Cannon Bridge loan in Hercules CMBS extended by 3.5 years after lease vacated

The round of CMBS restructurings continued this week with a 3.5 year extension to the Cannon Bridge loan in Hercules (Eclipse 2006-4). The £155m loan forms 19.4% of the Hercules portfolio and is due to mature in July 2011. The London office property backing the loan was hit when Standard Bank, which provided 25.3% of the rent roll, vacated its lease.

  • 05 Mar 2010
This week the special servicer, Barclays Capital Mortgage Services, announced that it had agreed an extension of the loan until January 2015. A "noteworthy" tenant has agreed to occupy the space vacated by Standard Bank, but the lease has yet to be signed. The restructuring is conditional on ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 1,284 2 30.09
2 Barclays 633 1 14.82
3 BNP Paribas 509 1 11.91
4 Citi 467 1 10.94
5 Morgan Stanley 455 1 10.66

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Rank Lead Manager Amount $m No of issues Share %
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1 Citi 12,356.92 41 13.15%
2 Bank of America Merrill Lynch 10,716.42 32 11.41%
3 Barclays 9,195.07 28 9.79%
4 JPMorgan 7,774.38 29 8.28%
5 Wells Fargo Securities 7,444.83 29 7.93%