Friday, March 27, 2015

WBCMT 2007-C30: we have another winner!!!

This deal is already being shorted to the AJ, largely thanks to the Stuy Town appraisal reduction.

Transaction: WBCMT 2007-C30
Property: Eastland Center
City/State: Harper Woods, MI
Property Type: Retail
Balance: $37,469,051
Percentage of Deal: 0.55%
Maturity Date: October 11, 2016
MS: Wells Fargo
SS: CW Capital Asset Management
Reason for Transfer: Imminent Non-Monetary Default
On Servicer Watchlist Prior to Transfer: Yes
Previously in Special Servicing: No
Previously Modified: No

The loan matures in a year and a half.  The watchlist comment says nothing about why a non-monetary default is imminent.  Obviously, a mall built in 1957 is likely not attracting tier 1 tenants. Anyone feel like doing some research, or is it going to have to be me?

Tuesday, March 17, 2015

JPMCC 06-CB16: ooof!!!

Oy vey, Menashe Frankel!  This deal is already shorting to the AJ.

Transaction: JPMC 2006-CIBC16
Property: REPM Portfolio
City/State: multiple cities
Property Type: Industrial 
Balance: $83,264,586
Percentage of Deal: 5.62%
Maturity Date: June 1, 2016
MS: Berkadia Commercial Mortgage
SS: C-III Asset Management LLC
Reason for Transfer: Potential/Imminent Default
On Servicer Watchlist Prior to Transfer: Yes
Previously in Special Servicing: Yes
Previously Modified: Yes

Tuesday, March 10, 2015

Silly loan corner - Sierra Vista Mall

There hasn't been a lot of activity in CMBS collateral these last couple of months, but it is of note that Sierra Vista Mall in COMM 2006-C8 became REO in March.  What makes this loan special is that it was written for $77,777,777.  Did the folks at Deutsche Bank convince the borrower that he would get lucky?   Apparently, the special servicer does not share the same sense of humor as the originator judging by their terse commentary:

 03/04/2015 - This is a single property loan which has become REO.