Thursday, June 18, 2015

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!

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