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Wells Fargo Said to Prep First Risk Retention-Compliant Cmbs

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Wells Fargo Said to Prep First Risk Retention-Compliant Cmbs JUNE 20, 2016 WWW.REALESTATEFINANCEINVESTMENT.COM The definitive source on commercial property sales, financing and investment WELLS FARGO SAID TO PREP MORTGAGE SPREAD UPDATE FIRST RISK RETENTION- TREASURIES FALLING, BORROWER SPREADS COMPLIANT CMBS STAYING FLAT eligible vertical slice, the sponsor is required BY SHERRY HSIEH to retain 5% of each class of securities issued in BY SAMANTHA ROWAN a transaction. There is also the L-shaped slice, Wells Fargo Bank is said to be planning the first which is a combination of the horizontal and commercial mortgage-backed securities deal vertical options. U.S. Treasuries, which down about that will be compliant with risk retention rules, CREFC attendees expressed concern that there 10-15 basis point last week, have been which are set to be implemented in December. is still a lack of clarity on what the regulators are down by as much as 30 basis points And although the CMBS industry hasn’t agreed expecting. “Risk retention [guidance] is very over the past 30 days and spreads for on the best way to comply with the rules, the light, only 25 to 50 pages or so, but there are a lot QSWX½\IHVEXIPSERWLEZIFIIRWXEFPI bank will reportedly use the so-called ‘vertical of blank spaces where the regulators are not very EGGSVHMRKXS'YWLQER ;EOI½IPH´W slice’ solution on its upcoming $1bn transaction, clear on what they want and I don’t think they are monthly analysis of mortgage rate market players told REFI. The offering is expected going to give us any clarity. We still don’t know if spreads. to come to market in July. we will be going with the vertical, horizontal or ±7TVIEHWLEZIKIRIVEPP]FIIR¾EXXS News of the bank’s plans came at last week’s [L-shaped],” one trader said. down during the past month, which is Commercial Real Estate Finance Council Additionally, the Wells Fargo deal won’t JEZSVEFPIJSVFSVVS[IVWEWEPPMR½\IH conference at the Marriott Marquis in New York. necessarily be indicative of the broader market. interest rates are down as a result of the Calls to Wells Fargo were not returned. “I think Wells will put this deal together, and MRHI\IWFIMRKPS[IV²EGGSVHMRKXS(EZI The final language of the regulations will Goldman [Sachs] will do it their way, Crédit /EVWSRERI\IGYXMZIQEREKMRKHMVIGXSV require financial institutions to retain at least 5% Suisse will do it their way and Deutsche Bank will MRXLIHIFXIUYMX]ERHWXVYGXYVIH½RERGI of the credit risk of a transaction on an unhedged do it their way, and what [B-piece buyers] buy will KVSYTEX'YWLQER±8LII\GITXMSR basis. The rules, which will be implemented on be based on if they [originators] do it horizontal would be for low-leverage loans, which Dec. 24, offer three methods of compliance. In the or vertical,” a lender said.estate investments in are already at or inside life insurance eligible horizontal slice, the sponsor is required to the 1980s that began in 1985 and peaked in 1988 GSQTER]¾SSVWMRXLIPS[ retain 5% of the most subordinate class or classes for a total of $16.54bn. But the two are distinct, 3%s. [With lower U.S. Treasur- of securities. This option includes the ability of panelists said. The Japanese investment wave ies] the spreads on those up to two B-piece buyer to purchase the retained was comprised of large insurance companies PSERWEVIIJJIGXMZIP][MHIV² 12 risk on a pari passu basis. In contrast, with the and real estate firms Continued on page 7 In one day, we moved $350 million in commercial real estate. We call that Wednesday. www.10x.com/refi (855) 574-6328 FINANCING 03 PROPERTY 05 FEATURE 08 STRATEGIES 09 DATA 10 WELCOME FROM THE EDITOR Published by Pageant Media New York London 200 Park Avenue South Thavies Inn House Suite 1603, NY 10003 London EC1N 2HA T +1 (646) 891 2110 T +44 (0) 20 7832 6500 EDITORIAL PRODUCTION omplying with risk retention was the Gwyn Roberts Claudia Honerjager hot topic at last week’s Commercial Group head of content Head of production Real Estate Finance Council confer- +1 (646) 891 2115 [email protected] ence, which was held at the Marriott [email protected] Marquis in New York. Attendees CONTENT SALES jammed into a session on risk retention Samantha Rowan George Simmons but still raised considerable concerns Editor Content sales manager about a lack of guidance from regula- +1 (646) 891 2146 +44 (0) 20 7832 6586 C [email protected] g.simmons@pageantmedia. tors in the best way to comply with the com guidelines. Sherry Hsieh The big news, however, was that Wells Fargo Bank is said to be Reporter EVENTS planning the first risk retention-compliant CMBS deal. The full story, +1 (646) 891 2145 Beth Hall penned by Sherry Hsieh, is on