Over the past two years, issuance of CDOs backed by CRE loans has grown exponentially. The growth of CREL CDOs can be attributed to two primary reasons: the ability to have a revolving structure and to be able to manage more high touch loans.
CMBS transactions are generally issued as real estate mortgage investment conduit (Remic) transactions. As such, the issuer enjoys certain tax benefits. However, with the benefits come certain restrictions imposed by Remic tax laws.
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