In any CMBS deal the bonds have a legal final maturity and the loan has a legal final maturity and the two will be different. It is the special servicer’s job to maximize recoveries for all bondholders until the legal final maturity of the notes, upon which that mandate passes to the senior bondholders. The structures also incorporate an operating adviser, which has no rights or powers other than consultation rights – this is usually the junior noteholder.
Access intelligence that drives action
To unlock this research, enter your email to log in or enquire about access
