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Volume 1 - Number 3 | May 13, 2004
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Top Story: Less Profit, More Risk: CMBS Industry Prepares for Rising Interest Rates
As interest rates are poised to rise, some CMBS pros see tough times ahead. “I think we’re going to be OK for the next 100 to 150 basis points of increase. But once you get beyond that, you start facing issues,” says Brian Lancaster, managing director and head of structured products research in Wachovia Securities’ fixed income division.
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CMBS Insider: GE Real Estate's Dan Smith
When GE Real Estate’s latest endeavor, the Strategic Capital Group unit, kicked off operations at the beginning of 2004, Dan Smith—in essence the midwife of the fledging organization—was hoping to close the year with $1 billion. Five months later, with a little under $1 billion in the pipeline, it is clear that goal will be met—and possibly exceeded.
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Is The Next Big Thing...Big Things?
Even as deal makers at other shops struggle to fit large loans into their pools, Goldman Sachs and RBS Greenwich Capital seem to have hit upon a simpler solution: build a bigger pool.
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Fitch Ratings Study: Address Pari Passu Now
Splitting a loan into several parts seemed like a simple solution to the post-9/11 problem of reducing single-asset risk, but the move has created its own set of problems.
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