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?


crabsofsteel said...

Nothing apparently wrong besides the low DSCR and 77% occupancy. The borrower is present in many other CMBS loans. Target is still at the location. My guess is that Mr. Ben is looking for a modification in advance of the loan's balloon next year.

George Bonlaparte said...

If the mall is underwater sufficiently to have refi issues it is better to acknowledge it and address the issues...all with the objective of maximizing recoveries...this can only be substantially done by special, hence the transfer...