GMAC and CSFB complete 592m issuance of notes

GMAC Commercial Mortgage Europe and Credit Suisse First Boston have completed a 592m offering of commercial mortgage-backed, floating and variable rate notes issued by Cornerstone Titan.

Proceeds from the sale of the notes were used to acquire a portfolio of nine commercial real estate loans secured by 70 properties located across the UK.

This is the first issuance under the Cornerstone Titan programme and one of the first European CMBS transactions to have a triple A-rated super-senior class at the top of the capital structure.

Six of the loans were originated by Dublin-based GMAC Commercial Mortgage Europe and three were originated by CSFB. GMAC Commercial Mortgage Servicing (Ireland) and GMAC Commercial Mortgage Servicing, the highest-rated servicer and special servicer, respectively, in the UK have been named servicer and special servicer for the transaction.

The collateral pool is comprised of 24 office buildings, 14 industrial properties, 13 self-storage properties, 13 retail properties and six mixed-use properties.

The largest loan in the pool is a Credit Suisse mortgage for over 234m for a portfolio of three office properties in central London.