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" 

Saturday, November 15, 2014

JPMCC 2006-LDP7: top loan Westfield Centro = 8% of the pool goes delinquent

Borrower wants a mod ... that's SO 2012.  What's $240,000,000 between friends?

At a Glance
Note StatusSpecially Serviced
Current Balance persf$101.52
DSCR0.86
Last Payment Date9/1/2014
% of Pool7.81%
Property TypeRetail
Number of Properties5
Securitization NameJPMCC 2006-LDP7

Wednesday, November 5, 2014

MSC 2007-HQ12: Who is Parkoff?

Transaction: MSCI 2007-HQ12
Property: Parkoff Portfolio
City/State: New York, NY
Property Type: Multifamily
Balance: $170,000,000
Percentage of Deal: 13.5%
Maturity Date: April 1, 2017
MS: Wells Fargo
SS: CWCapital Asset Management, LLC
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes
Previously in Special Servicing: No
Previously Modified: Split into A-Note and B-Note prior to securitization