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Volume 2 - Number 18 | September 26, 2005

TOP STORY: Pace of Defeasance Expected to Slow As Interest Rates Rise By Erika Morphy Defeasance activity—the CMBS industry's exit strategy of choice—has ballooned in 2005, according to new statistics from Fitch Ratings Service as well as anecdotal reports from providers. This is good news, as analysts view defeasance as generally a positive for the market. The bad news is that the pace of defeased loans is beginning to slow as rising interest rates take their inevitable toll on the process.

INSIDER: Pacific Security Capital's James R. Kean By Benjamin Mark Cole Just six weeks ago, James R. Kean joined Beaverton, OR-based real estate investment bank Pacific Security Capital as managing director and chief investment officer. Kean was well-prepared for the task of overseeing the organization's capital markets and investment practice, having previously held a host of principal-, executive- and senior-level positions at companies ranging from Salomon Brothers to Weyerhauser.

Certain Post-Hurricane Katrina Gulf Assets Are Hot—But for How Long? By Erika Morphy Re-Max real estate agent Scott Maurer is on a mission these days, scouring the Baton Rouge real estate market for housing that can be turned into rental units for displaced New Orleanians. He has purchased four houses sight unseen from his office in downtown San Diego—and has even cancelled pending purchases there to use the funds in Baton Rouge. His plan? Simply to purchase as much as he and his partners can afford in the state's capital and now largest city in Louisiana.