IFR-Credit Suisse closes CMBS loan-origination operation
Credit Suisse is closing its commercial mortgage-backed securities (CMBS) loan-origination unit, but will continue its secondary trading operation, according to a source close to the matter. The bank has not structured a CMBS offering this year, but has made loans that were contributed to other transactions since it restarted its commercial real estate lending operation this past spring. The re-emergence of the CMBS sector looked promising earlier this year, and the Swiss bank was hoping to start originating loans again. In May, Credit Suisse started to rebuild its CMBS team, hiring well known industry expert Roger Lehman to head CMBS research. Lehman had previously been co-head of Bank of America's structured finance research team.