The $254-million loan is backed by 667 Madison Ave. on Manhattan's Upper East Side. (Photo: Halpern Architects)
WASHINGTON, DC–The first single-borrower deal structured to comply with the risk retention rules that are going into effect at the end of the year is making its way into the market.
This transaction follows this summer's WFCM 2016-BNK1 conduit, the first to comply with the rule. What is noteworthy about this new conduit, though, besides the fact that it is a single-borrower, is that this deal, COMM 2016-667M, is the first to transfer the retained classes to a third party under the risk regulation rules, according to Trepp.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
