Tuesday, March 17, 2015

JPMCC 06-CB16: ooof!!!

Oy vey, Menashe Frankel!  This deal is already shorting to the AJ.

Transaction: JPMC 2006-CIBC16
Property: REPM Portfolio
City/State: multiple cities
Property Type: Industrial 
Balance: $83,264,586
Percentage of Deal: 5.62%
Maturity Date: June 1, 2016
MS: Berkadia Commercial Mortgage
SS: C-III Asset Management LLC
Reason for Transfer: Potential/Imminent Default
On Servicer Watchlist Prior to Transfer: Yes
Previously in Special Servicing: Yes
Previously Modified: Yes

Tuesday, March 10, 2015

Silly loan corner - Sierra Vista Mall

There hasn't been a lot of activity in CMBS collateral these last couple of months, but it is of note that Sierra Vista Mall in COMM 2006-C8 became REO in March.  What makes this loan special is that it was written for $77,777,777.  Did the folks at Deutsche Bank convince the borrower that he would get lucky?   Apparently, the special servicer does not share the same sense of humor as the originator judging by their terse commentary:

 03/04/2015 - This is a single property loan which has become REO.

Friday, February 13, 2015

Profiles in Garbage: LBUBS 2007-C6

If you are a serious CMBS investor, it should have long ago dawned on you that there are 
certain deals/shelves that just flat out suck.  LBUBS is one of them, MLCFC is another, 
CSMC ranks right up there.  To be fair, there are other deals such as MSC 2008-T29 which 
would make you look like a genius if you bought them early on.

Here is today's proof of the pudding.

Transaction: LBUBS 2007-C6
Property: Greensboro Park
City/State: McLean, VA
Property Type: Office
Balance: $108,926,767
Percentage of Deal: 5.85%
Maturity Date: June 11, 2015
MS: Wells Fargo
SS: LNR Partners
Reason for Transfer: Imminent Balloon Payment Default
On Servicer Watchlist Prior to Transfer: Yes
Previously in Special Servicing: Yes
Previously Modified: Yes; Maturity Date Extension

Tuesday, February 10, 2015

I haven't forgotten about you!

Not a lot going on in CMBS land but it's always nice to see another mall loan bite the dust,
Transferred today to the special:

Transaction: MSCI 2007-TOP27
Property: Towne Square Mall
City/State: Owensboro, KY
Property Type: Retail
Balance: $24,504,955
Percentage of Deal: 1.2%
Maturity Date: May 1, 2017
MS: Wells Fargo
SS: C-III Asset Management, LLC
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes 
Previously in Special Servicing: No
Previously Modified: No

Wednesday, December 3, 2014

just in time for Xmas - another $200MM goes into special

Transaction: JPMC 2007-LDP10Property: Lafayette Property TrustCity/State: Alexandria, VAProperty Type: OfficeBalance: $203,250,000Percentage of Deal: 7.0%Maturity Date: 3/1/2017MS: Midland Loan Services, Inc.SS: C-III Asset Management, LLCReason for Transfer: Imminent Monetary Default

Of course, the ratings agencies and issuers would have you think that legacy CMBS are behaving just peachy, with delinquency rates below  6%.  Let me ask you this: if a loan has had an A//B note modification, and as is typical the B note pays nothing, isn't that loan partly delinquent?  I would say so, because the trust is not receiving its contracted cashflow from that loan.  But, they don't want to include B-notes in their delinquency numbers because that would just be "bad news"