Wednesday, January 12, 2011

Comings and Goings

  • In new issue we have snow, snow, and more snow. I heard one report this morning on the radio that every state except Florida had snow on the ground - even Hawaii!

  • In all seriousness, the mainstream media and sell-side research continues to kick out articles on the new issue resurgence expected in 2011 in CMBS. See here, here, and here.

  • Trepp came out last week noting that delinquencies were at an all-time high at 9.2%.

  • 245 Fifth is on the market looking for a $170mm transaction price, and they'll probably get it given the upside in rents that is going to start being realized immediately as rent-free periods ended in late-2010 and rolling leases are below current market rates. The 310k sq ft office building is in CSMC 2007-C4 with a $140mm senior mortgage, 95% occupancy, 1.05x NCF DSCR, and a declining $2mm reserve balance (down from $3.6mm in April 2010). Citibank occupies 15% of NRA, Datamonitor has 9%, and Beth Israel Medical has 5% (had free rent through the end of 2010!). The mortgage is due on 5/11/2012.


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