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Volume 2 - Number 14 | August 1, 2005
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TOP STORY: CMBS CDOs Continue Momentum
By Erika Morphy
A few months ago, Moody's Investors Service projected that CMBS-backed collateralized debt obligation issuance will have doubled by the end of this year, to $15 billion from $8 billion in 2004. Now, two such issuances these past few weeks support Moody's findings—and are reaching a whole new set of investors at the same time.
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INSIDER: Sonnenblick-Eichner Co.'s David Sonnenblick
By Benjamin Mark Cole
David Sonnenblick is a principal and founder of Sonnenblick-Eichner Co., a Los Angeles-based real estate investment bank well-known for its work in multifamily and hospitality and in the Southern California market. Most recently Sonnenblick-Eichner arranged equity and construction financing for a joint venture that's building the $180 million NoHo Commons, a mixed-use development in North Hollywood, CA. NoHo Commons has received much attention as a redevelopment project centered around public transportation—hardly a familiar concept to many Southern Californians.
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CapitalWatch: Could Capital Glut Spawn Trouble Now?
By Benjamin Mark Cole
Like canaries in a coal mine, certain signals alert investors that danger may lurk ahead. And as this up-cycle in real estate digs in deep, some analysts and investors are vigilantly looking for telltale signs of trouble to come.
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'SuperREITs' Deal in Senior Debt
By Jackie Day
Last week locally based private equity firm GSC Partners piled onto a growing trend driven by the red-hot debt market in commercial real estate. On July 25, the firm introduced a new mortgage REIT called GSC Capital Corp. which plans, like other recently issued mortgage REITs from other private equity firms, to use collateralized debt obligations and collateralized loan obligations to provide senior-debt financing for its acquisitions. This past spring and into this summer, firms such as Hyperion Capital Management Inc., KKR Financial and Deerfield Triarc Capital Corp. rolled out similarly structured entities that were quickly dubbed “superREITs” by some observers.
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