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Alessia Pirolo

Mortgage Observer

CMBS 3.5?

Smaller lenders take a larger piece of the pie.

When Robert Verrone was head of Wachovia Bank’s large loan group, he closed and securitized huge deals—on 650 Madison Avenue, Donald Trump’s office tower at 40 Wall Street and Blackstone’s Boca Raton Resort & Club in Florida, to name a few.

After the government-forced sale of Wachovia to Wells Fargo to avoid the bank’s bankruptcy in 2008, Mr. Verrone started his own advisory company, Iron Hound Management Company LLC. This past January, the firm announced a new partnership with Bank of New York Mellon Corporation to form a conduit operation called IH Capital; BNY Mellon allocated $500 million of its balance sheet to the new venture. Read More

Mortgage Observer

Big Players Look to Acquire, Not Lend On, Asian Real Estate

Asian NPLs—more talk than actions

The Asian distressed market business might be the Godot of real estate finance. Investors and analysts seem to have been waiting endlessly for opportunities in non-performing loans and distressed debt. But waiting in vain, it would seem.

Appetite for Chinese and other Asian troubled assets is booming. So far this year, funds have raised over $2 billion to invest in Asian debt, up from $303 million in 2013, according to London-based researcher Preqin. According to survey from the firm, in February 2014, 17 percent of real estate investors based in North America focused on Asian investments, up from 9 percent in July 2013. Among European investors, 41 percent targeted these investments in February 2014, up from 18 percent the previous year. Read More

Mortgage Beat

Union Bank to Acquire $3.7 B. CRE Portfolio from PB Capital with a 3 Percent Premium

Masashi Oka

Union Bank, a wholly-owned subsidiary of The Bank of Tokyo-Mitsubishi UFJ, has reached an agreement with Deutsche Bank to acquire PB Capital Corporation’s institutional commercial real estate lending portfolio and platform. It will pay a 3 percent premium above the over $3.7 billion face amount of PB’s commercial mortgage portfolio, sources told The Mortgage Observer.

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Mortgage Observer

Fannie Mae Multifamily Head, Agency Vet Jeffery Hayward

Jeffery Hayward.

When on the road, Jeffery Hayward often carries a personally customized guide, with the addresses of all the multifamily buildings that Fannie Mae has financed in the area. Then the head of the government-sponsored enterprise’s Multifamily Mortgage Business drives from building to building.

“I want to see what we are financing,” Mr. Hayward told The Mortgage Observer recently, during a series of meetings in his Washington, D.C. office. “I have actually walked a lot of the properties that we financed—I know what they look like, I have seen the tenants.” Read More

Mortgage Observer

The 50 Most Important People in Commercial Real Estate Finance

52 Photos

Mortgage Observer
“G

od I hate these lists,” said one investment shop pro when asked to weigh in on what constituted “important” and who, exactly, might qualify for a list of the 50 Most Important People in Commercial Real Estate Finance.

In compiling the list—which is subjective and represents our view—we talked to many different people in Read More

MBA 2013

Commercial and Multifamily Mortgage Originations Up 49 Percent in 4Q12

Jamie Woodwell

Commercial and multifamily mortgage originations hit their highest levels since 2007 in the fourth quarter 2012, and are expected to increase up to $254 billion in 2013, according to research by the Mortgage Bankers Association released on Monday at its annual CREF/Multifamily Housing Convention & Expo in San Diego. In the fourth quarter 2012 originations were up 49 percent from the quarter previous. They were also up 49 percent from the same quarter in 2011. Overall, originations for the full year of 2012 increased 24 percent compared to 2011. Read More