NEW YORK, Jan. 25 /PRNewswire/ -- The Bank of New York announced today
that it has expanded its trust services to the commercial mortgage real estate
industry. Already a leading trustee for asset backed securities, The Bank of
New York is now well positioned to service all facets of the Commercial
Mortgage Backed Securities (CMBS) market.
The recent addition of several key trust professionals with relevant CMBS
experience, enhanced analytical software from Wall Street Analytics, Inc., and
expanded document custody services allows the Bank to immediately offer a
high-quality service to issuers and arrangers of commercial mortgage
securitizations. The Bank expects that the increasing complexity of these
specialized financings will play to its strengths, setting it apart from other
providers.
"Expanding our trustee services to include the commercial mortgage real
estate industry was a logical next step given the success that we have had in
the residential mortgage and the asset-backed markets," said Mark Ferraris,
senior vice president and division head for The Bank of New York's Corporate
Trust Division. "We look forward to repeating those successes and establishing
ourselves as a full service leader in the CMBS field."
The Bank of New York is already a well-known servicer in the CMBS arena
through BNY Asset Solutions, the Bank's asset servicing subsidiary. BNY Asset
Solutions is currently a rated Master, Primary, and Special servicer for more
than $8 billion in CMBS loans. However, with the addition of trustee services,
The Bank of New York is now be positioned as a true full service provider to
the CMBS field.
Additionally, The Bank of New York's Corporate Trust Division and BNY
Asset Solutions currently act as trustee and/or servicer on the following
recent CMBS wins:
-- Hilton Hotels Pool Trust Series 2000-HLT: Trustee
-- Triple Net Funding Deposits LLC Series 2000-1(mandated): Trustee &
Servicer
-- CNL Commercial Finance Inc.: Custodian & Servicer
The Bank of New York was founded in 1784 by Alexander Hamilton and is the
nation's oldest bank. It is the principal subsidiary of The Bank of New York
Company, Inc. (NYSE: BK), a financial holding company. With over $77 billion
in total assets as of December 31, 2000, the Company provides a complete range
of banking and other financial services to corporations and individuals
worldwide through its basic businesses, namely, Securities Servicing and
Global Payment Services, Corporate Banking, BNY Asset Management and Private
Client Services, Retail Banking, and Financial Market Services. Additional
information on the Company is available at http://www.bankofny.com.
SOURCE The Bank of New York
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Related links:
http://www.bankofny.com
CONTACT:
Frank Scarangella, SVP, or Cary J. Giacalone,
VP, both of The Bank of New York, 212-635-1590; or Division
Contact - Mark Ferraris, SVP, 212-815-5203
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