NEW YORK and FRANKFURT-Situs, a leading globalreal estate advisory firm, has been appointed as the Primary andSpecial Servicer on the new $945 million (€699M) GermanResidential Funding 2013-2 Limitedsecuritization.
The new CMBS issuance, arranged by Bankof America Merrill Lynch and DeutscheBank and sponsored by Gagfah, a leadingGerman listed multifamily housing company, provides for therefinancing of three sub-portfolios within Gagfah's stablecomprising the $496 million (€367.5m) WGN loan, $472 million(€350.2m) WBN loan and the $1.45 billion (€1.07B) NILEG residentialloan.
Bruce Nelson, COO of Situs commented, “Thislatest appointment increases our new servicing mandates in 2013 to£3.3 billion ($5.26B) and further demonstrates our expertise anddeliverability of refinancing through securitisation. Working withBank of America Merrill Lynch and Deutsche Bank we are focused onproviding increased flexibility and innovation to construct newstructures to achieve maximum results in the international realestate debt market.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
