Condo Converters Turning to CMBS

Freed, Dan
December 2005
Investment Dealers' Digest;12/12/2005, Vol. 71 Issue 47, p9
Trade Publication
The article discusses the effects of the investment banking company, Credit Sussie First Boston's (CSFB) condominiums conversions on the incipient market. The low interest-rate environment of recent years has resulted in a bit of a condominium conversion craze, in which companies tend to transform rental apartments into condominiums that they could sell to buyers who were unable or unwilling to purchase single-family homes. CSFB has been the dealer and also assisting the structuring deals solely backed by condominium conversion loans. It informs that New York properties make up more than 53% of the collateral in CSFB's latest deal.


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