CMBS 3.0

CMBS 2.0 proved to be a faulty version, so after this summer's Citigroup/Goldman CMBS deal-that-never-was, a mandate for higher subordination levels is the next generation of securitization. That's according to Wells Fargo senior origination manager Jon Martin (second from right, with RCG Longview prez Chris LaBianca, Mesa West Capital principal Raphael Fishbach, and Madison Realty Capital managing director Michael Stoler) at NAIOP's capital markets event yesterday at 125 Park Ave. Raphael says underwriting is all about the sponsor and the capital flow at a loan's maturation, though the deal has to work at today's rates—no rent growth assumed. None of these guys would mind more industrial exposure, though Chris says single-tenant properties give him pause.
We also snapped Monday Properties' COO Brian Robin(NAIOP NYC's president-elect), Ladder Capital's Dave Bednar, and West River Capital Management's Greg Breskin.
The Bassuk Organization's David Hall (right, with Hudson Realty Capital's Steve Parrinello, National Land Tenure Matt Schmeelk, Berko & Associates' Agustin Pena, and Eastdil Secured's Greg Applefield) tells us his firm has been busy lately. Sounds about right since it arranges debt and equity for large multifamily deals. It's got a bent for those with affordable components, and ever since the summer's renewal of the 421a real estate tax abatement program, developers have been on the prowl for construction financing.

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