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CMBS - Google News
Blog Archive
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2012
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January
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- New Issue Calendar
- Blackstone/DDR buying EPN Portfolio fka Maquarie/DDR
- Guggenheim partnering with DB and Ladder on CMBS d...
- Astounding! Rare! May be in Jeapordy!
- Freddie SPC K-705 $1.222b
- GSMS 2012-GC6 - $808.03mm - Goldman, Citi - Priced
- 575 Lex Under Contract
- Workout fees
- B2 Portfolio - 55% Loss Severity
- 350 Park Avenue Refinances
- Macy's Closures
- GGP Spinoff, Rouse, to be a B-Mall Consolidator
- $37.5 Billion in REIT equity raised last year
- Cedarwoods II shaping up to be an interesting story
- Uniqlo @ 666 Fifth Avenue
- Empire State Building REIT?
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January
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Posts
3 comments:
oh jeez. let's pretend that the first lien is a real first lien and that there can't be mods which imperfect that. what a joke!
I don't follow - can you elaborate?
Thanks.
CMBS are backed by what are supposedly first lien loans, i.e. the loan is secured (perfected = wholly) by the real estate. Take a look at some of the recent A/B mods. Specials are restructuring loans with new equity infusions with guaranteed rates of return ahead of the B-notes. The mods of the Empirian loans in MLMT 07-C1 state that if the A-note is paid off at maturity, no payment is due from the B-note. So the B-note can not foreclose.
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