Latest news
Latest news
Green securitizations have been prominent in CMBS this year
Rating cut as note pays more interest than planned
Inflation caused by war threatens budding recovery in commercial real estate
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Bonds from three commercial mortgage backed securitizations were rejected by the New York Federal Reserve in November’s TALF subscription period, spiking investor concern over the lack of clarity being offered by the Fed in its selection of legacy assets into the program.
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Opera Finance No.2, a €560 million ($834 million) securitization of a German retail property loan, is heading for an event of default.
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The Macallan portfolio loan in Equinox (Eclipse 2006-1) has breached its covenants and entered special servicing.
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A €13.5 billion ($20.33 billion) refinancing bottleneck in bullet German commercial loans in 2013 will cause a number of securitizations to hit event of default covenants.
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Law firm DLA Piper is preparing a multi-borrower commercial mortgage-backed securitization eligible as collateral under the Term Asset-Backed Securities Loan Facility.
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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.