Friday, February 13, 2015

Profiles in Garbage: LBUBS 2007-C6

If you are a serious CMBS investor, it should have long ago dawned on you that there are 
certain deals/shelves that just flat out suck.  LBUBS is one of them, MLCFC is another, 
CSMC ranks right up there.  To be fair, there are other deals such as MSC 2008-T29 which 
would make you look like a genius if you bought them early on.

Here is today's proof of the pudding.

Transaction: LBUBS 2007-C6
Property: Greensboro Park
City/State: McLean, VA
Property Type: Office
Balance: $108,926,767
Percentage of Deal: 5.85%
Maturity Date: June 11, 2015
MS: Wells Fargo
SS: LNR Partners
Reason for Transfer: Imminent Balloon Payment Default
On Servicer Watchlist Prior to Transfer: Yes
Previously in Special Servicing: Yes
Previously Modified: Yes; Maturity Date Extension

Tuesday, February 10, 2015

I haven't forgotten about you!

Not a lot going on in CMBS land but it's always nice to see another mall loan bite the dust,
Transferred today to the special:

Transaction: MSCI 2007-TOP27
Property: Towne Square Mall
City/State: Owensboro, KY
Property Type: Retail
Balance: $24,504,955
Percentage of Deal: 1.2%
Maturity Date: May 1, 2017
MS: Wells Fargo
SS: C-III Asset Management, LLC
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes 
Previously in Special Servicing: No
Previously Modified: No