Friday, July 17, 2015

GSMS 2006-GG8 & CD 2006-CD3: Fitch is messing with your mind

Transaction: GSMS 2006-GG8 & CD 2006-CD3
Property: Fair Lakes Office Park
City/State: Fairfax, VA
Property Type: Office
Balance: $259,000,000 ($116,550,000 rated by Fitch)
Percentage of Deal: 4.7% & 7.3%
Maturity Date: August 1, 2016
MS: Wells Fargo/Berkadia
SS: C-III Asset Management LLC
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: No
Previously Modified: No

Fitch sends out a weekly comment about the state of the CMBS market which includes any special servicing transfers of loans over $20MM.  However, in their rush to get out the door on Fridays, they send it in the morning.  This transfer to special servicing was reported as usual in the afternoon.  One more reason to love Fitch!


Anonymous said...

wow, Commercial Real Estate Direct beat Fitch on that one. They had the transfer on 29 June:

Monday, 29 June 2015
$259Mln Loan Against Va. Office Portfolio Moved to Special Servicing

The $259 million CMBS loan against a portfolio of nine office properties with 1.25 million square feet in Fairfax, Va., has been transferred to special servicer C-III Asset Management because it's expected to default, according to TreppWire.

A $142.45 million piece of the debt is securitized through CD, 2006-CD3, while a $116.55 million piece is securitized through GS Mortgage Securities Corp. II, 2006-GG8. The debt pays a 6.218 percent coupon and is scheduled to mature in August 2016.

Shorenstein Properties owns the collateral, the Fair Lakes Office Portfolio. The portfolio is about 82 percent occupied, but that's projected to fall to 61 percent by the end of the year when SRA International Inc. vacates 264,514 sf.

crabsofsteel said...

So a transfer that happened on 6/29 got reported by Fitch on 7/17 ... someone must have had a nice vacation. Go Fitch!