commercial securitisation

GMAC Commercial Mortgage Europe and Credit Suisse First Boston have completed a £592.04 million commercial mortgage backed securitisation. The offering includes floating- and variable-rate notes issued by Cornerstone Titan 2005-1 PLC. Proceeds from the sale of the notes were used to acquire a portfolio of nine commercial real estate loans secured by 70 properties located across the UK.

This is the first issuance under the Cornerstone-Titan programme and also one of the first European CMBS transactions to have a Triple A-rated "super-senior" class at the top of the capital structure.

Six of the loans were originated by Dublin-based GMAC Commercial Mortgage Bank Europe and three were originated by Credit Suisse First Boston. GMAC Commercial Mortgage Servicing (Ireland), Limited and GMAC Commercial Mortgage Servicing Limited, the highest-rated servicer and special servicer, respectively, in the U.K., have been named servicer and special servicer for the transaction.

The collateral pool is comprised of 24 office buildings, 14 industrial properties, 13 self-storage properties, 13 retail properties and six mixed-use properties.

The largest loan in the pool is a Credit Suisse mortgage for £234,145,455 for a portfolio of three office properties in Central London