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FINFacts February 1, 2012

Volume XX  |  No. 5  |  February 1, 2012

Letter to the Editor

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KEY RATE INDICES Prime Rate  3.25% 1 Month LIBOR  0.27% 5 Yr US Treasury  0.73% 5 Yr Swaps  1.04% 12-MAT  0.18% 3 Month LIBOR  0.54% 10 Yr US Treasury  1.85% 10 Yr Swaps  1.94% 11th Dist COFI  1.20% 6 Month LIBOR  0.78% 30 Yr US Treasury  3.01%

Transaction of the Week Transaction Description: $7,500,000 (80% LTV) Non-Recourse Recapitalization of a Distressed Class C Multifamily Property George Smith Partners successfully placed the distressed recapitalization/discounted payoff on a Class C, 207-unit Atlanta infill apartment community. The loan provided capital to cure deferred maintenance issues in order to return the property to market performance. The 3+1+1 term loan is fixed at 6.50%. Challenge: The Class C property suffered from low occupancy rates and below market rents in an Atlanta infill location. Capital providers worried about lending to the existing borrower with deferred maintenance in a perceived soft marketplace. The Sponsor required a very quick closing timeframe on the loan. Solution: GSP explained that the low occupancy and rents were caused by deferred maintenance as a result of cash constraints due to a matured loan. GSP identified a lender comfortable with the Sponsor's extensive local experience and ability to return the property to market performance, receiving a commitment 32 days after application execution. Rate: 6.50% Fixed Term: 3+1+1 Amort: 30 Years LTV: 80% Prepayment: Locked for 1 Year then 2% - 1% Non-recourse Brokers:  Gary E. Mozer, Josh Roseman Hot Money HIGHLIGHTS Non-Recourse Reposition Bridge Lender Funding Below Breakeven DCR. A national capital provider has rolled out a non-recourse reposition bridge program funding transactions below break-even coverage. The lender is actively funding retail, industrial, and office properties and will consider hospitality. Total loan-to-stabilized value of 80% for loans from $10,000,000 to $50,000,000+ are advanced at LIBOR + 500 to 600 bpts with no floor. The lender will charge a 1 point or less origination fee with no exit fee. Transaction Size: $10,000,000-$50,000,000+ Rate: L+500-600, No floor Loan Term: 24-36 Months Max LTV: 80% Non-recourse Geography: Nationwide Hot Money Regional Bank From 3.25% Fixed for Northern California Properties. GSP identified a Northern California Regional Bank currently funding high-grade multifamily and stabilized commercial properties. Loan amounts range from $1,000,000 to $12,000,000, and pricing starts at 3.25% fixed for three years. Five-year fixed coupons range from 4.75%-5.25%. Construction and bridge/reposition financing is also available for traditional and special-use assets including elderly care and RV dealerships. Geographic markets start at the Oregon border south to Fresno, inclusive of Reno and northern Nevada, with a strong presence in rural communities. If you have an inquiry regarding George Smith Partners' commercial real estate financing, please contact your GSP representative or Todd August, Chief Operating Officer, at (310) 867-2995 or TAugust@GSPartners.com. CMBS 2.1 Appetite and pricing among originators of CMBS fixed-rate term debt were volatile in 2011.  Production volumes fell far short of frothy Q1 2011 predictions of $60-70b in CMBS lending; US securitizations totaled $33b.  It was a respectable post-crisis outcome, but disappointing nonetheless.  That said, we are experiencing another resurgence; hopefully with a more rational and sustainable impetus. The first indication that CMBS is heating up is compression in pricing.  Spreads tightened radically in early 2011, then blew out as the European credit crisis deepened in the middle of the year.  For the remainder of 2011, originators were quoting to an "all-in coupon" – usually 5.50-6.25% – with little attempt to estimate market spreads over the relevant treasury indices.  Today we are still largely coupon focused, but recent activity puts pricing in the 5.0-5.5% range.  With a few pending solid securitizations affirming demand for CMBS paper (March and April 2012), we'll see increasing competition driving more transparency into pricing, and a return to spread/index based quotes. Another key indicator of strengthening is the nature of the transactions being considered – and closed.  CMBS typically fills a void for debt left by portfolio lenders, who prefer to lend only on the best assets in select markets.  In uncertain conditions, CMBS originators became highly selective, and tried to compete with life companies.  Now, they are moving back to the niche where they are most needed and relevant – the vast secondary markets – B assets, B locations. We're also seeing more willingness to consider single-tenant assets, structure for lease-rollover, and generally deal with more hair.  There's nothing inherently wrong with lending in this space, provided pricing and structure is appropriate.  So hopefully this burgeoning "home-coming" of CMBS will help break up the log jam of high-leverage and loan maturities. The positive momentum is welcome, provided it does not bubble and pop.  An estimated $325b of commercial loans will mature in 2012.  A functional CMBS market is critical to addressing these needs. For more commercial real estate commentary from Steven Orchard, click here.  Steven Orchard

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©2012 George Smith Partners, Inc. DRE # 00822654 FINfacts is an ePublication of George Smith Partners, Inc. For Promotional Purposes Only. All Rights Reserved.

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