Friday, September 12, 2014
Wednesday, September 3, 2014
CMBS: $360mn Solana sold for $180mn, 66% loss; loss recoupment
for LDPX subordinate bonds (BACM 07-1, LDPX)
The Fort Worth Star Telegram reported Tuesday that the Solana mixed use office, retail,
and hotel complex was liquidated for $180mn in a sale to Blackstone Group. The property
backs a $360mn loan split between a $220mn loan in BACM 2007-1 and a $140mn loan in
JPMCC 2007-LDPX, which had been in special servicing since 2009 and in REO since the
beginning of 2014. The sale price was below the latest appraisal of $184.9mn in March 2014.
The liquidation will repay sizeable advances and ASER accumulated for each deal after
repaying selling costs and lead to principal losses of about 66%.
Question for my CMBS brethren: is there an issuer who stands out as worse than the others?
Almost every one has toxic deals under their belt with shortfalling AJs or AMs; BACM, COMM,
GMACC, GSMS, JPMCC, MLCFC, MLMT, MSC, WBCMT. I believe who the originator is makes a
difference. What about you?