Tuesday, February 9, 2016

CSMC 2007-C1: one mod wasn't good enough for you? 7.1% retransfers to special

Transaction: CSMC 2007-C1
Property: Cityplace – A & B Note
City/State: West Palm Beach, FL
Property Type: Mixed Use
Balance: $150,000,000 ($50,000,000 B Note) 
Percentage of Deal: 7.1%
Modified Maturity Date: December 11, 2018
MS: Berkadia
SS: C-III Asset Management LLC
Reason for Transfer: Imminent Monetary Default 
On Servicer Watchlist Prior to Transfer: Yes, 7/13/2015
Previously in Special Servicing: Yes
Previously Modified: Yes; Maturity Extension; Split into an A&B Note; Rate Change
 

Thursday, February 4, 2016

COMM 2006-C7: 2.0% transfers to special

Transaction: COMM 2006-C7
Property: Heyman Properties - LGA
City/State: East Elmhurst, NY
Property Type: Hotel
Balance: $23,930,506
Percentage of Deal: 2.03%
Maturity Date: April 1, 2016
MS: Midland Loan Services
SS: CWCapital Asset Management
Reason for Transfer: Inability to make loan payments
On Servicer Watchlist Prior to Transfer: Yes; 9/3/09
Previously in Special Servicing: No
Previously Modified: No
 
We've seen this loan before when it was known as Avistar/Courtyard by Marriott.  
Another winner from COMM-2006-C7!

Thursday, January 28, 2016

MSC 2011-C2: Why let legacy CMBS have all the fun? 4.2% transfers to special

Transaction: MSC 2011-C2
Property: Georgetown Center
City/State: Washington, DC
Property Type: Office
Balance: $46,500,000
Percentage of Deal: 4.20%
Maturity Date: April 1, 2016
MS: Berkadia Commercial Mortgage LLC
SS: Strategic Asset Services
Reason for Transfer: Imminent default
On Servicer Watchlist Prior to Transfer: Yes; 1/11/16
Previously in Special Servicing: No
Previously Modified: No

Wednesday, January 27, 2016

MLCFC 2007--9 rings in the New Year with 1.8% transferring to the special servicer for a maturity mod

Transaction: ML-CFC 2007-9
Property: San Souci Plaza
City/State: California, MD
Property Type: Retail
Balance: $27,200,000
Percentage of Deal: 1.82%
Maturity Date: December 1, 2016
MS: Midland Loan Services
SS: LNR Partners, LLC
Reason for Transfer: Maturity extension requested 
On Servicer Watchlist Prior to Transfer: Yes; 1/8/14
Previously in Special Servicing: No
Previously Modified: No
 

Note for non-speakers of French: San Souci (or correctly, Sans Souci) means "without a worry."  Right they are!

Tuesday, January 12, 2016

COMM 2006-C7: Bang! Zoom! 10.3% goes to the special

Why does this always happen right after the monthly remittance
report comes out? Answer: it's COMM.  Deal is already being 
shorted at the AJ level.

Transaction: COMM 2006-C7
Property: 700 South Flower Plaza  
City/State: Los Angeles, CA
Property Type: Mixed Use 
Balance: $121,778,568
Percentage of Deal: 10.31%
Maturity Date: April 1, 2016
MS: Midland Loan Services
SS: CWCapital Asset Management
Reason for Transfer: Imminent Maturity Default 
On Servicer Watchlist Prior to Transfer: Yes; 4/4/12
Previously in Special Servicing: No
Previously Modified: No

JPMCC 2006-CB17: Mezz bonds get hammered by $219MM in losses

With the liquidation of REO Bank of America Plaza and other REO loans in the deal, classes B->J got written down, all but class B to 0.  At least they got a final interest payment before saying au revoir monde cruel.