DBJPM 2016-C3 is backed by 32 commercial mortgages secured by 54 properties; the largest loan, at $84 million, is secured by the Westfield San Francisco, a nine-story, 1.4 million square foot retail and office property located along Market Street in the Union Square neighborhood.
The collateral for the deal, dubbed DBJPM 2016-SFC, is a $306.9 million portion of a $558 million first-lien mortgage on Westfield San Francisco. The borrower, a real estate investment trust, appears to be refinancing a year early.
Fitch Ratings says that underwhriting still conforms to best practices following the departure of CEO Jason Hogg and pullback on an expansion into consumer lending over the internet.
Wells Fargo is marketing its second commercial mortgage securitization in two months, this time with a focus on smaller-market retail, hotel and office properties.
Two of the largest loans backing the $621 million Citigroup Commercial Mortgage Trust 2016-P4 have companion, controlling notes expected to be securitized in other transactions.
Regulation AB governs registration, reporting and disclosure requirements for all things asset-backed. The Securities and Exchange Commission appears to be ready to update it significantly, but, nearly four years after changes were originally proposed, its not clear exactly what the Commission will do.
The proposal would introduce dissemination of trade prices for securities ranging from highly liquid credit card and auto ABS to smaller and more esoteric deals in asset classes such as time shares, to commercial mortgage-backed securities (CMBS) and highly structured CDOs and collateralized loan obligations.
As July came to a close, it was clear to everyone at ASR that the structured finance market was not about to take a vacation.
DFG Taps Goldman Vet, Barclays Bulks Up on CMBS, Ares Adds Jeffrey Kramer and the ASF Retains Mike Williams as Policy Adviser
Could higher yields end up deepening the investor base for asset-backeds?
Managing Director, Structured Products
Firm: Guggenheim Securities
State student loan authorities sense a business opportunity helping graduates who are gainfully employed lower their payments. Their low-cost funding could put them in competition with banks and marketplace lenders.Current Issue