CWCI 2007-C2: Loan on watchlist for 7 days transfers to special

Transaction: Cobalt 2007-C2
Property: 275 Broadhollow Road
City/State: Melville, NY
Property Type:  Office
Balance: $33,200,000
Percentage of Deal: 1.76%
Maturity Date: February 11, 2017
MS: Wells Fargo
SS: CWCapital Asset Management
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes; 6/11/15
Previously in Special Servicing: No
Previously Modified: No

In fact, because payment date for this deal is the 17th, no one would have seen the watchlist before yesterday (today is 6/18).  So, investors effectively had one day to decide whether to act on this.  This is why we love Fitch!

LBUBS 2005-C5: Space Net Building to now be called the Space Ghost Building

Transaction: BSCM 2006-PWR14
Property: Fountain Square
City/State: Brookfield, WI
Property Type: Retail
Balance: $39,250,000
Percentage of Deal: 2.19%
Maturity Date: October 1, 2016
MS: Wells Fargo
SS: C-III Asset Management, LLC
Reason for Transfer: Monetary Default
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: No
Previously Modified: No

Transaction: LBUBS 2005-C5
Property: Space Net Building
City/State: McLean, VA
Property Type: Office
Balance: $30,670,643
Percentage of Deal: 4.26%
Maturity Date:  July 11, 2015
MS: Wells Fargo
SS: LNR Partners, Inc.
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes; 4/13/15
Previously in Special Servicing: No
Previously Modified: No

Space Net Building is a 137,000 sf single tenant office building located in McLean, VA, built in 1985.  04/07/2015:  The loan is on the WL because the lease to Space Net expires 03/31/2016 and for a pending loan maturity on 07/11/2015 .  The YE 2014 DSCR is 1.83x, compared to 1.78x at YE 2013.  Occupancy was 100% for both periods.  The borrower reported the renewal status is not yet settled, and that they expect to pay off the loan at the maturity date.now

JPMCC 2006-LDP9: more dreck

Transaction: JPMC 2006-LDP9
Property: Olympia Square
City/State: Olympia, WA
Property Type: Retail    
Balance: $25,400,000
Percentage of Deal: 0.83%
Maturity Date: November 1, 2016
MS: Midland Loan Services
SS: CWCapital Asset Management
Reason for Transfer: Loan is Delinquent
On Servicer Watchlist Prior to Transfer: Yes; 6/10/14
Previously in Special Servicing: No
Previously Modified: No

a little bit of BACM in my life ...

Transaction: BACM 2006-2
Property: Two Rockledge Centre
City/State: Bethesda, MD
Property Type: Office
Balance: $54,600,000    
Percentage of Deal: 2.58%
Maturity Date: July 1, 2015
MS: KeyCorp Real Estate Capital Markets
SS: Torchlight Loan Services, LLC
Reason for Transfer: Balloon Payment/Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 4/6/15
Previously in Special Servicing: No
Previously Modified:No

Transaction: BACM 2006-3
Property: Fifth Third Center
City/State: Columbus, OH
Property Type: Office
Balance: $49,297,427
Percentage of Deal: 3.53%
Maturity Date: July 1, 2016
MS: KeyCorp Real Estate Capital Markets
SS: CWCapital Asset Management
Reason for Transfer: Imminent Default
On Servicer Watchlist Prior to Transfer: Yes; 2/4/15
Previously in Special Servicing: No
Previously Modified: No