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
 

Monday, June 13, 2016

JPMCC 2006-LDP9: 1.9% never watchlisted, never in special, says Look in the Diaper, it's Poopie!

Transaction: JPMCC 2006-LDP9
Property: Cheyenne Commons
City/State: Las Vegas, NV
Property Type: Retail
Balance: $55,000,000
Percentage of Deal: 1.93%
Maturity Date: November 1, 2016
MS: Midland Loan Services
SS: CWCapital Asset Management LLC
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: No 
Previously in Special Servicing: No
Previously Modified: No
   

Tuesday, June 7, 2016

CGCMT 2007-C6: a deal that was oh so clean has 1.3% term default just a year away from maturity ... oops!

Transaction: CGCMT 2007-C6
Property: Herndon Square Office Park
City/State: Herndon, VA
Property Type: Office
Balance: $47,500,000
Percentage of Deal: 1.33%
Maturity Date: June 1, 2017
MS: Wells Fargo
SS: CWCapital Asset Management
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes, 12/06/13 
Previously in Special Servicing: No
Previously Modified: No

   

Wednesday, June 1, 2016

WBCMT 2007-C30: 0.5%, never watchlisted, says hello to the special servicer

Was sich passiert?  (What's happening, babe?)

Transaction: WBCMT 2007-C30
Property: Mercedes–Benz Central Parts Warehouse
City/State: Vance, AL
Property Type: Industrial
Balance: $25,448,701
Percentage of Deal: 0.50%
Maturity Date: January 11, 2017
MS: Wells Fargo
SS: CWCapital Asset Management
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: No
Previously Modified: No


A well-known German proverb says:

"Alles hat eine Ende, nur die Wurst hat zwei"

meaning:

"Everything has an end, but a sausage has two"

GSMS 2006-GG8: Imminent maturity default in July? 7% goes to the special

Transaction: GSMS 2006-GG8
Property: The Alhambra
City/State: Alhambra, CA
Property Type: Office
Balance: $130,000,000
Percentage of Deal: 7.04%
Maturity Date: July 6, 2016
MS: Wells Fargo
SS: C-III Asset Management, LLC 
Reason for Transfer: Imminent Maturity Default 
On Servicer Watchlist Prior to Transfer: Yes; 12/8/14

Previously in Special Servicing: No 
Previously Modified: No



Fitch is always good for a laugh.

Tuesday, May 31, 2016

LBUBS 2007-C2: Now this is interesting...

Transaction: LBUBS 2007-C2
Property: FedEx Portfolio
City/State: various cities
Property Type: Industrial
Balance: $30,800,000
Percentage of Deal: 1.55%
Maturity Date: February 11, 2017
MS: Wells Fargo
SS: LNR Partners, Inc.
Reason for Transfer: Payment Default 
On Servicer Watchlist Prior to Transfer: Yes; 6/11/15
Previously in Special Servicing: No 
Previously Modified: No



For those of you who don't follow these things, Orix used to be the special servicer on this deal and liquidated a boatload of delinquencies in one single month making AJ the bottom class and leaving a clean deal with no delinquencies.  Since then, Orix seems to have figured out that there were still collateral issues and sold the AJ to LNR.  Hot potato!