UBS, Barclays $1.5B CMBS Shops NY Hotel, Chicago Opera

Law360, New York (March 21, 2012, 7:16 PM EDT) -- Barclays Capital and UBS AG on Wednesday filed documents for a $1.5 billion commercial mortgage-backed securities offering, the biggest CMBS sale announced so far in 2012 and a sign of continued recovery in the commercial real estate financing market.

The largest loan in the pool is a $120 million mortgage for New York City's Dream Downtown hotel issued by HSBC Bank USA NA and now owned by Standard Trust, according to a regulatory filing and city property records. The 316-room boutique hotel reopened last year and...
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