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| S&P Sees Senior Bonds of CMBS Well Protected |
| Commercial Real Estate Direct Special Report |
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While AAA bonds are well protected from downgrade, even in a severe recession environment, S&P cautioned that in some cases, lower-rated bonds, even junior-AAA classes could be at risk. The rating agency evaluated the universe of CMBS loans and ran them through several economic scenarios to determine what might cause downgrades. |
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| Retail Property Buyers Wait, But "Sense Blood in the Water" |
| Commercial Real Estate Direct Special Report |
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Investment-sales transactions involving retail properties fell by 75 percent to $6 billion in the first quarter, and few expect that anemic volume to improve anytime soon. Meanwhile, retail property fundamentals are weakening, with mall vacancies rising to their highest level in more than five years. |
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| Projected Weakening in Fundamentals Sparks Concern Over Debt |
| Commercial Real Estate Direct Special Report |
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Research firm Reis Inc. foresees ongoing weakness in property fundamentals and advises lenders and highly-leveraged owners to beware. It is projecting a slowdown in the pace of rent increases, as well as increasing vacancy across all property sectors. |
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| CMBS Spreads Rally; Lenders Tighten Loan Spreads |
| Commercial Real Estate Direct Special Report |
| CMBS bond spreads have rallied in recent days, after widening out last week. At the same time, lenders in recent weeks have begun tightening the loan spreads they charge. And it appears that some conduit lenders are starting to dip their toes back in the lending waters. |
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| Clifford Lai Resigns as President, Chief Exec of Crystal River |
| Commercial Real Estate Direct Special Report |
| The president and chief executive of Crystal River Capital, which was formed three years ago to invest in real estate, including CMBS, has resigned. The company, which was designed to fund its investments through collateralized debt obligations, is rethinking its strategic plans. |
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| Opportunistic Debt Investment Fund in Market to Raise $700Mln |
| Commercial Real Estate Direct Special Report |
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RCG Longview is in the market to raise up to $700 million for an opportunistic debt-investment fund. The vehicle, RCG Longview Debt Fund IV, will invest in a range of high-yielding debt - first and second mortgages, B-notes, mezzanine loans and preferred equity. |
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