News

Issuers Debut CREFC Standardized Annex A in Benchmark 2021-B25

April 19, 2021

CMBS issuers debuted the markets’ new standardized Annex A last week. The depositor and loan sellers (Goldman Sachs, Deutsche Bank, Citi and JPMorgan) of Benchmark 2021-B25 were the first to implement the new standardized Annex A – the detailed schedule of mortgage loan and property information contained in CMBS prospectuses.

In response to requests from investors, CREFC convened a working group within the CREFC Issuers Forum that included more than 40 representatives from 13 CMBS issuers, three accounting firms, and CREFC Staff. Leah Nivison of Goldman Sachs (and past-chair of CREFC’s Issuers Forum) led this important effort that further cements the CMBS market as one of the most transparent and investor friendly securitization markets.

CREFC Executive Director Lisa Pendergast praised the effort, noting:

The improvements to the Annex A are meaningful and important, and elevate the information provided to investors, providing them not only with a more complete understanding of underlying loan characteristics, but also beginning the process of addressing the increasing demand for ESG related data. CREFC applauds our CMBS issuers led by Goldman’s Leah Nivison and CREFC’s Kathleen Olin for their collective efforts to move the industry forward.

Contact

Kathleen Olin
Managing Director, Industry Initiatives
202.448.0863
kolin@crefc.org
In response to requests from investors, CREFC convened a working group within the CREFC Issuers Forum that included more than 40 representatives from 13 CMBS issuers, three accounting firms, and CREFC Staff.
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2023 CRE Finance Council. All rights reserved.

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