There is an unmistakable hubbub building in the CMBS market. First, Bank of America Merrill Lynch sold a hugely oversubscribed €1bn deal, Taurus, in early May. And this week, German real estate company Gagfah unveiled a €2bn German multi-family deal, GRF 2013-1, that will refinance all its outstanding debt due in August, in one fell swoop.
The gods also smiled on debt backed by commercial real estate in the UK this week, as Unite sold a 380m bond secured by UK university housing, well inside expected pricing.
Investor demand is pouring into the sector. For borrowers, the CMBS cost of funding can compete with
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