Thursday, September 22, 2016

MSC 2007-HQ12: 3.8% says, why wait until April when I can get sent to special servicing now!

Transaction: MSC 2007-HQ12
Property: Somerset Crossing
City/State: Gainesville, VA
Property Type: Retail
Balance: $25,508,302
Percentage of Deal: 3.79%
Maturity Date: April 1, 2017
MS: Wells Fargo
SS: LNR Partners, LLC
Reason for Transfer: Imminent Monetary (Balloon/Maturity Default)
On Servicer Watchlist Prior to Transfer: Yes, 05/08/13
Previously in Special Servicing: No 
Previously Modified: No

Tuesday, September 20, 2016

COMM 2006-C8: 3.3% says excuse me, I can't get paid off!

Transaction: COMM 2006-C8
Property: Regions Center
City/State: Little Rock, AR
Property Type: Office
Balance: $30,060,293
Percentage of Deal: 3.27%
Maturity Date: September 1, 2016
MS: Midland Loan Services 
SS: LNR Partners, LLC
Reason for Transfer: Maturity Default 
On Servicer Watchlist Prior to Transfer: Yes, 06/06/16 
Previously in Special Servicing: No
Previously Modified: No

Monday, September 19, 2016

WBCMT 2006-C28: about to mature GA office loan = 4.5% of pool gets sent to special servicer

Never watchlisted ... Wachovia lives on!

Transaction: WBCMT 2006-C28
Property: Lakeside Pool 
City/State: Tucker, GA
Property Type: Office 
Balance: $39,856,441
Percentage of Deal: 4.51%
Maturity Date: October 11, 2016
MS: Wells Fargo 
SS: CWCapital Asset Management
Reason for Transfer: Imminent Maturity Default 
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: No
Previously Modified: No

Thursday, September 8, 2016

CGCMT 2006-C5: 5.5% about to balloon default

As long as Rein's Deli in Vernon remains open, I don't care 
about this shopping plaza.

Transaction: CGCMT 2006-C5
Property: Tri City Plaza
City/State: Vernon, CT
Property Type: Retail
Balance: $40,000,000
Percentage of Deal: 5.45%
Maturity Date: October 11, 2016
MS: Wells Fargo
SS: LNR Partners
Reason for Transfer: Imminent Monetary Default (Balloon/Maturity Default)
On Servicer Watchlist Prior to Transfer: Yes, 09/11/15
Previously in Special Servicing: No
Previously Modified: No 
 

Thursday, September 1, 2016

JPMCC 2006-CB17: 3.7% transfer means deal enters multi-dimensional suck space

Deal is already taking losses at the AJ level.
Food-a-Rama vacated and borrower wants two-year extension
to release the space.  Fine Fine Fine.

Transaction: JPMC 2006-CIBC17
Property: Lutherville Station
City/State: Lutherville, MD
Property Type: Retail
Balance: $23,460,164
Percentage of Deal: 3.67%
Maturity Date: October 1, 2016
MS: Wells Fargo
SS: CWCapital Asset Management
Reason for Transfer: Imminent Monetary (Balloon/Maturity Default)
On Servicer Watchlist Prior to Transfer: Yes, 07/07/15
Previously in Special Servicing: No
Previously Modified: No

BSCMS 2006-T24: catching up in suckiness to 2006-T25, 22.3% maturity defaults and transfers to special

Transaction: BSCM 2006-TOP24
Property: Dulles Executive Plaza
City/State: Herndon, VA
Property Type: Office
Balance: $68,750,000
Percentage of Deal: 22.31%
Maturity Date: September 1, 2016
MS: Wells Fargo
SS: C-III Asset Management, LLC
Reason for Transfer: Imminent Monetary Default (Balloon/Maturity Default)       
On Servicer Watchlist Prior to Transfer: Yes, 11/04/13
Previously in Special Servicing: No
Previously Modified: No

BSCMS 2005-T20: Not a deal in the news until now, when 58.5% transfers to special!

Another "Other" transfer.  Which means I have to do more work to find 
out why!

Transaction: BSCMS 2005-TOP20
Property: Lakeforest Mall
City/State: Gaithersburg, MD
Property Type: Retail
Balance: $80,890,870
Percentage of Deal: 58.50%
Maturity Date: July 8, 2010
MS: Wells Fargo
SS: C-III Asset Management, LLC
Reason for Transfer: Other
On Servicer Watchlist Prior to Transfer: Yes
Previously in Special Servicing: Yes, 05/11/2010, 07/20/16
Previously Modified: Yes, A/B note, Term increased by 86 periods; maturity modeled
as 09/2017. IO periods increased by 60

CWCI 2007-C2: The third shoe drops ... 1.4% from the borrower with 2 other loans = 4,5% transfers to special

First of all, someone at Fitch must have just returned from vacation.
Nothing all of last week, and today, boom!  4 new transfers to special.

The same borrower has 90 Melville Rd. and 275 Broadhollow Rd. back in 
special (see previous blog posts).  Why wasn't structured as one large
multi-property loan?  Answer: to disguise borrower risk, a very sleazy
trick in the underwriter's deck of cards.  

Transaction: COBALT 2007 C2
Property: 300 Broadhollow Road
City/State: Melville, NY
Property Type: Office
Balance: $22,000,000
Percentage of Deal: 1.37%
Maturity Date: February 11, 2017
MS: Wells Fargo
SS: CWCapital Asset Management
Reason for Transfer: Other
On Servicer Watchlist Prior to Transfer: Yes, 07/13/15
Previously in Special Servicing: Yes
Previously Modified: Yes, A/B note, I/O period extended, reserves added