Friday, September 12, 2014

BSCMS 2007-PW15 AJ and AJFL take a 16% writedown

That's one $200MM B-note we won't have to worry about any more.

Wednesday, September 3, 2014

Solana resolves

from Barcap:

CMBS: $360mn Solana sold for $180mn, 66% loss; loss recoupment
for LDPX subordinate bonds (BACM 07-1, LDPX)
   
The Fort Worth Star Telegram reported Tuesday that the Solana mixed use office, retail,
and hotel complex was liquidated for $180mn in a sale to Blackstone Group. The property
backs a $360mn loan split between a $220mn loan in BACM 2007-1 and a $140mn loan in
JPMCC 2007-LDPX, which had been in special servicing since 2009 and in REO since the
beginning of 2014. The sale price was below the latest appraisal of $184.9mn in March 2014.
 
The liquidation will repay sizeable advances and ASER accumulated for each deal after
repaying selling costs and lead to principal losses of about 66%.
 
==========================================================
 
Question for my CMBS brethren: is there an issuer who stands out as worse than the others?
Almost every one has toxic deals under their belt with shortfalling AJs or AMs; BACM, COMM,
GMACC, GSMS, JPMCC, MLCFC, MLMT, MSC, WBCMT.  I believe who the originator is makes a
difference.  What about you?

Thursday, August 21, 2014

A hidden pearl

I wonder how many of you have ever faced the situation of being without Intex, Trepp or Bberg and need to look up some bond, or a loan in a deal just to know what deal it's in, what its balance is and so on. 

www.cmbs.com is free, and it's easy to use.  Where it says "find bonds", you can put in a deal using Bberg nomenclature or even a subset of the deal name.  So putting in "2008-c2" will find that most wonderful deal, JPMCC 2008-C2. 

You can see the capital structure and the underlying loans.  OK, you cannot run yields, but it sure costs a lot less than Trepp!

Wednesday, July 30, 2014

Why is this?

According to Morningstar, based on June data:

"the delinquent unpaid balance for commercial mortgage-backed securities, or CMBS, continued its decline to a trailing 12-month low of $32.48 billion (4.32%)"

CS and Barclays both say it's over 8%.

None of the above report non-paying B-notes as delinquent but that's maybe 0.5%

4% versus 8%.  What am I missing?

Friday, June 27, 2014

et encore! another $150MM goes to special

Transaction: GECMC 2006-C1 & GMAC 2006-C1
Property: James Center
City/State: Richmond, VA
Property Type: Office
Balance: $150,000,000
MS: Berkadia Commerical Mortgage LLC
SS: LNR Partners, Inc.
Reason for Transfer: Potential/ Imminent Default