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CMBS Market Continues Revival (Friday's News & Notes)


On back-to-back days we've now gotten word of big CMBS offerings by JP Morgan

On Thursday, Bloomberg reported that JPMorgan Chase & Co. plans to sell $1 billion of commercial mortgage-backed bonds in what would be the biggest offer of 2010.

JPMorgan's sale, the largest this year of the debt, would grant hedge fund H/2 Capital Partners LLC, the buyer of the bottom $50 million slice, primary authority over troubled loans, according to people familiar with the transaction who declined to be identified because negotiations are private. Goldman Sachs Group Inc. and Citigroup Inc. gave those rights to investors of the highest-rated portions in a $788.5 million offering on Aug. 4.

Today, news of another offering emerged.

JPMorgan Chase & Co. is marketing $484.6 million of bonds backed by a loan to Centro Properties Group, the Australian shopping center owner seeking to refinance $2.7 billion of debt from its U.S. business.

The loan is secured by 72 retail properties owned by the Glen Waverley, Australia-based company, according to people familiar with offering who declined to be identified because terms are private. Shopping centers in Texas account for 39 percent of the pool, while properties in New York and New Jersey represent 21 percent.

Things are slowly improving.

Here are a few other headlines from the past couple days worth checking out.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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