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MARCH 13, 200
9 Penner Setting
2 Centerline Prep
s Loan-Workout
Up 2 Debt Funds for
2 Some CMBS
Unit The game plan
Ellis Investors
of securitization CBRE
pioneer Ethan Penn
Pros Return to last sprin
the Law Penner is seeking g, is starting to emerge. er, who joined
THE GRAPEVINE 3 Wachovia Loan
3 Hall Financial
s Weigh on Well
Maps High-Yiel
s Fargo
d Fund
funds that would to raise $1 billion of combined
cles would each
of $2 billion.
originate and buy initial equity for
use about 50% lever commercial mortgages. The high open-end
age, giving them
two
CB Richard
-yiel
3 Debut Sponsor combined investme d vehi-
Shelves Debt Fund The vehicles will nt power
4 Buysiders: Moo
shoot for a return have differing risk profiles.
CBRE Capital Part
dy’s Went Overboar on stable commer in the low teens, mostly by orig
d cial properties with inating conserva ners would
6 Fund Shop Mark range from 55% tive
ets Debut Vehicle to 75%. CBRE Capi strong sponsors. Loan-to-value mortgages
20% return, prim tal ratios would
arily by originati Partners Special Situations wou
Michael Katz has been hired by Chicago fund shop Clark 7 Insurers Quot
8 CMBS Delinquen
ing Rates, Not Spre
ads
ratios exceeding
Both funds wou
75%.
ld also have the
ng higher-yield
mortgages, with
ld seek a 15-
loan-to-value
cy Rate Keeps Risin capacity to buy
Street Capital as a director. Katz was an originator for 9 Former BofA
Exec Joins Fund
Firm
g senior mortgages,
mezzanine
See PENNER on
10 Michaels: How Westbrook to Page 9
Surrender
Column Financial for four years before parent company I’d Fix Toxic Mess
Fund operator Wes
handful of commer tbrook Partners is negotiati
NY Office Build
ing
cial mortgages in ng with Barclays
Credit Suisse laid off most of the staff last year. Katz has THE GRAPEVINE The New York various stages of
defaulted on float company, which targets valu distress.
475 Fifth Avenue
ing-rate loans back e-added investme
Capital over a
nts, recently
in Manhattan and ed by the virtually vacant offic
experience as a foreclosure and bankruptcy attorney, and Jonathan Frey
, one
staffers in Morgan of the last senior
MBS group, will Stanley’s commercial
Big Island of Haw
square-foot Man aii. Westbrook will soon surrende
hatta
on the luxury Fairm e building at
ont Orchid hote
r the keys on the l on the
be Meanwhile, Barc n property. 250,000-
the coming mon leaving the firm in
has done stints at Inland Commercial Mortgage and Mid- ths.
director, has work Frey, a managing
ed
for nearly 12 year at Morgan Stanley
ing a few other
which originally
lays and Westbro
mortgages. All of ok have been in talks for months
intended to secu
the loans are on about resolv-
s. the commercial ritize some of themthe balance sheet of Barclays,
time, he was part For much of that
North Financial Services, both in metropolitan Chicago. He of
large-loan group. the CMBS team’s
More recently, he
MBS
The discussions market collapsed.
is a lot of horse entail possible ways of dealing
but was unable to
do so when
saw the firm’s ware over trading going on with all the mor
house-line portfolio - right now,” said tgag
reports to Clark Street president Jon Winick. Before Morgan Stan
Mutual of New
ley, Frey worked .
at
one person fami es. “There
WESTBROOK on See
liar with the
York
ment and loan workin asset manage- Insurers Push Page 6
outs. for Revision in
CMBS veteran Jose
Insurance compani
es are lobbying
Capital Rules
to set risk-base to change the
joined Cohen Fina ph Franzetti has that it penalizes
d capital requirem two-
ents for their mor decade-old formula used
ncial as managin companies with
director in charge
of
g Representatives relatively few prob tgage portfolios, contending
bank’s debt-advisory the mortgage tomorrow to petit of the insurance industry’s trad
lem loans.
three years, he was group. For the past change its form ion the National e group will be
in
at boutique firm securitization chie
f ula, known as the Association of Insurance Com San Diego
NY Credit Advi MEAF formula, Mortgage Experien missioners to
sors whic
leaving after the
sudden death of , formance with the h compares the credit quality ce Adjustment Factor. The
firm’s co-founder,
William Adam
the each insurer. The industry average, is used to calcuof an insurer’s portfolio per-
poorer the qual
January. Although
Cohen is based
ski, in
must set aside in ity, the higher the late annual reserve levels for
Chicago, Franzetti rese amount of capital
in The problem, insu rves to cover possible losses. an insurer
York area. Before will work in the New that an insurer with rers argue, is that credit quality
joining NY Cred
SeeGRAPEVINE on
it forced to maintain only a few delinquent loans or across the industry is so good
Back Page disproportionately foreclosures can
large reserves und end up being
er the sliding scale
used
See REVISION
on Page 7
COMMERCIAL MORTGAGE ALERT: March 13, 2009, 5 Marine View Plaza, Suite 400, Hoboken NJ 07030. 201-659-1700
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