The 10-year, fixed-rate term of the $1.75 billion interest-only loan may raise some eyebrows, though the owners still have "implied equity" of $1.7 billion in the 2.2 million square foot property, per Moody's Investors Service.
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The owner of Casa del Mar and Shutters on the beach obtained $430 million of loans from Morgan Stanley; it is putting down $792,815 of equity and paying a prepayment penalty to refinance.
July 18
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Tikehau CLO IV B.V. will control €400 million (UA$466.5 million) in mostly European leveraged loans and high-yield bonds (with an allowance for up to 25% of non-euro-denominated assets), according to Fitch Ratings.
July 17
- Finance and investment-related court cases
With ruling in GSE case, the two agencies are emerging as the test subjects for a legal showdown over their authority.
July 17
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A federal appeals court in Texas agreed with Fannie Mae and Freddie Mac shareholders that the FHFA, led by a single director, violates the separation of powers.
July 17
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Unusually for a debut transaction, the $329.7 million M360 2018-CRE1 will be actively managed: For the first 12 months after the closing date, funds from repaid principal can be used to purchase new loans, subject to eligibility criteria.
July 17
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OneMain can add qualifying loans to the pool of collateral for the first two years of the transaction; by comparison, its two prior deals featured one-year revolving periods.
July 17
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When the transaction closes on July 23 it will be renamed Fortress Credit VSL VI; additional collateral, nearly half (48%) of the total, in fact, will come from another CLO, Fortress VI.
July 17
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Bank of America’s consumer loans grew a lot. But its rivals? Not so much. The mixed results raise questions about whether BofA’s performance is a leading or trailing indicator, and if credit quality is going to be more of a problem industrywide.
July 16
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Evan as the broader securitization market takes a breather, unusual deals from off-the-run asset classes continue provide diversification – and the opportunity to pick up yield.
July 16
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The private equity firm recently obtained a $415 million first mortgage from Barclays and Morgan Stanley; proceeds, along with $125 million of mezzanine loans, will be used to repay existing debt of $512 million that was securitized in two prior deals.
July 16
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The U.S. captive finance arms of Nissan North America and Daimler AG (Mercedes-Benz) have joined CarMax in sponsoring prime-loan asset-backed portfolios adding to a deal spree totaling $61.3 billion so far in 2018.
July 15
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The 1,210-loans backing Gemgarto 2018-1 all finance owner-occupied loans, and none rely on self-certified or "fast-track" loans, according to presale reports from Moody's Investors Service and DBRS.
July 15
