Eurohypo Group Backs Douglas Emmett Deal (07/23/2010)
Douglas Emmett Inc. has lined up a commitment from a Eurohypo syndicate for a $400 million floating-rate loan backed partly by a large Hawaiian office complex that it acquired last month.
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TIAA May Refi Securitized Loan on GGP Mall (06/18/2010)
TIAA-CREF, which holds as much as $89 million of subordinate debt on a suburban Seattle mall owned by a General Growth Properties partnership, is thinking about refinancing the property's $196.9 million securitized mortgage to protect its investment.
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Lenders Chase Big Loan on NY Office Tower (05/21/2010)
A partnership between insurer AXA Equitable and J.P. Morgan Investment Management is seeking a loan of up to $375 million on the office building at 1285 Avenue of the Americas in Midtown Manhattan.
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Spring Hill Seeking to Expand Broker Unit (02/26/2010)
Spring Hill Capital, which received its broker-dealer license from the Financial Industry Regulatory Authority on Wednesday, plans to hire up to 10 structured-finance specialists by yearend.
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Rate of Loans in Special Servicing Nears 9% (12/04/2009)
The percentage of commercial MBS loans in special servicing climbed sharply to almost 9% last month, fueled largely by the transfer of the $3 billion loan on the Stuyvesant Town apartment complex in Manhattan.
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House Bill Seen Choking Off CMBS Revival (11/06/2009)
A sweeping proposal by U.S. lawmakers to overhaul the regulatory framework for financial institutions could be the kiss of death for a revival of the commercial MBS market, market pros are warning.
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BofA Eyes TALF, Mezz Financing for Fortress (10/30/2009)
Bank of America is seeking to arrange $650 million of financing on a portfolio controlled by Fortress Investment, part of which could be raised via a securitization eligible for the Federal Reserve's TALF program.
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AREA, CIBC Teaming Up on Mortgage Fund (10/02/2009)
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CORRECTION: An Oct. 2 article, "AREA, CIBC Teaming Up on Mortgage Fund," misstated Richard Mack's title at AREA Property Partners. He is North America chief executive, not the firm's chairman.
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First New-Issue TALF Deal Set for October (09/11/2009)
Developers Diversified Realty is on track to unveil the first commercial MBS transaction under the TALF program in mid-October, but two other potential issuers - Simon Property and Westfield - have dropped out of the picture.
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Barclays Extends $2 Billion Crescent Loan (08/14/2009)
Barclays has granted a three-month extension on a $2 billion floating-rate loan that helped finance Morgan Stanley's ill-fated takeover of Crescent Real Estate Equities at the top of the market.
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Substitute Lenders Sought for Xanadu Project (07/31/2009)
After several lenders balked at fulfilling commitments, a Colony Capital partnership is seeking up to $500 million of replacement funding to complete a giant entertainment and retail complex next to the Meadowlands sports complex in New Jersey.
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High TALF Approval Rate Bolsters Market (07/24/2009)
The Federal Reserve's decision to approve applications for TALF loans on legacy bonds from 35 of 36 commercial MBS deals buoyed the market this week, undoing some of the upheaval caused by a shocking about-face by S&P.
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Vornado, Macerich, Inland Mull TALF Deals (06/26/2009)
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CORRECTION: A June 26 article, "Vornado, Macerich, Inland Mull TALF Deals," cited talk in the market that Alexandria Real Estate Equities explored a TALF-eligible securitization, but discovered that the Federal Reserve was uncomfortable with the REIT's property niche: bio-medical research space. However, Alexandria subsequently said that it wasn't rebuffed by the Fed and that after making an initial inquiry it decided not to pursue a TALF deal because it determined it could obtain more attractive mortgage financing from insurance companies.
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S&P Rating Plan Sparks Industry Firestorm (05/29/2009)
S&P this week asked the industry to comment on proposed changes to its rating methodology that would result in sweeping downgrades of super-senior, triple-A commercial MBS. The agency may want to brace itself for the response.
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TALF Spurs Deutsche to Start Loan Program (05/15/2009)
Prompted by the new government program that will finance buyers of commercial MBS, Deutsche Bank has rolled out a program that aims to originate fixed-rate loans of up to $200 million for securitization.
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Banks, Borrowers Start Mulling TALF Deals (05/08/2009)
A handful of lenders and REITs have started exploring the possibility of using the Federal Reserve's Term Asset-Backed Securities Loan Facility to foster new commercial MBS transactions, but no one expects a rush of deals to result.
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Simon Pullout From Mall Draws Ire of ORIX (05/01/2009)
Special servicer ORIX Capital Markets said that Simon Property's decision to walk away from an aging Florida mall should cause investors to be wary about the willingness of even the biggest institutional sponsors to stand behind properties that run into trouble.
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HSBC Mulls Way to Rescue Big Condo Loan (04/17/2009)
An HSBC syndicate is weighing an idea that could stave off the foreclosure of a high-profile Miami condominium complex and minimize losses on the $502 million loan that funded its construction.
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Treasury Plan Seen Spurring CMBS Sales (04/03/2009)
Veteran commercial MBS investors think there's a reasonable chance that the U.S. Treasury Department's new toxic-assets program will drive up prices enough to encourage institutions to unload their holdings of super-senior CMBS.
