CSMC 2006-C4: Babcock & Brown again?

The big news today in case you are marooned on a desert island is that

Stuy Town sold for $5.4B, which should be enough to make senior 

bondholders whole with respect to principal and unpaid interest.  I 

think it's a pretty good deal all around (except if you were a mezz 

lender) in that Blackstone's cost is half the average market rate per 

apartment, and the rights of the non-market rate tenants are protected

for a number of years.

In the meantime, CS continued its love affair with bad multifamily 

lending.  Where are you,Andy Stone?  (answer: Petra Capital Mgmt)

Transaction: CSMSC 2006-C4
Property: Babcock & Brown FX 3
City/State: Various
Property Type: Multifamily
Balance: $52,230,067
Percentage of Deal: 1.76%
Modified Maturity Date: February 15, 2017
MS: KeyBank Real Estate Capital 
SS: C-III Asset Management LLC
Reason for Transfer: Borrower Bankruptcy
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: Yes
Previously Modified: Yes; Maturity Extension and Principal Forgiveness