Attention in the private credit markets remains largely focused on Europe in advance of the Asset Quality Review (“AQR”). A widely anticipated review by the European Central Bank of the financial health of 130 of Europe’s largest banks, the AQR and other stress tests continue to drive banks to actively sell non-core assets in advance of the release of the report. According to estimates, approximately €44 billion in European bank loan sales have been completed in the first six months of 2014 with an additional €40 billion in transactions in progress. In contrast, approximately €64 billion in bank assets transacted in all of 2013 and €46 billion in 2012. Attractive financing has returned to the markets as over €5.5 billion of loan-on-loan commercial real estate (“CRE”) financing was secured in the first half of 2014 to support non-performing loan (“NPL”) transactions. Select closed CRE transactions are highlighted below (in Table 1).