Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Friday, 30 November 2018

CWCapital Winding Down BACM 2007-2; Puts All Remaining Assets Up For Sale

Special servicer CWCapital Asset Management is winding down Banc of America Commercial Mortgage Trust, 2007-2, having placed all of the deal's 11 remaining assets, with a balance of $172.8 million, up for sale through its RealInsight Marketplace. The transaction, issued in May 2007, originally was backed by 185 loans with a $3.2 billion balance. A total of 53 loans were liquidated with losses. The last 11 are being marketed by Mission Capital Advisors.

Commercial Real Estate Direct Staff Report

Special servicer CWCapital Asset Management is winding down Banc of America Commercial Mortgage Trust, 2007-2, having placed all of the deal's 11 remaining assets, with a balance of $172.8 million, up for sale through its RealInsight Marketplace.

The transaction was issued in May 2007, backed by 185 loans with a balance of $3.2 billion. Since then, 53 loans were liquidated with losses totaling $308.6 million, or 9.73 percent of the deal's original balance. Those losses have wiped out all of the CMBS deal's bond classes subordinate to and including E, which originally was rated A+ by S&P and Fitch Ratings. In addition, the transaction has accumulated $32 million of interest shortfalls that are hitting classes B and below.

The deal's balance is well more than the 1 percent that would trigger a clean-up call. But all 11 remaining assets are delinquent and in special servicing, so they're not generating income. Instead, they've become a burden. Master servicer KeyCorp Real Estate Capital Markets continues to make advances against them in order to ensure that bond investors continue to receive their scheduled payments. But the appraised value of each of the loans' underlying assets has declined since the deal was issued. As a result, a total of $114.8 million of appraisal reduction amounts have been lodged against the collateral...





weekly-call-to-action

“The Weekly”

“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

  • Breaking mortgage, CMBS, and REIT news

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

  • Industry moves and changes in “The Insider“

Data Digest

 

CMBS DELINQUENCY VOLUME

dqdataFP1

 

CMBS SPECIAL SERVICING VOLUME

sschartfp

Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

cppichart FP

 

 

CMBS 2.0 Spreads

AAAspreads

Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

REITCafe

  • Challenging Retail Environment Weights on REITs
    Mixed economic news is weighing on retail markets, pushing REIT performance down in 2015. This week, the National Retail Federation announced that back-to-school spending is expected to be down 9.3% in 2015. This news came on the heels of a report from the Commerce Department stating that retail sales declined 0.3%...
     
  • US REITs Feeling Effects from Turmoil in Greece and China
    International economic forces have taken center stage this week, affecting both US stock markets and REITs. The crash in the Chinese stock market and ongoing concerns about the future of Greece in the eurozone drove markets down during the first half of the week. REITs fared better than the overall market...

  • What Does Increased Construction Mean for Apartment REITs?
    REITs so far this year have raised $17.1 billion of capital through the sale of unsecured notes, bringing the total raised over the past two and a half years to just more than $75 billion. That’s more than they raised during the previous five years. The massive volume shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark...
shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark against which most REIT’s price their bonds
warehouse-backstage