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TEXT-S&P ranks Five Mile Capital above avrg com'l special srvcr
September 13, 2012 / 5:36 PM / 5 years ago

TEXT-S&P ranks Five Mile Capital above avrg com'l special srvcr

(The following statement was released by the rating agency)

Sept. 13 - OVERVIEW

-- We assigned our ABOVE AVERAGE overall ranking to Five Mile Capital Real Estate Advisors LLC as a commercial loan special servicer. The outlook is stable.

-- FMCREA has been a commercial real estate investor for a number of years and have been heavily involved in securitization. Sept. 13, 2012--Standard & Poor’s Ratings Services today assigned its ABOVE AVERAGE ranking to Five Mile Capital Real Estate Advisors LLC (FMCREA) as a commercial loan special servicer. The outlook for the special servicer ranking is stable. We based our ranking on our favorable assessment of FMCREA’s management and organization, which includes a highly experienced staff, an effective organizational structure, and a sound quality control and audit framework. KEY RANKING FACTORS Strengths:

-- Breadth and depth of experience and tenure;

-- Comprehensive quality control and audit processes; and

-- A strong technology platform that allows the company to execute its business plan, including all servicing-related tasks, efficiently. Weakness:

-- The portfolio is small in terms of the number of loans, which means the company has tested its servicing infrastructure less than if the portfolio were larger; and

-- A large portion of the company’s experience is as an investor rather than a servicer. FMCREA, based in Stamford, Conn., is a wholly owned subsidiary of Five Mile Capital Partners LLC (Five Mile). Five Mile was formed in 2003 and is a seasoned investor and investment fund manager in subordinated commercial real estate debt, particularly mezzanine financings. FMCREA has been a special servicer of commercial mortgage-backed securities (CMBS) for several years. As of June 30, 2012, the company actively managed a special servicing portfolio of 12 loans with totaling $101 million. As of same date, it was the named special servicer for one CMBS transaction. OUTLOOK The outlook for the commercial mortgage special servicer ranking is stable. FMCREA maintains the staffing, processes, and technology required to administer its portfolio in accordance with generally accepted servicing practices. The company has an experienced management team and reasonable growth plans, which should enable it to achieve its goals and serve its customers. RELATED RESEARCH AND CRITERIA

-- Revised Criteria For Including RMBS, CMBS, And ABS Servicers On Standard & Poor’s Select Servicer List, April 16, 2009

-- Servicer Evaluation Ranking Criteria: U.S., Sept. 21, 2004

-- Select Servicer List Servicer Analyst: Andrew Foster, New York 212-438-2759;

andrew_foster@standardandpoors.com Secondary Contact: Thomas J Merck, New York (1) 212-438-2547;

thomas_merck@standardandpoors.com (Reporting By Hilary Russ)

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