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Geithner Plan Raises Hopes of CMBS Pros (03/27/2009)
The U.S. Treasury Department's proposal for spurring the trading of toxic assets touched off a huge rally in the commercial MBS market this week, leading some players to conclude that the tide might have turned.
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Mezzanine Lender Snags Riverton Workout (02/27/2009)
The investor holding an apparently worthless $25 million mezzanine loan on the Riverton apartment complex in Manhattan is angling for a payoff in return for allowing a workout to proceed.
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Hilton Debt Clogs Lenders' Balance Sheets (02/20/2009)
Blackstone Group's $26.2 billion takeover of Hilton Hotels, the last big real estate transaction before the market downturn began in late-2007, has left seven banks - and the Federal Reserve - holding massive chunks of debt that they can't sell without ta
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Loan Extensions Add Wrinkles to Market (01/23/2009)
Special servicers are increasingly extending the terms of maturing commercial MBS loans that can't be refinanced, a move that is pitting senior bondholders against B-piece players and is complicating the efforts of fledgling finance shops to get off the g
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Deutsche Pushes for New Approach to Crisis (12/12/2008)
With no end in sight to the credit freeze, Deutsche Bank has detailed a senior executive to Washington to approach government officials about ways to help the crippled structured-finance markets.
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LoanCore Seeks Equity for Origination Fund (12/05/2008)
LoanCore Capital, which raised $500 million of equity from Singapore's sovereign wealth fund this summer to buy distressed debt, is now seeking to line up more than $3 billion for a commingled fund that will originate loans.
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Few Big CMBS Loans Set to Mature in 2009 (11/14/2008)
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CORRECTION: A Nov. 14 table of large CMBS mortgages scheduled to mature next year incorrectly included two loans: a $254 million mortgage to Americold on an industrial portfolio and a $77.2 million loan to Ross Partrich of R
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Lehman, Credit Suisse Top Writedown Tally (11/07/2008)
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CORRECTION: The second paragraph of a Nov. 7 article, "Lehman, Credit Suisse Top Writedown Tally," incorrectly attributed Credit Suisse's $2.6 billion commercial real estate writedown over the past year to J.P. Morgan. The h
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Leverage Cut on Vornado Project in Boston (10/24/2008)
After significantly reducing the amount of leverage originally planned, Bank of Ireland and Bank of America are close to wrapping up a $360 million syndicated loan for a mixed-use tower that a Vornado Realty partnership is building in Boston.
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Barclays Axes Most of Lehman's CMBS Team (10/10/2008)
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CORRECTION: An Oct. 10 article, "Barclays Axes Most of Lehman's CMBS Team," didn't fully describe Paul Hughson's duties at Lehman Brothers. Hughson oversaw the distribution of all debt products in the commercial real estate
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Sector Paralyzed by Fear, Lehman Overhang (09/19/2008)
Panic from the growing financial crisis washed over the commercial mortgage market this week, dashing any remaining hope that the sector would only be sideswiped by what has grown into a crisis of historic proportions.
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JP Morgan Chops CMBS Unit, Shuts Offices (09/12/2008)
J.P. Morgan, which had maintained a relatively large conduit operation in hopes of positioning itself to capture market share when the sector rebounded, reversed course last week and heavily cut back the group.
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Durst Courts Lenders for Midtown Tower (09/05/2008)
New York developer Douglas Durst and Bank of America are seeking $650 million of permanent financing on One Bryant Park, a 54-story office tower nearing completion in Midtown Manhattan.
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Syndication for GM Building Back on Track (08/15/2008)
Deutsche Bank and Boston Properties have apparently settled a month-long dispute that threatened to unravel the syndication of a $1.3 billion senior loan on the General Motors Building in Manhattan.
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Debt Funds See Torrent of Capital Slowing (07/25/2008)
Market players see a slowdown in what had been a flood of capital into high-yield real estate debt funds - a shift they say is due to a perception that too many funds are chasing too few opportunities.
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Vornado Alters Terms After Syndication Flops (07/04/2008)
A Vornado Realty partnership has agreed to kick in more equity for a mixed-use project in Boston after lead lenders Bank of America and Bank of Ireland were unable to put together a syndicate for a $545.5 million construction loan.
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Verrone in Talks to Join Hedge-Fund Shop (06/27/2008)
Robert Verrone, who stepped down last month as co-head of the U.S. commercial real estate operation at Wachovia, is in discussions to join hedge-fund operator Scoggin Capital Management.
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CMBS Prognosis: Slow Revival, Big Changes (06/06/2008)
Securitization pros expect a dramatically different commercial MBS industry to emerge from the deep downturn, with as many as one-third of conduit shops leaving the sector, new players emerging and senior managements insisting on tighter risk controls and
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Carlyle Taps Barclays Team for 666 Fifth Ave. (05/16/2008)
Barclays and SL Green have agreed to provide $460 million of short-term financing to Carlyle Group for its purchase of a stake in the retail space at the office building at 666 Fifth Avenue in Midtown Manhattan.
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Morgan Stanley Dominates CMBS Rankings (01/04/2008)
Morgan Stanley last year pulled off the first clean sweep of the four main underwriter league tables for commercial MBS, as the sector's long-running bull market came to a screeching halt.
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