Latest news
Latest news
TwentyFour priced its Dutch prime RMBS refi, Blackstone its sterling logistics CMBS
Blackstone is aiming to execute its CMBS before the market shuts for Global ABS
Second large office CMBS in quick succession after The Soloviev Group sold a $1.7bn New York office CMBS last week
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Rabobank on Monday launched a tender offer to buy back the bottom of the capital structure in its Skyline 2007 CMBS following a downgrade by Fitch last Wednesday (February 16) which took the ‘B’ notes from AA to BBB.
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Inversiones Alsacia, a Chilean bus concession company, launched an innovative $464m securitisation this week. The 7.5-year deal was priced at 8%, with Bank of America Merrill Lynch, JP Morgan and Pierce, Fenner & Smith lead managing.
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Legacy CMBS deals are becoming more and more acrimonious, as CMBS investors lose patience with extensions and waivers. Noteholders in deals like REC 6 and Opera Finance (Uni-Invest) are struggling to find solutions that will return their principal, while borrowers exploit the divisions between noteholder classes to get more favourable terms. At the same time, a new generation of CMBS deals will seek to avoid the mistakes of the past, and the workout of White Tower 2006-3 shows that with the right conditions, investors will get their money back.
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Mill Valley, Calif.-based Redwood Trust, the sponsor of the year’s first private-label residential mortgage securitization, shifted from one ratings agency to another in order to get a better rating on its Sequoia Mortgage Trust 2011-1. -
A partnership between Wells Fargo Bank and RBS has priced WF-RBS Commercial Mortgage Trust 2011-C2, a $1.3 billion dollar commercial mortgage-backed securities deal.
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Deutsche Bank is said to be circling the maturing Centaurus (Eclipse 2005-3) commercial mortgage-backed securitization with the aim of refinancing the German multi-family deal and priming a new CMBS issue, according to a senior official close to the matter.
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Berkadia Commercial Mortgage has hired commercial mortgage-backed securities veteran Hugh Hall as a managing director of capital markets as part of a plan to expand origination programs after cutting back during the downturn.
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European commercial mortgage-backed securities deals initially thought to be under major refinancing pressure due to their portfolio size could tempt cash-rich real estate accounts looking for investments as market fundamentals remain solid, according to Société Générale analysts.
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Real money investors are said to have scooped up the bulk of $3.7 billion in new commercial mortgage-backed securities that sold in the primary market last week, according to officials close to the deals.
