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Helios AMC LLC Assigned AVERAGE Commercial Mortgage Special Servicer Ranking
Servicer Analysts:
Michael S Merriam, New York (1) 212-438-2548;
michael_merriam@standardandpoors.com
Mary Chamberlain, New York 212-438-3034;
mary_chamberlain@standardandpoors.com
Publication date: 12-May-08, 10:30:39 EST
Reprinted from RatingsDirect 


NEW YORK (Standard & Poor's) May 12, 2008--Standard & Poor's Ratings Services 
today assigned its AVERAGE ranking to Helios AMC LLC (Helios) as a commercial 
mortgage special servicer. The outlook for the ranking is stable.
     Although Helios began its operations only in December 2007, it has 
appropriately established the requisite personnel, technology, and operational 
elements to position itself as a successful special servicer for third-party 
clients, especially with respect to commercial mortgage-backed securities 
(CMBS) assets. The three executives comprising the company's management team 
possess substantial industry experience and have worked together for many 
years. Helios has established a solidly experienced professional team for 
asset management, investor accounting and reporting, and compliance to provide 
sufficient capacity for its initial assignments. Helios has also created the 
necessary organizational infrastructure, internal control mechanisms, and 
procedures to manage and report on nonperforming loans and real estate assets 
in a proactive manner. Furthermore, the company has invested significantly in 
its technology environment, which includes a document imaging/electronic file 
management application and a proprietary, suitably designed asset tracking and 
data management system. 
     San Francisco, Calif.-based Helios is 75% owned by Helios Ventures LLC 
and 25% owned by Brookfield Investment Management. Helios Ventures is a joint 
venture of Hyperion Commercial Mortgage Services LLC, which is managed by 
Lewis Ranieri, and Castle Hill Ventures LLC. Brookfield Investment Management 
is a wholly owned subsidiary of Brookfield Asset Management. The three 
managing directors of Helios, Eric Lindner, Michele Heisler, and John Maute, 
were all formerly employed with GMAC Commercial Mortgage Corp. Helios 
currently has 10 employees plus contracted staff to support information 
technology.

     Outlook
     The stable outlook reflects Standard & Poor's belief that Helios is fully 
prepared to serve as an effective special servicer based on its diligent 
operating policies and procedures, experienced management team, investor 
reporting expertise, data management tools, and the financial and ancillary 
support from its investor partners.

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