Crain's New York Business Crain's.
A spokeswoman for Ladder tells GlobeSt.com the company declines to comment. Calls to Chase were not returned by deadline.
The report of a JPMorgan/Ladder offering comes a few weeks after RBS Commercial Funding priced what's reportedly the first CMBS issue backed by multiple loans in nearly two years. The $309.7-million securitization from the Royal Bank of Scotland consists of loans on 81 commercial properties in Texas, New York, Missouri, Wisconsin, New Jersey and other states.
When the RBS offering—initially thought to be as much as $500 million—was first reported in late March, experts told GlobeSt.com that the time seemed right for CMBS to make a comeback. However, Thomas Fink, managing director of Trepp LLC, told GlobeSt.com that the new generation of CMBS would reflect current market realities.
"Everybody's going back to basics right now," Fink said in late March. "It has to be loans that make sense in the current market environment and not based on a pro forma underwriting or an expectation that they're going to be able to execute some complicated business strategy in order to get the loans up to the level they need to make debt service coverage."
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
