Situs to Service $945M Residential Securitization

NEW YORK and FRANKFURT-Situs, a leading global real estate advisory firm, has been appointed as the Primary and Special Servicer on the new $945 million (€699M) German Residential Funding 2013-2 Limited securitization.

The new CMBS issuance, arranged by Bank of America Merrill Lynch and Deutsche Bank and sponsored by Gagfah, a leading German listed multifamily housing company, provides for the refinancing of three sub-portfolios within Gagfah's stable comprising the $496 million (€367.5m) WGN loan, $472 million (€350.2m) WBN loan and the $1.45 billion (€1.07B) NILEG residential loan.

Bruce Nelson, COO of Situs commented, “This latest appointment increases our new servicing mandates in 2013 to £3.3 billion ($5.26B) and further demonstrates our expertise and deliverability of refinancing through securitisation. Working with Bank of America Merrill Lynch and Deutsche Bank we are focused on providing increased flexibility and innovation to construct new structures to achieve maximum results in the international real estate debt market.”

The German Residential Funding Limited 2013-2 conisists or approximately 29,000 rental units across Germany (the Quadriga Portfolio) representing approximately 1.4m sq m of leasable space. The Quadriga Portfolio is located across Northern Germany, the former West Germany and Berlin and benefits from a stable tenant base with a current weighted average tenancy term of approximately 12.7 years. The aggregate value of the Quadriga Portfolio is in the region of $1.61 billion (€1.19B).

Situs' European servicing operations are primarily run and managed out of London, with some assets and portfolios overseen by Situs Global Servicing subsidiary in Frankfurt.

Situs has nearly$30 billion (more than €22 billion) in primary servicing, and is one of the largest third-party servicers in Europe. Since the beginning of 2012, it has been named the primary and/or special servicer on the majority of the securitisations issued including Merry Hill- Deco 2012, Florentia 2012, Taurus 2013 GMFI, --Chiswick-Deco 2013, and Debussy DTC PLC transactions. As Special Servicer, it is responsible for more than $945 million (€700M) of troubled assets.