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ARTICLE · 27 FEBRUARY 2015

CMBS 2.0 IN FOCUS: Class X – A Class Act!

Reed Smith (Worldwide)
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The emergence of European CMBS 2.0 can be directly traced back to Deutsche Bank’s Deco 2011-CSPK which closed in June 2011.

United KingdomFinance and Banking
Iain Balkwill
Iain Balkwill
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The emergence of European CMBS 2.0 can be directly traced back to Deutsche Bank's Deco 2011-CSPK which closed in June 2011.  Since that issuance, there have been several deals brought to the market by not only Deutsche Bank but also Bank of America Merrill Lynch and Goldman Sachs as well as three deals arranged by Cairn Capital, a non-bank.  Given that CMBS 2.0 as a financing tool for commercial real estate is here to stay and we are fast approaching the fifth year of this new era, now would seem to be an opportune time to take stock of the CMBS 2.0 product and consider some of the defining structures of these new deals.  Over the course of a series of blogs, we will therefore consider some of the features that can be considered unique to CMBS 2.0.

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