The DJ News headline characterizes it as "rare",
CMBS Investors Get Rare Payoff On '07 Loan
Harris Trifon, a commercial mortgage bond strategist at Deutsche Bank, characterized the sale as "astounding"
By actually turning a profit on the loan, which it has been trying to resolve for three years, troubled-loan specialist firm CW Capital Asset Management has demonstrated that in some cases, patience pays.
It sure does! They charged $10.6mm in fees! That is like 14.5% of the loan's balance - not only did they manage to not get sued by the CMBS trust holders, support their own weakened B-Piece position, make a great deal with BlackRock and Korman (the buyers), but they completely ripped the face off the sponsor while he was down. Awesome! Riveting!
Do you know what else is rare and astounding? The Ossabaw Island Hog. Pig roast anyone?