The bankers in JPMorgan’s commercial mortgage-backed securities (CMBS) origination business know a thing or two about the market. The team was the top bookrunner by volume in the US for the second year running in 2006, lead managing $25.9bn of new CMBS deals. However, when the bank agreed to organise a $960m floating rate loan secured by four casinos for Colony Capital last summer, a few surprises lay ahead.
Ahead of the game: Scott Dauer (left) and Michael Mesard
