP Deal (02/08/2008)
Citing poor market conditions, Wells Fargo has pulled its loans from the latest "TOP" brand securitization.
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Citing poor market conditions, Wells Fargo has pulled its loans from the latest "TOP" brand securitization.
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Limited Shakeout Seen From CMBS Downturn (02/01/2008)
The commercial MBS slump is likely to drive some securitization shops out of the market, but most observers expect the shakeout to be relatively limited.
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The commercial MBS slump is likely to drive some securitization shops out of the market, but most observers expect the shakeout to be relatively limited.
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140 CMBS Jobs Cut in Latest Wave of Layoffs (01/25/2008)
Seven commercial MBS shops laid off about 140 staffers as the fixed-income slump tightened its grip on the sector.
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Seven commercial MBS shops laid off about 140 staffers as the fixed-income slump tightened its grip on the sector.
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Spreads Blow Out to Record as Woes Mount (01/18/2008)
Commercial MBS spreads blew out to unprecedented levels in the secondary market this week, dismaying market players who had hoped for better things in the new year.
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Commercial MBS spreads blew out to unprecedented levels in the secondary market this week, dismaying market players who had hoped for better things in the new year.
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Wachovia Loan Title Seen as Pyrrhic Victory (01/11/2008)
Wachovia was by far the most-active U.S. commercial MBS program in 2007 - a dubious distinction in a year when the market crashed.
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Wachovia was by far the most-active U.S. commercial MBS program in 2007 - a dubious distinction in a year when the market crashed.
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Morgan Stanley Dominates CMBS Rankings (01/04/2008)
Morgan Stanley last year pulled off the first clean sweep of the four main underwriter league tables for commercial MBS, as the sector's long-running bull market came to a screeching halt.
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Morgan Stanley last year pulled off the first clean sweep of the four main underwriter league tables for commercial MBS, as the sector's long-running bull market came to a screeching halt.
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