A bankruptcy judge dealing with the Westin Portfolio (JPMCC 2007-C1 & JPMCC 2008-C2) has ordered a 0% interest rate and a 15-year extension! I mean wow! I'm pretty sure that is unprecedented in the CMBS market, although I haven't read all the sell-side research that I'm sure has been published on it the last couple of weeks. Surely that will be overturned.
This was in the WSJ a couple of weeks ago (I'm still catching up, give me a break).
You may think I'm joking about it moving markets, but when it defaulted in 2008, CMBS was all of a sudden all over the MSM and the head of Citi's CMBS research was on CNBC talking about it.
We've previously posted updates on this loan here, here, and here. You might actually recall it because it defaulted in 2008... just 8 months after it was originated.
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15 years of no interest. LNR posted that it was the BK court's decision, which they are appealing, but think about what this means.
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