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New CMBS Gets First Takers Under TALF

NEW YORK CITY-The Federal Reserve Bank of New York said Wednesday it had gotten $72.2 million in requests for newly issued CMBS, ending a five-month drought.

By Paul Bubny | Updated on November 18, 2009

NEW YORK CITY-The Federal Reserve Bank of New York on Wednesday announced requests for $72.2 million in new CMBS, an amount which Sam Chandan notes is “the first instance of requests for new CMBS funding under the auspices of the TALF program.” Although the New York Fed has gotten billions of dollars in requests for legacy CMBS since adding commercial mortgages to TALF, Wednesday’s announcement breaks a five-month drought on new issues.

Chandan, president and chief economist of Real Estate Econometrics, notes that rates for the current facilities were 2.72% for fixed three-year loans and 3.54% for fixed five-year loans. On Wednesday, the New York Fed also announced requests for $1.4 billion in loans on legacy CMBS.

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