Commercial MBS

News

Vornado Takes 2nd Bite of Big Apple CMBS Market

The real estate investment trust is using the transaction to cash out $107 million of equity that it has built up in an office building at 350 Park Avenue, along “Hedge Fund Alley” in midtown Manhattan.

Commercial Real Estate Pros Propose Standards for Rent Rolls

The Mortgage Industry Standards Maintenance Organization, or MISMO, is proposing a standard for the maintenance and sharing of commercial and multifamily real estate rent-roll information.

Wells Fargo Marketing $750M Retail-Heavy CMBS

Like many recent transactions, it is characterized by low leverage, relative to transactions completed this year. And it relies on the inclusion of a pair of relatively high quality loans to boost the overall credit metrics of the pool.

Google’s NY Digs Back $271M Single-Borrower CMBS

The property, which was also the birthplace of the Oreo cookie, is a 635,000-square-foot, 11-story Class A office building located at 85 Tenth Avenue in West Chelsea. Deutsche Bank and Wells Fargo provided the refinance mortgage.

CMBS Delinquency Rate Rises Again in November, to 5.03%

That's an increase of five basis points from October and the highest level since December 2015, according to Trepp. The biggest newly delinquent loan was a $149 million mortgage on an office building in Stamford, Conn.

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Articles

Reg AB II Returns from Limbo

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, it’s not clear exactly what the Commission will do.

Finra Files Proposal to Disseminate Price Data

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.

Editor's Letter

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.

People on the Move

DFG Taps Goldman Vet, Barclays Bulks Up on CMBS, Ares Adds Jeffrey Kramer and the ASF Retains Mike Williams as Policy Adviser

Silver Lining

Could higher yields end up deepening the investor base for asset-backeds?

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Current Issue

What’s So Unusual about Sprint’s Airwaves Securitization … and Why No One Else is Likely to Follow Suit

The wireless carrier, though only rated single-B, has more leeway from existing investors to enter into a transaction like this than even some investment-grade companies, according to Covenant Review.

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