Thursday, May 18, 2017

MSC 2007-IQ14: City View Center is resolved. Morgan Stanley eats some crow.

Long story short: City View Center ($84MM) was built on top of two landfills with a methane remediation system that did not work. Walmart moved in, it stank, Walmart moved out, and the borrower defaulted. The special servicer sued MSMC for repurchase, which has been kicking around in the courts for several years. From their comment below from this month's remittance, it appears that the case has been settled.


The Special Servicer, acting on behalf of the Noteholder/Trust, and Morgan Stanley Mortgage Capital Inc.('MSMC') have reached an agreement to settle in full the Trust's litigation relating to alleged breaches by MSMC of representation and warranty ma de to the Trust at the time of securitization. The settlement to the Trust of cash in the amount of $62.5 million has been completed and funded. Settlement terms include, among other standard terms, no admission of wrongdoing by either party and full mutual releases. The loan is now being marketed for sale.

Tuesday, May 16, 2017

GSMS 2007-GG10: Two-day double header! 19.1% goes back into special servicing

Transaction: GSMS 2007-GG10
Property: 400 Atlantic Street
City/State: Stamford, CT
Property Type: Office
Balance: $265,000,000
Percentage of Deal: 19.07%
Maturity Date: June 6, 2017
MS: Wells Fargo
SS: C-III Asset Management LLC
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 07/06/16
Previously in Special Servicing: Yes, Returned to Master Servicer on 06/09/16
Previously Modified: No

Monday, May 15, 2017

GSMS 2007-GG10: What's another 2% of crap when you're already shorting the AJ?


Transaction: GSMS 2007-GG10
Property: CitiFinancial
City/State: Fort Mill, SC
Property Type: Office
Balance: $27,700,000
Percentage of Deal: 1.99%
Maturity Date: April 6, 2017
MS: Wells Fargo
SS: C-III Asset Management LLC
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: No
Previously Modified: No

Friday, May 12, 2017

MSC 2007-IQ13: 57.7% goes to the potty


Transaction: MSC 2007-IQ13
Property: Gateway I
City/State: Newark, NJ
Property Type: Office
Balance: $85,215,767
Percentage of Deal: 57.7%
Maturity Date: April 5, 2017
MS: Wells Fargo
SS: LNR Partners
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 01/09/17
Previously in Special Servicing: Yes; Returned to Master Servicer on 07/18/11

Friday, May 5, 2017

GSMS 2007-GG10: 3.3% of this benchmark deal goes fishin'

Transaction: GSMS 2007-GG10
Property: Rosemont Commons
City/State: Fairlawn, OH          
Property Type: Retail
Balance: $55,500,000
Percentage of Deal: 3.33%
Maturity Date: June 6, 2017
MS: Wells Fargo
SS: C-III Asset Management LLC
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 03/06/17
Previously in Special Servicing: No
Previously Modified: No