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

Thursday, October 30, 2014

One Congress Street: I'm baaack!

Even though it was on the tape as an office property it's mostly a parking garage.  Any ideas for an alternative use for a parking garage?

Transaction: WBCMT 2007-C30
Property: One Congress Street
City/State: Boston, MA
Property Type: Mixed Use
Balance: $190,000,000
Percentage of Deal: 2.80%
Original Maturity Date: March 11, 2014
MS: Wells Fargo
SS: CWCapital Asset Management, LLC
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: Yes
Previously Modified: Yes; Maturity extended to February 2016 and interest rate reduced

Wednesday, October 22, 2014

Babcock & Brown: one mod wasn't good enough?

Transaction: CSMC 2006-C4
Property: Babcock & Brown FX 3
City/State: Various
Property Type: Multifamily
Balance: $90,037,030
Percentage of Deal: 2.78%
Original Maturity Date: January 11, 2016
MS: Berkadia Commercial Mortgage
SS: Situs Holdings, LLC
Reason for Transfer: Material default
On Servicer Watchlist Prior to Transfer: Yes
Previously in Special Servicing: Yes
Previously Modified: Yes; Maturity extended to February 2017 and principal forgiveness
 
Also, the October remittance cycle was pretty ho-hum.  Biggest move I saw was 400mm in 60 day dq in MLMT 2007-C1 on two Ezra Beyman loans which had already benefited from a 70/30 A/B note mod, but apparently that was due to a late payment being applied by the servicer.  We shall see.