Fitch Ratings has upgraded the commercial mortgage-backed securities (CMBS) large-loan special servicer rating of Brookfield Real Estate Financial Partners LLC (BREF) to CLLSS2- from CLLSS3+.
Fitch says the rating reflects BREF's strong background working with large trophy assets. The rating is also based on BREF's ability to leverage the overall organization's office property expertise and resources, as well as its seasoned senior and asset management teams.
BREF has worked out more than 10 large assets since the rating was conveyed and has maintained its highly experienced staff, according to Fitch. Wholly owned by Brookfield Asset Management Inc., BREF is a commercial finance fund manager responsible for the management of subordinate debt funds for large institutional and sovereign entity investors.
As of Sept. 30, BREF was named special servicer on two CMBS loans totaling $2.8 billion, none of which was actively in special servicing. As of the same date, BREF had active B-note and mezzanine positions totaling $1.2 billion across 12 unique credits.
