Latest news
Latest news
Agar previously worked at Guggenheim Securities
Creafin restarts the Belgian RMBS market, and CLO tiering has not yet materialized
Deals fully backed by multifamily assets are in vogue
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Standard & Poor’s has revised the criteria it uses for rating commercial mortgage-backed securities that may result in higher ratings as it works to regain a foothold in the CMBS market.
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The EUR11.7 million ($14.54 million) Ruhr Loan, securitized in the German commercial mortgage-backed securities transaction Taurus 2006-1 (TUARS 3), was granted an extension standstill agreement, extending the deadline for a workout from May 31 to Oct. 31, 2012.
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The repayment date of the EUR62.7 million ($77.87 million) Nitsba loan, securitized in the commercial mortgage-backed securities deal Windermere VII, has been extended to Jan. 15, 2013.
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Loans in Cornerstone Titan 2007-1 and Windermere VII have been given loan or standstill extensions to help property sales — further evidence of greater urgency from CMBS special servicers.
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Fitch Ratings says the next 12 months will present a challenge for some $24 billion in U.S. commercial mortgage-backed securities due to mature, with 41% of the nearly 1,900 fixed-rate conduit CMBS loans due to mature being unable to refinance under the rating agency’s defined stressed refinance parameters.
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Demand for commercial mortgage-backed securities drove prices up 13% in July to as much as 68 cents on the dollar, with Angelo Gordon, LibreMax Capital, Metacapital Management and Brevan Howard Asset Management among the firms buying the CMBS.
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The originally £17.15 million ($22.23 million) Avocado Court Loan securitized in Barclays’ Equinox Eclipse 2006-1 commercial mortgage-backed securities transaction paid off in full on its July 17 maturity.
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A series of successful CMBS loan prepayments has reinforced the positivity created by the substantial German Residential Asset Note Distributor (GRAND) refinancing plan.
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A bond secured by a mortgage on the largest privately-owned office building in Paris has fully refinanced the partly securitised €372m Lumière loan and could pave the way for similar transactions.