Fitch Ratings has affirmed the commercial mortgage-backed securities large loan special servicer rating of Brookfield Real Estate Financial Partners at CLLSS2-.
The rating reflects the New York-based investment bank’s strong background in working with large trophy real estate assets, Fitch said. Fitch added that the rating was affirmed based on BREF’s ability to leverage the overall organization’s office property resources and its “seasoned senior and asset management teams.”
Overall, these teams have worked out over 11 large assets since the rating was conveyed.
As of Sept. 30, 2012, BREF was named special servicer for one CMBS loan totaling $159.5 million and eight non-CMBS real estate owned assets totaling $3.9 billion.
Through the same date, BREF was responsible for the management of three funds totaling $4.2 billion. This figure resulted in BREF actively managing three mortgage loans with an accumulation of $85.1 million, five mezzanine loans totaling $232.6 million, 10 CMBS transactions that cost $125.7 million, and eight REO assets totaling $3.7 billion.
BREF is a commercial finance fund manager responsible for the management of subordinate debt funds for large institutional and sovereign entity investors. BREF is wholly owned by Brookfield Asset Management, which focuses on property, power and infrastructure with approximately $150 billion of assets under management at the end of November 2012.
