Singapore REIT Defaults on $88m CMBS Loan

Saizen Real Estate Investment Trust (REIT) defaulted on a ¥8bn (US$88.5m) commercial mortgage-backed securitization (CMBS) loan this week, the Singapore-based firm?s manager announced.YK Shintoku, one of Saizen REIT?s nine tokumei kumiai (TK), or silent partnership operators, held the now-defaulted CMBS loan. While based in Singapore, Saizen REIT?s investments are comprised solely of regional residential properties [...]

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