TORONTO, Oct. 9, 2013 /CNW/ - CMLS Financial, one of Canada's largest
independent mortgage lenders, is pleased to announce the successful
arrangement of a Commercial Mortgage Backed Securities (CMBS) transaction involving a $400 million first mortgage financing secured
by five Westin Hotels located in key Canadian markets. This is the
first time that a hotel portfolio was financed by way of a CMBS
securitization in Canada. The funding also represents the first single
borrower CMBS transaction since 2006 and the largest since 2007.
"The financing is testament to the re-emergence of the CMBS market in
Canada and we see this as another key milestone," says Glen Malcolm,
Senior Vice President at CMLS Financial. "CMLS Financial is a leader in
the Canadian CMBS market and we will continue to show leadership
through 2014 as the CMBS market further develops."
The purchase by Starwood Capital Group included five Westin properties
in Ottawa, Toronto, Edmonton, Calgary and Vancouver. The financing was
completed by way of a single loan with a five-year term and thirty-year
amortization. The financing reflects the continued strength of the
Canadian CMBS financing platform.
CMLS Financial is at the forefront of reestablishing a valuable funding
source within the Canadian market with its Commercial Mortgage Backed
Securities (CMBS) lending program. Their "made-in-Canada" CMBS solution
provides a servicing standard and level of flexibility previously
unattainable through CMBS financing.
About CMLS Financial
CMLS Financial is one of Canada's largest independently owned mortgage lenders, with
offices across the country. Founded in 1974, the company provides a
wide range of commercial mortgages, residential mortgages, and institutional services. CMLS Financial is a
leader in the Canadian CMBS market and were among the first
participants in a CMBS transaction in Canada since the 2007 recession.
For more information about Canada's Mortgage Company™, visit www.cmls.ca.
SOURCE: The Brand Factory
For further information:
Senior Vice President, CMLS Financial