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29

All Eyes on Crowdfunded Loans Tucked Into Commercial Real Estate Bonds

By Tony Seruga

Morgan Stanley points to crowdfunding in CMBS deals.

Crowdsourcing multi-family.

Crowdsourcing multi-family.

Photographer: Daniel Acker/Bloomberg

Morgan Stanley analyst Richard Hill has been digging around in the monthly remittance reports that accompany bonds backed by commercial real estate loans, known as commercial mortgage-backed securities, and he’s found something interesting.

Three loans worth a collective $71 million, which were made to real estate investment firm Colony Hills Capital and underpin two CMBS deals, have found their way to special servicing. (That’s structured-finance-speak for something unusual has happened to them). Commentary from the servicer “indicates that the transfers were due to a pledge of interest to a restricted party,” Morgan Stanley said…

All Eyes on Crowdfunded Loans Tucked Into Commercial Real Estate Bonds

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