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Europe Seen Ripe for Distressed Property Loan Sales by Banks

(Adds panelist comments on U.S., CMBS market.)

(For more on the Bloomberg Commercial Real Estate Summit, see EXT2 <GO>.)

Nov. 9 (Bloomberg) -- European banks will be forced to sell more distressed commercial property loans in the coming year, as more borrowers default, said panelists at the Bloomberg Commercial Real Estate Summit.

“There’s going to be a feeding frenzy soon” for European loans, said Robert Blumenthal, a managing director at Deutsche Bank Securities Inc. “Someone’s going to have to take those loans out at a significant discount” and inject “huge amounts of equity” to recapitalize the assets, Blumenthal told the conference in New York today.

Mortgage investors Colony Financial Inc. and Starwood Property Trust Inc. are among the firms seeking transactions overseas on expectations that delinquencies will rise and banks will dispose of more bad debt and make fewer loans in a weakening economy. European lenders have 151.4 billion euros ($204.8 billion) of commercial real estate loans in default, compared with $121 billion at U.S. banks, according to New York- based data provider Trepp LLC. Banks in the U.K. have the largest share of those loans, with 64 billion euros in delinquent debt.

‘They’re Very Concerned’

Europe’s fiscal crisis has roiled credit markets since July, causing gyrations in the value of securities tied to shopping malls, skyscrapers and hotels and leading to a pullback in loan originations. Issuance of commercial mortgage-backed securities in the U.S. has totaled about $26 billion this year. While that’s up from $11.5 billion in 2010, it’s a fraction of the record of more than $200 billion in 2007 when commercial real estate peaked, according to data compiled by Bloomberg.

“The Street’s not really taking risk, they’re very concerned,” Steven Schwartz, managing director of loan acquisitions for Torchlight Investors, said at the Bloomberg conference. “The first quarter’s going to be grim.

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