The CMBS market ended 2009 in undecided mood with some optimism in the US where three new deals were launched in less than a month (after an 18-month hiatus) and mounting concern in Europe, where CB Richard Ellis announced the disposal of the London-based portfolio backing the White Tower 2006-3 CMBS deal, which defaulted in June last year.
The mood in the US is doubly buoyant: the first new deal of the year, a $400 million five-year issue for US Reit Developers Diversified Realty (DDR) used the Fed’s Talf facility but the subsequent two deals did not.
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