Wednesday, September 16, 2015

BACM 2005-5: such an innocent deal, until 38% transferred to special servicing!

This from S&P:

The Wateridge Office Park loan ($83mn, 34% of pool, CA office), largest in the BACM 2005-C5 transaction, was transferred to the special servicer due to maturity default. The loan was previously on the watchlist due to low occupancy. Currently the property is at 80% occupancy, with a DSCR of 0.78x, which has increased compared to 0.43x last year, but remains well below the underwritten level due to a decrease in base rent & increase in real estate taxes and General & Administrative expenses.

The Orchard Plaza ($10mn, 4% of pool, MI retail), the fourth largest in the transaction, was also transferred to the special due to maturity default. The loan was previously on the watchlist due to low DSCR. Currently the property has a DSCR of 0.71x, which was little changed compared to last year. The decline in DSCR from the underwritten level was due to a 22% decrease in base rent and a 65% increase in expenses.


Yeehah!  I wonder if any of the three analytics providers will bother to update their data in advance of next month's reporting.  Probably not.


crabsofsteel said...

I stand corrected, as Trepp shows these loans as transferred to special servicing.

crabsofsteel said...

According to the October remittance, 51% is now 30 days delinquent. Yow!

crabsofsteel said...

It looks like the large loan which was transferred to special paid off in full, paying down classes AJ, B and C. I believe this is the first legacy AJ to be paid.