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Latest news
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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Commercial real estate financiers at a conference in New York on Thursday discussed the changing nature of their business, which has seen many large banks shun “commoditised” lending for commercial mortgage-backed security (CMBS) deals while debt funds use repo and warehouse financing to gobble up a larger slice of US commercial real estate lending.
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The percentage of CMBS loans that were paid off at maturity surged in October, according to Trepp, hitting the highest level since the commercial real estate data provider began tracking the figures, in 2008. -
The Federal Housing Finance Authority (FHFA) published guidance on multifamily lending caps for Fannie Mae and Freddie Mac on Tuesday, limiting the total amount of loans that they can buy next year to $35bn each.
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The high yield bonds being issued to support Apollo’s acquisition of hospital group LifePoint Health include carve-outs that allow the private equity firm to pay itself dividends by securitizing LifePoint’s property and equipment without falling foul of additional debt and restricted payments covenants.
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AXA Investment Managers, a unit of the French insurer, has announced that it is acquiring a business line owned by Quadrant Real Estate Advisors and will assume management of $9.4bn of US commercial mortgage loans.
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Attempts to divert the assets of distressed UK CMBS Fairhold to an affiliate of hedge fund Clifden IOM looked to be over in August when the issuer and note trustee Global Loan Agency Services (GLAS) convinced a judge that Clifden’s actions amounted to an ‘unprincipled asset grab’. But Clifden’s behaviour since that ruling has prompted yet another court hearing.
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Morgan Stanley announced a Dutch conduit CMBS, Oranje (ELoC 32), on Thursday.
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LaSalle Investment Management announced on Thursday that it had entered into an agreement to make a majority acquisition of Latitude Management Real Estate Investors, which it valued to be worth $1.2bn.
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After years of work and numerous consultations, US regulators are still grappling with guidance for new floating rate note (FRN) contracts and the problem of how to fairly reset existing financial agreements that use Libor as a reference rate.
