Wednesday, July 1, 2015

CD 2007-CD4: Loan gets cured ... for three months

What is it with CwCapital?  This deal is also known for the Riverton Apartments, which is going on its fourth year as REO.  I didn't even know that was permitted by the PSA.  Anyway, this loan was returned to master servicing three months ago, and transferred back to the special today (7/1).

Transaction:  CD 2007-CD4
Property: Texarkana Pavillion
City/State: Texarkana, TX
Property Type: Retail
Balance: $34,320,000
Percentage of Deal: 0.77%
Maturity Date: November 6, 2016
MS: Midland Loan Services
SS: CWCapital Asset Management
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes
Previously in Special Servicing: Yes; Returned to master servicer in March 2015
Previously Modified: Yes


Anonymous said...

Are they not gaming the hell out of the ASER recoveries?

crabsofsteel said...

Classes C down to M are owed $100MM+ in unpaid interest, and there's some $90MM+ of cumulative ASER so depending on which of the bottom classes the special owns, you could very well be right. I always thought it weird that the agencies could rate a structure that diverts cash away from the AAAs to junior bonds, but hey, what's $90MM? As you know, this was resolved with CMBS 2.0.