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New deal types offer lower funding costs for property owners
Issuer's £280m deal was cleverly marketed
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German property company GSW Immobilien said this week that it obtained Eu875m to refinance the GSW whole loan which was securitised in Fleet Street One and Windermere IX. The deal points to improved financing conditions in the real estate market, which could see other CMBS successfully refinanced.
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GSW Immobilien, the borrower on a €935 million ($1.2 billion) loan securitized in both the Fleet Street Finance 3 and the Windermere IX German commercial mortgage-backed deals, has bagged an eight-year, €875 million ($1.19 billion) syndicated loan to refinance the debt.
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Tesco Property Finance’s fourth capital markets outing was a blowout success, with an orderbook three times oversubscribed, and 123 orders in the book. The £685.1m 22.4 year expected life bonds are fully backed by Tesco, but if Tesco goes bust, investors have recourse to the underlying assets.
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Securitization duo James Croke and Peter Manbeck have joined the New York office of Chapman and Cutler as partners focusing on a range of asset classes, including the growth of the firm’s asset-backed commercial paper conduit business.
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Deutsche Bank is rumored to be looking to securitize the senior piece of a commercial loan secured on a property located in London’s Chiswick Park, according to a market official.
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Tesco has launched its fifth sale and leaseback CMBS, a £680m deal through Tesco Property Finance 4, arranged by Goldman Sachs, HSBC, and JP Morgan.
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Deutsche Bank, UBS and Ladder Capital are planning to make a splash with their roughly $2.4 billion new commercial mortgage-backed securitization at the upcoming ASF 2011 conference in Orlando, Fla.
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Credit rating agencies are feeling the weight of new regulations, causing delays in primary new issuance by up to two weeks, according to bankers.
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A loan securitized in Merrill Lynch’s Taurus (Germany) 2006-1 commercial mortgage-backed deal has had its standstill period extended to Feb. 25 after the borrower failed to repay it on the Oct. 18 maturity date.