Standard & Poor’s and Morningstar have notably different views on the latest securitization of a single, large commercial mortgage.

CFCRE 2015-RUM CMBS is backed by a $140 million loan secured by the Ritz-Carlton Grand Cayman Hotel located in George Town, Grand Cayman, Cayman Islands. The property, which is secured a $35 million mezzanine loan (not used as collateral for this deal), is owned by Five Mile Capital Partners, a firm known for investing in distressed real estate.  Five Mile acquired the Cayman hotel property at auction in October 2012 for the reserve price of $177.5 million. 

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