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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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Windermere XII, issuer of €1.5 billion ($2.16 billion) of commercial mortgage-backed securities, is likely to appeal last week’s decision by the French Commercial Tribunal, which found in favor of the property owners.
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Managers of REC Retail Parks, the issuer of the Real Estate Capital No.4 commercial mortgage-backed securities, are attempting another restructuring of two of the deal’s three tranches.
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The beleaguered White Tower 2006-3 CMBS took another blow this week when the UK taxman served winding up petitions on seven of the ten borrower companies over a £4.8m tax bill.
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Bondholders in Windermere XII, the Lehman sponsored CMBS backed by the Coeur Défense office building in Paris, suffered a severe setback this week when a French bankruptcy court extended the borrower’s sauvegarde protection against enforcement for five years.
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The French Commercial Tribunal in Paris has ruled in favour of the owners of the property backing €1.5 billion ($2.16 billion) Windermere XII commercial mortgage-backed securities deal.
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Modification of loans included in commercial mortgage-backed securities deals is becoming a critical issue for the market, particularly with rising delinquencies stirring debate about the scope of the changes permitted under both Real Estate Mortgage Investment Conduits rules and the Pooling and Servicing Agreements of CMBS deals.
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Markit will launch early this month TRX.NA, a total return swap index referencing cash commercial mortgage-backed securities.
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Valuations for properties backing one of the loans in the Windermere XI commercial mortgage-backed securitization have fallen by 56.3%.
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Borrowers of commercial mortgage loans backing the €800 million ($1.14 billion) Titan Europe 2006-3 commercial mortgage-backed security have been given 10 days to correct an event of default outstanding since last year.