Business & Finance
Business and Finance
Business and Finance
Wed, March 30, 2011
Tue, March 29, 2011 Fitch Assigns 'CSS3+' CMBS Special Servicer Rating to NS Servicing I & II
NEW YORK--([ BUSINESS WIRE ])--Fitch Ratings has assigned a CMBS special servicer rating of 'CSS3+' to NS Servicing I & II, LLC (NSS). Both are wholly-owned subsidiaries of NorthStar Realty Finance Corp. (NYSE: NRF).
NorthStar Realty Finance Corp. (NRF) was formed in October 2003. On Oct. 29, 2004, NRF closed its initial public offering. Headquartered in New York City, NSS maintains an asset management office in Dallas, TX. To date, NSS has specially serviced commercial real estate assets in its investment portfolio attempting to maximize returns to their portfolio. Since April 2008, NSS has resolved 108 loans (representing an unpaid principal balance of $2.8 billion). NSS' average recovery rate (in the mid-70% range) includes a variety of property types and geographical diversity. NSS' special servicer rating is based on its deep management team and its experienced asset management staff with solid workout experience through real estate cycles.
Fitch does not publicly rate the credit and financial strength of NRF. However, Fitch's Financial Institutions group reviewed NRF's financial statements to provide an internal assessment. Fitch has long viewed a company's financial condition as an important component of Fitch's servicer rating analysis.
As of Dec. 31, 2010, NSS was named special servicer on 24 non-CMBS loans totaling $518.8 million. As of the same date, NSS was actively special servicing 19 non-CMBS loans totaling $369.3 million. NSS was also responsible for seven non-CMBS real estate owned (REO) assets totaling $155.7 million.
Additional information is available at '[ www.fitchratings.com ]'
Applicable Criteria and Related Research:
--'U.S. Commercial Mortgage Servicer Rating Criteria' (Feb. 18, 2011);
--'Global Rating Criteria for Structured Finance Servicers' (Aug. 16, 2010).
Applicable Criteria and Related Research:
U.S. Commercial Mortgage Servicer Rating Criteria
[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=584005 ]
Global Rating Criteria for Structured Finance Servicers
[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=547305 ]
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