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Fundamental differences between standard commercial mortgage-backed securities pooling and servicing agreements (PSAs) and the U.S. bankruptcy process could be a significant issue in future workouts.
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JP Morgan is reportedly pooling a number of loans it has inked for mall giant Simon Property Group into its estimated $1 billion commercial mortgage-backed securitization, according to bankers familiar with the offering.
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The AM bonds of commercial mortgage-backed securities deals from 2005 to 2006 have seen a precipitous rise in prices over the past month and are now trading close to par, investors and traders said.
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Winthrop Realty Trust and Pershing Square Capital Management have tentatively rescheduled the foreclosure auction for Stuyvesant Town and Peter Cooper Village for Sept. 8, with further extensions possible, according to a letter addressed to the New York Supreme Court by the joint venture's legal counsel, Brown Rudnick.
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The structure of commercial estate joint ventures could be significantly altered if the carried interest tax rate is raised.
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The AM bonds of commercial mortgage-backed securities deals from 2005 to 2006 have seen a precipitous rise in prices over the past month and are now trading close to par, investors and traders said.
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Barclays Capital has increased its commercial mortgage-backed securities trading and research headcount with two senior hires recently.
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Initial price talk is out on JP Morgan Chase’s $484.6 million single-borrower commercial mortgage-backed securities deal for Centro NP, a U.S. retail real estate investment trust that is a subsidiary of Australian-based Centro Properties Group.
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A Deutsche Bank and Ladder Capital Finance joint venture are out marketing the b-piece on a $1 billion commercial mortgage-backed securitization.
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Loans backing Europe’s universe of commercial mortgage-backed securities are continuing to default, with another 10 hitting triggers in the second quarter of 2010, according to a Fitch Ratings analyst.