Wednesday, September 9, 2015

CSMC 2006-C4: why single-tenant exposure matters

Transaction: CSMC 2006-C4
Property: Maxtor Campus
City/State: Longmont, CO
Property Type: Office
Balance: $45,100,344
Percentage of Deal: 1.51%
Maturity Date: July 11, 2016
MS: KeyBank Real Estate Capital
SS: C-III Asset Management
Reason for Transfer: Imminent Default
On Servicer Watchlist Prior to Transfer: Yes; 4/13/15
Previously in Special Servicing: No
Previously Modified: No

Maxtor ... didn''t they make disk drives?  Oh, now they're part of Seagate Technologies.

From the watchlist:

07/13/2015  Per the borrower, tenant has not renewed and does not have interest in renewing.  The property has been on the market for lease with CBRE.  They currently do not have active prospects.


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