page one. [email protected] Head of events Another big story last week was the Federal Reserve’s decision +44 (0) 020 7832 6576 not to rate interest rates on Wednesday. “The decision was in line Kaitlyn Mitchell [email protected] with recent expectations after a lousy May jobs report, the worst Reporter 02 monthly jobs gain since 2010,” according to research from Cushman +1 (646) 891 2144 DISTRIBUTION & Wakefield. Other concerns from Federal Reserve chair Janet Yellen [email protected] Fay Muddle included the upcoming Brexit vote. The full story starts on page 1, 3J½GIQEREKIV +44 (0) 20 7832 6524 with Cushman’s monthly update on mortgage rate spreads on page 11. [email protected] Finally, check out our interview with Debra Cafaro, CEO and chairman of Chicago-based healthcare REIT Ventas. Cafaro talks PAGEANT MEDIA with REFI’s Sherry Hsieh about why the company is bullish on the Charlie Kerr medical office sector and how it’s streamlining its portfolio. The full Chief executive story is on page 10. Printed by The Manson Group SAMANTHA ROWAN, EDITOR [email protected] or (646) 891 2146 THIS ISSUE MRC FUNDS RETAIL CONDO VENTAS SEES SOLID PATH FOR REFINANCE MEDICAL OFFICES Madison Realty Capital has originated a Chicago-based Ventas is bullish on the $16m loan on a NYC retail condo. SYXPSSOJSVXLIQIHMGEPSJ½GIWIGXSV TURN TO P3 TURN TO P8 ISSN# 726-98670 © 2016 Pageant Media Ltd. All rights reserved. DOWNTOWN L.A. OFFICE TRADES ELANDIS GOES DEEP INTO COPYRIGHT NOTICE: No part of this publication may be copied, %RSJ½GIFYMPHMRKMR(S[RXS[R0SW HOUSTON APARTMENT MART photocopied or duplicated in any form or by any means without Pageant Angeles has traded in a deal arranged Elandis has acquired four workforce hous- Media’s prior written consent. Copying of this publication is in violation of the Federal Copyright Law (17 USC 101 et seq.). Violators may be subject by Kennedy Wilson. ing apartment complexes in Houston. to criminal penalties as well as liability for substantial monetary damages, TURN TO P6 TURN TO P9 including statutory damages up to $100,000 per infringement, costs and attorney’s fees. FINANCING Madison Realty funds $16.25m loan Madison Realty Capital, a New York-based fund ing was expanded to its current size in 1988. manager focused on middle-market debt and Zegen declined to discuss pricing but noted that equity investments, has originated a $16.25 mil- it was in line with similar loans that are being lion loan to recapitalize a 26,965-square-foot done right now. retail condominium at 68 Elizabeth Street in the The 81,961-square-foot retail condominium is city’s Chinatown neighborhood on behalf of an home to Hong Kong Supermarket and Salon De undisclosed borrower. Tops. It has 175 feet of frontage along Elizabeth The company liked the deal given Chinatown’s Street and another 100 feet of frontage along residential density and abundant tourist traf- Hester Street and below 81 residential condo- fic, according to Josh Zegen, co-founder and is on the corner of Elizabeth Street and Hester miniums. Madison Realty has a long-term rela- managing principal. The 1929 vintage building Street. Originally a two-story property, the build- tionship with the borrower, Zegen added. Value reduction and is fully leased to UBS until December 2017. Crowdfunding “That lease expiration date could be somewhat hits Stamford fluid,” noted Manus Clancy, managing director. platforms shift “Even though servicer data states the date [of the loan lease expiration] is in late 2017, special servicer to volume- commentary indicates the last lease payment in A loan on UBS Center-Stamford, securitized in October 2016.” The bank has already vacated based formula LB-UBS 2004-C1, has seen its value substan- its space but will continue to pay rent until the tially reduced from its appraisal at securitization, lease expires. Commercial real estate crowdfunding platforms according to a report from Trepp, LLC. The loan The property was valued at $262m at secu- should begin to concentrate on building scale was sized at $152.4m at securitization and has ritization. “This month, the value was lowered through increasing volume rather than raising the seen that value cut by more than 80%. It makes to only $44.4m, which would mean a loss could size of individual transactions. But in order to do this, up about 75% of the remaining collateral in the hit eight figures,” Clancy said. The loan, which platforms will have to join forces with institutional deal, Trepp reported. is current, was transferred to special servicing lending platforms to build their pipelines, market 03 The loan is backed by a 682,327-square-foot in February due to an imminent non-monetary players told REFI. office building at 677 Washington Boulevard default. It has not seen an appraisal reduction.
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