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.

1 comment:

crabsofsteel said...

Look what came in with the cat; a $50MM appraisal and a $33MM appraisal reduction. And no, the appraisal reduction was not 33,333,333!