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Volume 1 - Number 15 | November 11, 2004
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TOP STORY: Changes Ahead For CMBS Under Bush 2
By Bennett Voyles
Although supporters of Sen. John Kerry predicted that a President Bush reelection would mean four more years of more of the same policies, it’s starting to look like the latter’s victory may actually mean much more dramatic changes for CMBS originators and investors than took place in his first term.
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INSIDER: Principal Capital's Marc Peterson
By Erika Morphy
Principal Capital Real Estate Investors, the Des Moines, IA-based investment firm, has lately not been as strong a buyer of CMBS credit as it has in the past—and investment director for mortgages Marc Peterson is not shy about ticking off the reasons.
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What's Hot, What's Not
By Erika Morphy
What’s Hot: Super Seniors—A flurry of conduit deals with high subordination rates in the past few weeks has revived interest in these structures. First there was a Credit Suisse First Boston deal that priced in October, followed by an amended Merrill Lynch-led conduit and a Merrill/Bank of America deal.
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Growth Predicted For Defeasance
By Bennett Voyles
According to one real estate finance expert, the CMBS industry is about to be snared in “almost a perfect storm for defeasance." Daniel Quan, an associate professor of finance, accounting and real estate at Cornell University’s well-known School of Hotel Administration and co-creator of an innovative new model for assessing the value of defeased loans, expects the number of borrowers who seek to swap Treasury bonds as collateral for their loans will grow dramatically over the next year.
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