tag:blogger.com,1999:blog-7693451999817479352.post61635088954980489..comments2023-10-22T17:43:54.334-04:00Comments on The CRE Review: Villas Parkmerced - CD 2006-CD2 - $550mmcrabsofsteelhttp://www.blogger.com/profile/13395961726023130183noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-7693451999817479352.post-61206860049013410562010-10-18T08:13:31.882-04:002010-10-18T08:13:31.882-04:00Agreed with Concrete Jungle - Bloomberg certainly ...Agreed with Concrete Jungle - Bloomberg certainly has come a long way and I can see Trepp and Intex quickly being marginalized. As for service - You must be joking - No one at Trepp seems to know how their models work, Intex barely picks up the phone, with Bloomberg once you get through the initial layers of those idiot HELP desk , you will get to the right people.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7693451999817479352.post-46244099285826097372010-06-15T11:11:59.884-04:002010-06-15T11:11:59.884-04:00the 100% is a year-end 2009 number. You're ce...the 100% is a year-end 2009 number. You're certainly right to think it's less now that school is out, but the data in CMBS is lagged and it's the same data for everyone. So we make do with what we have.crabsofsteelnoreply@blogger.comtag:blogger.com,1999:blog-7693451999817479352.post-79696075754059212732010-06-14T22:49:29.487-04:002010-06-14T22:49:29.487-04:00If you walk the complex and note that SFSU-CSU is ...If you walk the complex and note that SFSU-CSU is on break, and a number of units sit "empty" I do not believe they are at 100% capacity. Base on flyers on doors, drawn window shades, and unlocked door in the towers, and overpriced flipped units, they are probably closer to 80-85% if not lower....Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7693451999817479352.post-5350850384960018942010-06-06T11:12:30.783-04:002010-06-06T11:12:30.783-04:00I didn't realize Trepp had been bought. Intere...I didn't realize Trepp had been bought. Interesting. I might have known that and since forgotten it, actually... I'm getting old and that has started to happen.Concrete Junglehttps://www.blogger.com/profile/11836938255282346931noreply@blogger.comtag:blogger.com,1999:blog-7693451999817479352.post-23854643282265507292010-06-05T22:16:15.984-04:002010-06-05T22:16:15.984-04:00Trepp have already sold themselves. I believe the...Trepp have already sold themselves. I believe they belong to the Daily Mail, a UK news firm. Intex is private. Bberg is private.<br /><br />Trepp will survive because they are the best-in-class for CMBS. Intex will survive because they handle everything, not just RMBS and CMBS, so you have no other choice if you are looking at a kitchen-sink CDO. No one else I know of is serious about modelling CDOs.crabsofsteelnoreply@blogger.comtag:blogger.com,1999:blog-7693451999817479352.post-781133046134013032010-06-03T12:33:19.432-04:002010-06-03T12:33:19.432-04:00I agree. I've talked at length with the Conque...I agree. I've talked at length with the Conquest guys the last couple of years. They've come a long way, and I don't see how Trepp or Intex will survive. BBG's come a long way in the last two years, but they still have a long way to go because their are obvious faults in the CF models, that you just don't see as often with Intex, for instance. Plus, you call Intex with an error and they look into it and help you - you call Bloomberg and their first response is that you must be incorrect, and then they dick around and waste your time. <br /><br />Still, at 1/3rd the cost, and rapidly improving CMBS analytics, BBG is a contender today.<br /><br />Trepp needs to sell itself to Realpoint/Morningstar. Maybe Intex survives because they're really that much better and cover more markets.Concrete Junglehttps://www.blogger.com/profile/11836938255282346931noreply@blogger.comtag:blogger.com,1999:blog-7693451999817479352.post-84965723374047223122010-06-03T06:06:18.070-04:002010-06-03T06:06:18.070-04:00Thanks for the attribution; I like your blog and d...Thanks for the attribution; I like your blog and do what I can to make it useful.<br /><br />Two points: <br /><br />- Bloomberg is great for a quick snapshot of a given CMBS but there are reasons you should not rely on it for cashflow modelling. It is the old Conquest crowd, a failed analytical service which once belonged to S&P. By buying them, Bloomberg came 10 years late to the game and thus are the last place anyone who knows better looks. No exposure -> no feedback so errors go uncorrected.<br /><br />- With loans like ParkMerced where the borrower has said "mod me or else" it is easier to mod if the loan remains current so default interest and late fee issues can be avoided. Unless Stellar has really thrown in the towel, which would surprise me given the NCF from the properties, I don't expect it to necessarily go delinquent.crabsofsteelnoreply@blogger.com