Tuesday, July 19, 2016

CWCI 2007-C2: 2.4% heads off to the special after being watchlisted with code 6A. What's a code 6A???

Transaction: CWCI 2007-C2
Property: 90 Merrick Avenue
City/State: East Meadow, NY
Property Type: Office
Balance: $38,000,000
Percentage of Deal: 2.37%
Maturity Date: February 11, 2017
MS: Wells Fargo 
SS: CWCapital Asset Management
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes; 07/11/16
Previously in Special Servicing: No
Previously Modified: No


Yes, it was indeed watchlisted 8 days prior to transfer with code 6A, which means:


User Added Trigger - Any other situation that indicates an increased 
level of  default risk that may create potential losses to investors

The servicer's watchlist comment does help clear things up a bit:

The $38MM loan ($157 psf) is secured by 90 Merrick Ave, a 9 story, 243K sf East Meadow, NY suburban office property constructed in 1986.  The loan is I/O through its 2/11/2017 maturity.  Howard Parnes of Houlihan Parnes and Craig Koenigsberg of CLK are the loan’s guarantors 
 
7/11/2016 - The Borrower has indicated concerns regarding the ability of the loan to pay off at its upcoming maturity due to value impairment.  The Borrower believes the current value of the asset is less than the loan’s balance.  Additionally, the Borrower has indicated it will be losing two minor tenants accounting for aprox 8% of GLA prior to the 2017 maturity.  The Borrower has engaged a modification consultant to discuss its concerns with the Lender.   The loan sponsors for the subject loan are also sponsors for the 275 Broadhollow and 300 Broadhollow Loans in the COBALT07C2 securitization.  275 Broadhollow was recently transferred to the Special Servicer and 300 Broadhollow was previously modified by the Special Servicer.

Tuesday, July 12, 2016

MSC 2006-HQ9: 20% heads to the special for remodification. Reason for transfer: Other?

Transaction: MSCI 2006-HQ9
Property: Gateway Shopping Center
City/State: West Bloomfield, MI
Property Type: Retail     
Balance: $60,000,000
Percentage of Deal: 19.74%
Maturity Date: July 1, 2016
MS: Wells Fargo
SS: C-III Asset Management
Reason for Transfer: Other
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: Yes; Returned to Master Servicer 5/19/2014 
Previously Modified: Yes
  

Monday, July 11, 2016

JPMCC 2007-LD11: 1.7% says see ya!

I apologize for the large number of posts today, but it isn't me!

Transaction: BACM 2007-3 & JPMCC 2007-LD11 (Not rated by Fitch)
Property: JQH Hotel Portfolio
City/State: Various
Property Type: Hotel
Balance: $100,000,000 BACM 2007-3 & $50,000,000 JPMCC 2007-LD11
Percentage of Deal: 4.83% & 1.69%
Maturity Date: May 6, 2017
MS: Wells Fargo
SS: C-III Asset Management
Reason for Transfer: Borrower Bankruptcy
On Servicer Watchlist Prior to Transfer: No 
Previously in Special Servicing: No
Previously Modified: No

JPMCC 2006-CB16: 3.2% maturity defaults. I thought most maturing loans are paying off! At least,that's what they're telling you.

Transaction: JPMCC 2006-CB16
Property: Fountain Place Shopping Center
City/State: Logan, WV
Property Type: Retail
Balance: $21,998,694 
Percentage of Deal: 3.24%
Maturity Date: July 1, 2016
MS: Berkadia
SS: C-III Asset Management
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 09/06/13
Previously in Special Servicing: No
Previously Modified: No

BSCMS 2006-PW11: Basura alert! 18% retransfers to special

Basura is Spanish for garbage.

Transaction: BSCM 2006-PWR11
Property: SBC – Hoffman Estates
City/State: Hoffman Estates, IL
Property Type: Office
Balance: $56,736,076
Percentage of Deal: 17.97%
Maturity Date: December 1, 2035
MS: Wells Fargo
SS: C-III Asset Management, LLC
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes, 07/01/11
Previously in Special Servicing: No
Previously Modified: No

JPMCC 2007-LDPX: A deal which has sucked for a long time now sucks 1.7% more

Transaction: JPMC 2007-LDP10
Property: Ross Retail Portfolio
City/State: Various 
Property Type: Retail
Balance: $46,684,741
Percentage of Deal: 1.7%
Maturity Date: January 1, 2017
MS: Midland Loan Services 
SS: C-III Asset Management LLC 
Reason for Transfer: Inability to pay the loan in full at maturity
On Servicer Watchlist Prior to Transfer: Yes; 4/9/13
Previously in Special Servicing: No
Previously Modified: No

COMM 2006-C8: 5.6% of the pool has summer travel plans! Never watchlisted either.

Transaction: COMM 2006-C8
Property: JQH Hotel Portfolio
City/State: Various
Property Type: Hotel
Balance: $110,283,121
Percentage of Deal: 5.61%
Maturity Date: November 1, 2016
MS: Midland Loan Services
SS: LNR Partners, LLC
Reason for Transfer: Borrower Bankruptcy
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: No
Previously Modified: No

BACM 2007-3: 4.8% transfers to special due to borrower bankruptcy, never watchlisted

Gott in Himmel!  Do you think this transfer was reported on the July remittance for BACM 2007-3 which came out today?  Take a guess!  Several other deals had large transfers reported today; about 0.5% of the legacy market in total.

Transaction: BACM 2007-3 & JPMCC 2007-LD11 (Not rated by Fitch)
Property: JQH Hotel Portfolio
City/State: Various
Property Type: Hotel
Balance: $100,000,000 BACM 2007-3 & $50,000,000 JPMCC 2007-LD11
Percentage of Deal: 4.83% & 1.69%
Maturity Date: May 6, 2017
MS: Wells Fargo
SS: C-III Asset Management
Reason for Transfer: Borrower Bankruptcy
On Servicer Watchlist Prior to Transfer: No 
Previously in Special Servicing: No
Previously Modified: No

Tuesday, July 5, 2016

WBCMT 2006-C25: 33% goes into default

Certainly not good for class AJ, AM, nor A4.

Transaction:  WBCMT 2006-C25
Property: Hercules Plaza            
City/State: Wilmington, DE
Property Type: Office
Balance: $65,106,036
Percentage of Deal: 33.54%
Maturity Date: April 11, 2018
MS: Wells Fargo
SS: CWCapital Asset Management
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes; 2/11/16
Previously in Special Servicing: Yes
Previously Modified: Yes – Payment terms changed to interest only, maturity date
extension and implementation of a lock box.
  

Monday, June 20, 2016

CWCI 2007-C2: Get this loan away from me! 2.1% goes back into special

Note that it was previously with CWCrapital but was returned to master
servicing in March. Coincidentally, this transfer is being reported the 
day after the June report for this deal was released.

Transaction: CWCI 2007-C2
Property: 275 Broadhollow Road
City/State: Melville, NY
Property Type: Office
Balance: $33,200,000.00
Percentage of Deal: 2.07%
Maturity Date: February 11, 2017
MS: Wells Fargo
SS: CWCapital Asset Management LLC
Reason for Transfer: Imminent Monetary Default (Balloon/Maturity Default)       
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: Yes, Returned to Master Servicer 3/1/16
Previously Modified: No