BofA prepares Blackstone construction risk CMBS backed by Finnish assets
Bank of America Securities is marketing its fourth European CMBS of the year, looking to securitize a loan financing a Finnish shopping centre and offices owned by Blackstone — by far the most active sponsor in the market this year. The deal will hit the market with its covenants already triggered, as the offices backing the deal are still under construction.
The largest property backing the deal is the Ratina shopping centre in Tampere, a city about 100 miles north of Helsinki, making up 76% of the value of the collateral. Another 13% of the collateral is an office building next door, scheduled to be completed next year.On ...
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