Tuesday, August 25, 2015

LBUBS 2005-C7: mod and probably remod

Transaction: LBUBS 2005-C7
Property: Sarasota Main Plaza
City/State: Sarasota, FL
Property Type: Retail
Balance: $20,702,257 (A Note) $14,269,089 (B Note)
Percentage of Deal: 9.02%
Maturity Date: September 15, 2015
MS: Wells Fargo
SS: C-III Asset Management, LLC
Reason for Transfer: Balloon Payment/Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 5/11/15
Previously in Special Servicing: Yes
Previously Modified: Yes

Wednesday, August 19, 2015

MSC 2006-IQ11: 5.7% not watchlisted but balloon defaults anyway

Transaction: MSCI 2006-IQ11
Property: Merritt Square Mall
City/State: Merritt Island, FL
Property Type: Retail
Balance: $52,914,188
Percentage of Deal: 5.69%
Maturity Date: September 1, 2015
MS: Wells Fargo
SS: LNR Partners
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: No
Previously Modified: No

Tuesday, August 4, 2015

JPMCC 2005-LDP4: Is Vonage vacating or downsizing?

Transaction:  JPMC 2005-LDP4
Property: 23 Main Street
City/State: Holmdel, NJ
Property Type: Office
Balance: $28,820,415    
Percentage of Deal: 3.89%
Maturity Date: September 1, 2018
MS: Berkadia Commercial Mortgage
SS: C-III Asset Management, LLC
Reason for Transfer: Imminent Default
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: No
Previously Modified: No

This is the Vonage corporate headquarters, so something has to have happened.  Cheaper quarters in Newark?  Patersen?