Asset management firm CREMAC, focusing in real estate securities and debt instruments, just announced the launching of its whole loan trading platform for discounted commercial real estate loans. This marks the Brooklyn-based firm's return to the commercial real estate mortgage market. Between 1995 and 2001, CREMAC invested in over $750 million of distressed commercial mortgage loans.In a company release, CREMAC President Joseph Cafiero stated that launching this trading platform is directly tied to increasing opportunities in the commercial mortgage sector and CREMAC's ongoing efforts to raise equity capital. CREMAC is currently building $50 million in equity for an opportunity fund, ultimately leveraging as much as $200 million of purchase power. The fund's focus will be small balance U.S. commercial real estate mortgage loans between $1 million and $10 million.
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Spreads ranging from 16-18 basis points over the three-month, interpolated yield curve on the P1 (Moody's) and F1+ (Fitch) notes, to 160 to 170 over the benchmark on the class D notes.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Broken down by product type, the agency's NJCLASS Standard Fixed product should account for a large majority of the loans, 75.4%. NJCLASS Consolidation will account for the next-largest group, 14.1%.
April 24 -
Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
April 24 -
The notes will price against Treasurys, with spreads expected to fall between 85 and 90 basis points over the benchmark.
April 24 -
The JPMorgan Chase CEO took aim Tuesday at the proposed Basel III endgame rules, hindrances to mergers and bureaucratic burdens. "I would love to have a more productive relationship with regulators, but I think it takes conversation," Dimon said.
April 24