Fitch Ratings has reviewed C-III Investment Management LLC as a potential replacement collateralized debt obligation (CDO) collateral asset manager and determined its capabilities to be consistent with Fitch’s criteria for credit asset managers for the following transactions:
–Nomura CRE CDO 2007-2
–AMAC CDO Funding I
On April 18, 2011, Fitch was notified of a proposal to transfer the CDO collateral asset management responsibilities for the above mentioned CDOs from C-III Asset Management LLC to C-III Investment Management LLC, both of which are subsidiaries of C-III Capital Partners LLC. The key employees and technology infrastructure are expected to remain in place. Fitch’s review procedure for potential replacement CDO collateral asset managers is outlined in the criteria ‘Global Structured Finance Rating Criteria’, dated Aug. 13, 2010, and in the special report, ‘CDO Asset Managers: U.S. Replacement Activity Update’, dated Dec. 9, 2010, both available on the Fitch Ratings web site at ‘www.fitchratings.com‘.
C-III Investment Management LLC is a subsidiary of C-III Capital Partners LLC, whose controlling parent company is Island Capital Group LLC. C-III Capital Partners LLC, a real estate services company with offices in New York, NY and Irving, TX, is engaged in a broad range of activities, including principal investment, loan origination, fund management, and loan servicing. C-III Capital Partners LLC currently employs 270 professionals and manages approximately $2 billion of invested capital for four real estate debt and equity funds and CDOs.
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