Wednesday, May 25, 2016

Always a pleasure to hear from Roger ...

CBL reportedly under investigation 
   
The Wall Street Journal is reporting that CBL Associates Properties is 
under investigation by the FBI and the SEC. The probe is focused on 
whether officials at the real estate company “falsified information 
on financial statements to banks when applying for financing 
arrangements.” 
   
We show the CMBS exposure we found related to CBL, which totaled 
nearly $3 billion. Until more details emerge, it is of course difficult
to estimate the impact of the news story on the individual loans and 
deals. 
    

Wednesday, May 18, 2016

GECMC 2005-C1: 77% goes blooey, again ...

Transaction: GECMC 2005-C1
Property: Lakeside Mall
City/State: Sterling Heights, MI
Property Type: Retail
Balance: $72,225,495
Percentage of Deal: 76.67%
Modified Maturity Date: June 10, 2016
MS: Midland Loan Services
SS: C-III Asset Management LLC 
Reason for Transfer: Imminent Default
On Servicer Watchlist Prior to Transfer: Yes; 3/4/16
Previously in Special Servicing: Yes; Returned to Master Servicer on 
5/14/10
Previously Modified: Yes; Maturity Extension

WFRBS 2013-C12: CMBS 2.0 loan, never watchlisted, 2.4% transfers to special. Miam Miam!

Transaction: WFRBS 2013-C12
Property: Studio Green Apartments (date of transfer: 4/22/16)
City/State: Newark, DE
Property Type: Multifamily-Student
Balance: $28,205,901
Percentage of Deal: 2.40%        
Maturity Date: March 1, 2023
MS: Wells Fargo Bank, NA
SS: Rialto Capital Advisors, LLC
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: No
Previously Modified: No

Monday, May 16, 2016

CGCMT 2006-C4; you don't hear much about this deal, but 11% just maturity defaulted

Transaction: CGCMT 2006-C4
Property: DuBois Mall
City/State: DuBois, PA
Property Type: Retail
Balance: $30,435,471.13
Percentage of Deal: 11.12%
Maturity Date: May 11, 2016
MS: Midland Loan Services
SS: C-III Asset Management LLC
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 02/11/16
Previously in Special Servicing: No
Previously Modified: No

JPMCC 2006-CB15: anybody want class AJ (already shortfalling interest)? 21% maturity defaults

Transaction: JPMCC 2006-CB15
Property: Greenway Portfolio
City/State: Middleton, WI
Property Type: Office
Balance: $112,000,000
Percentage of Deal: 21.3%
Maturity Date: May 1, 2016
MS: Wells Fargo
SS: LNR Partners, LLC
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 02/08/16
Previously in Special Servicing: No 
Previously Modified: No


The wonderful thing about this transfer is that the May remittance came out last Thurs. 5/12.  Two days later, surprise, surprise!  The entire deal balance is about $530MM.  Oops!

Friday, May 13, 2016

COMM 2013-CR13: CMBS 2.0 oops! 2.2% transfers to special

Transaction: COMM 2013-CR13
Property: Abbotts Square
City/State: Philadelphia, PA
Property Type: Mixed-Use
Balance: $23,869,053
Percentage of Deal: 2.17%
Maturity Date: December 6, 2023
MS: Wells Fargo
SS: Wells Fargo
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: No
Previously Modified: No
 

Saturday, May 7, 2016

Is it watchlisted? Is it in special servicing? No, it is a "Potential Maturity Default"! Thank you, Fitch


Transaction: GSMS 2006 GG8
Property: CA Headquarters
City/State: Islandia, NY
Property Type: Office
Balance: $165,643,200
Percentage of Deal: 8.65%
Maturity Date: August 6, 2016
MS: Wells Fargo
SS: ORIX Capital Markets, LLC
Reason for Transfer: Potential Maturity Default
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: No
Previously Modified: No

Transaction: MSC 2006-HQ10
Property: PPG Portfolio 
City/State: Various
Property Type: Office
Balance: $97,864,747
Percentage of Deal: 12.1%
Maturity Date: October 8, 2016
MS: Wells Fargo
SS: LNR Partners, LLC
Reason for Transfer: Potential Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 8/10/15
Previously in Special Servicing: No
Previously Modified: No