Wednesday, October 22, 2014

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.

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