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US market remains the model as template issuance takes shape
Deal is backed by three data centers in Virginia, Illinois and Atlanta
Tightest CMBS print in nearly a year ahead of Yondr data centre ABS debut
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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.
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Springleaf Financial, the consumer lending arm of Fortress Investment Group, has privately placed its second residential mortgage deal of the year.