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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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Morgan Stanley on Friday sold €823 million ($1.2 billion) worth of Lehman Brothers mortgage-backed paper to only three big bank buyers.
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Real estate as an asset class has been at the heart of the current market turmoil in Western economies, notably in sub-prime and commercial mortgage-backed securities.
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The default of a £34 million ($56 million) loan backing the £440.65 million ($728 million) Aquila Eclipse 2005-1 commercial mortgage-backed securities has forced the special servicer to sell one of the properties today.
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The portfolio of Shell petrol stations underlying Ursus 2 (Octane) has been revalued at £406.79m, leaving the CMBS just short of breaching its 85% loan to value covenant.
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Vacancies in the Hercules (Eclipse 2006-4) CMBS caused by Standard Bank’s exercise of break options may be filled in December.
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The House Financial Services Committee has voted to lower the retention requirement for securitisation to 5% in its version of the financial reform bill passing through Congress.
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Deutsche Bank has suspended amortisation for one year on the Lea Valley loan underlying
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Marketfield Asset Management, a New York-based equity manager, is making its first foray into the fixed-income market via a newly formed commercial mortgage-backed securities fund.
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CB Richard Ellis Loan Servicing has hired Paul Lloyd, head of Deutsche Bank’s European servicing and asset management unit, to head its new loan special serving team.