CMBS: We can’t work it out
CMBS: The value of loan-to-value
Case study: Plantation Place
The £598.3 million ($881.2 million) Titan Europe 2006-4 FS deal is secured by 305 health care and nursing homes across the UK. The whole loan outstanding balance is £1.2 billion. The deal breached debt covenants in September 2008 and agreed a standstill agreement with all lenders apart from those to the £165 million junior PIK facility. The most recent valuation saw the value of the assets drop from £1.4
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