4 New York Plaza trades, defeases

4 New York Plaza traded from Harbor Group International (HGI) to HSBC and Edge Fund Advisors for $270mm. That's a great return for HGI who bought it as part of a sale-leaseback from JPMorgan in January 2010 for $107mm, although they did do some work to boost occupancy during that time.

The 2010 transaction was funded with a $72.6mm mortgage that comprises 24% of the RBSCF 2010-MB1 deal, which will be defeased. The new purchase is funded with a $154mm 5-year mortgage from MetLife according to an update out from Nomura. This is the first defeasance from a CMBS 2.0 deal.

RBSCF 2010-MB1 - $309.7mm Large Loan Fixed - Priced

CLS SIZE(MM) MDY/RP WAL WIN C/E% CUM. BENCH SPD YLD
LTV%
A1 [20.400] Aaa/AAA [2.51] 5/10-2/15 22.25 [41.5] I.SWP +80 2.350
A2 [220.391] Aaa/AAA [4.93] 2/15-4/15 22.25 [41.5] I.SWP +90 3.684
B 18.575 Aa2/AA [4.98] 4/15-4/15 16.252 [44.7] I.SWP +190 4.705
C 20.900 A2/A [4.98] 4/15-4/15 9.504 [48.3] I.SWP +290 5.705
D 29.434 Baa3/BBB-[4.98] 4/15-4/15 0.000 [53.4] I.SWP +425 7.055
X [259.366] Aaa/AAA [4.41]

RBSCF 2010-MB1 - $309.7mm Large Loan Fixed

Should price middle of April...

Realpoint rated...


SOLE BOOKS/LEAD: RBS
JOINT LEAD : Natixis
CO-MANAGERS : BAS,BARC,CITI

================================================================================
CLS SIZE(MM) MDY/RP WAL WIN C/E% CUM.LTV% MOST RECENT
DEBT YLD %
A1 18.700 Aaa/AAA 2.48 5/10-2/15 22.25 41.5 20.3
A2 222.091 Aaa/AAA 4.93 2/15-4/15 22.25 41.5 20.3
B 18.575 Aa2/AA 4.98 4/15-4/15 16.252 44.7 18.9
C 20.900 Aa2/A 4.98 4/15-4/15 9.504 48.3 17.5
D 29.434 Baa3/BBB- 4.98 4/15-4/15 0.000 53.4 15.8


6 loans, 81 propertys. 66.3% Retail, 32.7% office, 0.9% industrial

37.8% TX, 23.4% NY

2.4x DSCR