CMBS

Kohlberg Kravis Roberts & Co. (KKR) said on Tuesday it hired Ralph Rosenberg as a managing director to lead its global real estate investing efforts.

Standard & Poor's said that Trepp clients can now access S&P's CMBS research headlines via the CMBS information provider's platform.

Debra Huddleston joined Ranieri Real Estate Partners as managing director and head of real estate structured products.

The $375 million One Park Avenue pari-passu loan securitized in BACM 2007-2 and BACM 2007-3 is expected to pay off at par. This effectively extends the unscheduled principal payment to these conduits deals' short-dated tranches, according Barclays Capital analysts.

Delinquencies on CMBS continued to climb in February, but new issuance may help to stem future late-pay increases, according to the latest index results from Fitch Ratings.

A CMBS called GS Mortgage Securities Corp. Trust 2011-ALF is in the market. The transaction is is backed by the beneficial interest in a three-year loan, cross-collateralized first lien mortgage secured by 29 assisted living facilities (ALFs), according to a Fitch Ratings presale report.

The Mortgage Bankers Association's (MBA) Commercial/Multifamily Delinquency Report showed that in 4Q10, commercial and multifamily mortgage delinquency rates increased slightly for CMBS loans.

Total outstanding CMBS dipped by about $3.6 billion in the February remittance period, according to the CMBS credit handbook put out by Barclays Capital. The drivers include amortization, payoffs and liquidation.

The core delinquency rate for legacy CMBS in February had one of its smallest increases since the start of the credit crisis, according to the Trepp Delinquency Report.

As the CMBS market begins to see a pickup in the new-issue pipeline, the increased competition among conduit originators has led to some erosion in underwriting quality.