$5 billion worth of CMBS is said to be coming to the market

10/20/2010 | Wall Street Journal, The

Wall Street is prepping to sell $5 billion worth of loans in deals involving Hilton Worldwide and Extended Stay, according to sources. Together they would be the largest issuance of commercial mortgage-backed securities since the capital markets froze in 2008. The Hilton issuance is tied to its purchase by Blackstone Group in 2007. Banks provided $20 billion in financing but were unable to securitize it. They are said to be selling $3 billion in its senior debt in the next two weeks. The $2 billion Extended Stay offering stems from JPMorgan Chase's and Deutsche Bank's loan they provided to a group led by Centerbridge Partners to finance the $3.9 billion purchase.

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