Monday, October 24, 2011
Last week it was reported the first AAA CMBS in Europe took a principal writedown. However, keep in mind that the EPICP INDU deal was a single floating-rate loan on a portfolio of 119 properties in the UK. It originally matured on 4/20/2011, but the loan terms were modified to extend it to 4/20/2014. Still unable to survive, it ultimately 65% loss on the senior note and 100% on the junior and mezz pieces.