Solana is a huge multi-use complex in Westlake, TX owned by Robert Maguire (the man, not the company). It was doing fine last year, but something obviously has gone wrong - its not clear what yet. However, we've never been a fan of Maguire's business model with so much exposure to California, and a surprisingly high amount of exposure to mortgage origination and servicer operations, and even more surprisingly high exposure to the subprime variety!
Solana is has pari passu mortgages in BACM 2007-1 and JPMCC 2007-LDPX.
Fitch:
Solana is secured by a 1.9 million square foot (sf) mixed-use property located in Westlake, TX. The property contains office, retail, and hotel components. The loan transferred to special servicing when the sponsor requested payment relief. As of June 2008, the servicer reported a debt service coverage ratio of 1.88 times (x) and occupancy of 98%.
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