Freddie Mac Multifamily; CBRE

Fitch Ratings, New York, upgraded Freddie Mac Multifamily’s commercial mortgage servicer ratings.

The new servicer ratings from Fitch are:

Special Servicer: CSS2 (upgraded from CSS2-)
Master Servicer: CMS2 (same rating as before)

The special servicing group is responsible for defaults within Freddie Mac’s balance sheet portfolio which consists of 6,373 loans totaling $70.3 billion as of March 31 as well as one commercial mortgage-backed securities transaction. The group resolved seven defaulted loans for the 12 months ending in March totaling $42.4 million, only one of which incurred a loss. Resolutions included three full payoffs, three returned to performing and one discounted payoff for multifamily assets located in five states and the outstanding balance of the loans ranged from approximately $280,000 to $9.1 million.

CBRE Capital Advisors Counsels Gemini Investments on Rosemont Realty Acquisitions
CBRE Capital Advisors served as the exclusive financial advisor to Gemini Investments–the investment arm of Sino-Ocean Land and one of the largest real estate companies in China–when it acquired Rosemont Realty LLC, a commercial property acquisition and asset management firm headquartered in Santa Fe, N.M.

The resulting joint venture, Gemini-Rosemont Realty LLC will continue to own and manage Class A institutional-quality commercial office properties across the United States. A substantial portion of Rosemont’s existing portfolio, comprised of 135 buildings and representing nearly 16 million square feet of commercial real estate across 22 states, will be transferred to Gemini Rosemont. The existing Rosemont team will remain in place to run the operations of the joint venture.

CBRE Capital Advisors acted as exclusive financial advisor to Gemini Investments, with teams in Asia and the U.S. working jointly on the transaction. Canon Yau and Sharon Law, both Directors for CBRE Capital Advisors, Asia Pacific, based in CBRE’s Hong Kong office, advised on the transaction working closely with James Scott and Damian Taylor of CBRE Capital Advisors’ office in New York.