Babcock & Brown: one mod wasn't good enough?

Transaction: CSMC 2006-C4

Property: Babcock & Brown FX 3

City/State: Various

Property Type: Multifamily

Balance: $90,037,030

Percentage of Deal: 2.78%

Original Maturity Date: January 11, 2016

MS: Berkadia Commercial Mortgage

SS: Situs Holdings, LLC

Reason for Transfer: Material default

On Servicer Watchlist Prior to Transfer: Yes

Previously in Special Servicing: Yes

Previously Modified: Yes; Maturity extended to February 2017 and principal forgiveness

 
Also, the October remittance cycle was pretty ho-hum.  Biggest move I saw was 400mm in 60 day dq in MLMT 2007-C1 on two Ezra Beyman loans which had already benefited from a 70/30 A/B note mod, but apparently that was due to a late payment being applied by the servicer.  We shall see.