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Bob Neighoff B. G., Opalesque Geneva: Bob Neighoff, portfolio manager of the Cicero CMBS strategy, a $300m fixed-income strategy focused on seasoned CMBS and CRE (corporate real estate) capital market opportunities, talks to Opalesque about the obscure world of commercial mortgage-backed securities.
Before joining Mariner last year, he had been running Cicero Capital Partners and had acquired over 20 years of experience in fixed-income & equity trading, portfolio management and commercial real estate lending. Mariner Investment Group is a $7bn alternative asset manager founded in 1992 and headquartered in New York City.
Opalesque: Can you tell us more about the nature of commercial mortgage-backed securities (CMBS)*?
Bob Neighoff: There are different ways to apply commercial real estate as an investment opportunity: as an owner, an investor, a lender such as a bank, and in the form of CMBS.
CMBS is probably the least understood asset class. What CMBS is and what makes it different from the other ways of investing is that broker-dealer banks like Morgan Stanley, JP Morgan, Bank of America, and Deutsche Bank, make real estate loans to institutional borrowers. They're not lending to new construction projects, condos, daycares and fast-food franchises. They're lending to regional shopping malls,...................... To view our full article Click here
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