More noteholder-led deals to follow Debussy CMBS
The investor-led arranging of Debussy DTC CMBS, a securitization backed by a Toys R US portfolio of 31 UK warehouses and stores, is a model that increasingly proactive bondholders are using to gain exposure to commercial real estate debt under bespoke terms, according to Graham Penn, partner at Sidley Austin.
The £263m Debussy DTC transaction, which closed last week and was arranged by asset manager Cairn Capital, securitizes a loan provided by Pimco and Marathon Asset Management earlier this year that refinanced the previous securitization of the portfolio, Vanwall CMBS.
The two loan providers were among the major
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