575 Lex negotiations falter...

Nomura and Crain's reported this morning that talks broke down between the owners (CalSTRS and Silverstein) and Rockrose Development and the owners have taken the property off the market.

Our previous posts on the property are here.

I haven't seen the front pays trade in a couple of weeks, but this definitely pushes the BACM 2007-2 A2 out much longer(years, not months) than if the loan had paid off. BACM 2007-1 A2 is a little different with 2 large maturity defaults that could resolve and several large loans due in the 1Q 2013, then the A3 doesn't start getting additional paydowns until late 3015 and mid 2016.