Fitch Ratings interjects on Mint 2015 CMBS questioning S&P and DBRS’ ratings

Fitch Ratings has interjected in the ongoing sale of the Mint 2015 securitisation debt, issued by JPMorgan which is secured by three rebranded Hilton hotels, with an unsolicited press release issued on Friday afternoon challenging the ratings rationale concluded by … Continue reading →

BAML issues initial pricing guidance for Italian private equity CMBS

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Bank of America Merrill Lynch (BAML) has issued initial pricing guidance on its first European commercial real estate securitisation of the year – the private equity sponsored €286.425m Taurus 2015–1 IT. The transaction is the securitisation of three commercial real … Continue reading →

BAML launches £211.5m ‘Project Moon’ UK CMBS

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BAML has launched the securitisation of a £211.5m senior loan extended to Apollo Global Management to finance its £347.2m acquisition of a direct property portfolio from Aviva Commercial Finance dubbed Project Moon. The £211.5m Taurus CMBS UK 2014-1 Ltd transaction … Continue reading →

Pricing guidance for Goldman’s €363m Gallerie implies profitable CMBS

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Pricing guidance for Goldman Sachs’ anticipated €363m Italian CMBS, Gallerie 2013 S.r.l., was published this morning implying an expected weighted average coupon on the triple-tranche securitisation of less than 2.75%, substantially inside the investment bank’s senior loan. Gallerie is the … Continue reading →

Fitch withdraws Solutus’ rating over ‘incorrect and misleading information’

Fitch Ratings has withdrawn its ratings for Solutus Advisors citing that the commercial property loan servicer had provided “incorrect and misleading information during the initial rating process”. In a brief statement published on Friday, Fitch wrote that: “Fitch will no … Continue reading →

Deutsche Bank prices €754m FLORE 2012-1 CMBS

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Deutsche Bank priced the long-awaited Vitus Immobilien German multi-family agency CMBS on Friday evening, a five-year €754m securitisation of 28,859 residential apartments in a transaction dubbed FLORE 2012-1.  CoStar News was the first news service to report this. FLORE is … Continue reading →

Fitch clarifies position on DECO 2011-CSPK AAA rating

Fitch Ratings has clarified Friday afternoon’s statement on Deutsche Bank’s DECO 2011-CSPK, the securitisation of Chiswick Park. The release suggested that “the debt raised in Europe’s first benchmark CMBS transaction since the crisis would not achieve the agency’s AAA rating”, implying … Continue reading →

Ratings negotiations with Fitch Ratings / Moody’s and DB broke down over DECO 2011-E5

A breakdown in negotiations between Deutsche Bank and the rating agencies Fitch Ratings and Moody’s resulted in their absence from the DECO 2011-E5 CMBS transaction. The two rating agencies’ disagreements were unrelated but both reflect their increased conservatism over rating … Continue reading →