LBUBS 2007-C1: 3% in Vero Beach FL goes on a special servicing holiday!

Transaction: LBUBS 2007-C1
Property: CVS - Vero Beach
City/State: Vero Beach, FL
Property Type: Industrial 
Balance: $29,750,000
Percentage of Deal: 3.00%
Maturity Date: January 11, 2017
MS: Berkadia
SS: LNR Partners, Inc.
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes, 11/14/16
Previously in Special Servicing: No
Previously Modified: No

MLMT 2007-C1: when you already have $200MM in B-notes and $150MM in delinquencies, what's another $50MM more?

Really, one of the worst deals ever. Shorting interest at the AJ level.
As paying the swap comes first, class AJFL is getting paid nothing.


Transaction: MLMT 2007-C1
Property: OfficeMax Headquarters
City/State: Naperville, IL
Property Type: Office
Balance: $49,000,000
Percentage of Deal: 2.29%
Maturity Date: July 1, 2017
MS: Keybank
SS: C-III Asset Management LLC
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes, 04/01/15
Previously in Special Servicing: No
Previously Modified: No

GSMS 2014-GC26: 1.9% retail in Soho heads to special servicing

Anyone know what is going on?

Transaction: GSMS 2014-GC26
Property: 129-131 Greene Street
City/State: New York, NY
Property Type: Retail
Balance: $23,000,000
Percentage of Deal:  1.85%
Maturity Date: November 6, 2019
MS: Wells Fargo
SS: LNR Partners
Reason for Transfer: Other
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: No
Previously Modified: No 

COMM 2006-C8: on remittance day +1, we find out that 9.8% maturity defaulted

Transaction: COMM 2006-C8
Property: 300 7th Street
City/State: Washington, DC
Property Type: Office
Balance: $51,000,000
Percentage of Deal: 9.83%
Maturity Date: December 1, 2016
MS: Midland Loan Services
SS: LNR Partners, LLC
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: Yes;

09/06/16
Previously in Special Servicing: No
Previously Modified: No

CWCI 2007-C3: Alameda, Alameda! 2.8% heads to special for maturity oops.

Transaction: CWCI 2007-C3
Property: Alameda Media Center
City/State: Burbank, CA
Property Type: Office
Balance: $36,000,000
Percentage of Deal: 2.77%
Maturity Date: June 6, 2017
MS: Wells Fargo
SS: CWCapital Asset Management
Reason for Transfer: Imminent Monetary Default (Balloon/Maturity)
On Servicer Watchlist Prior to Transfer: Yes, 01/11/16
Previously in Special Servicing: No
Previously Modified: No

CD 2007-CD4: 1.7% Sunset Mall heads off into the sunset

Transaction: CD 2007-CD4

Property: Sunset Mall

City/State: San Angelo, TX

Property Type: Retail

Balance: $27,993,382

Percentage of Deal: 1.65%

Maturity Date: December 6, 2016

MS: Midland Loan Services

SS: CWCapital Asset Management

Reason for Transfer: Imminent Maturity Default

On Servicer Watchlist Prior to Transfer: Yes; 09/07/16

Previously in Special Servicing: No

Previously Modified: No

CGCMT 2007-C6: another 1.8% down the hole

Transaction: CGCMT 2007-C6
Property: Crossroads Marketplace
City/State: Chino Hills, CA
Property Type: Retail
Balance: $63,000,000 
Percentage of Deal: 1.81%
Maturity Date: April 6, 2017
MS: Midland Loan Services 
SS: CWCapital Asset Management
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes, 08/06/12
Previously in Special Servicing: No
Previously Modified: No

BACM 2007-2: youpee! Where do I begin? 11.3% goes back to special.

Transaction: BACM 2007-2
Property: Connecticut Financial Center
City/State: New Haven, CT
Property Type: Office
Balance: $ 70,000,000 (A-Note) & $60,400,000 (B-Note)
Percentage of Deal: 11.3%
Maturity Date: March 1, 2017
MS: Berkadia
SS: CWCapital Asset Management, LLC
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes; 11/04/16
Previously in Special Servicing: Yes; Returned to the Master Servicer 1/17/14
Previously Modified: Yes; Hope Note Created, Interest Rate Reduced Year 1 and 2

LBUBS 2007-C2: 2.3% goes into special servicing. Not good when the AJ is the bottom class.

Transaction: LBUBS 2007-C2
Property: Citicorp Meridian ID
City/State: Meridian, ID
Property Type: Office
Balance: $31,442,800
Percentage of Deal: 2.30%
Maturity Date: April 11, 2017
MS: Wells Fargo
SS: LNR Partners
Reason for Transfer: Imminent Monetary (Balloon/Maturity) Default
On Servicer Watchlist Prior to Transfer: Yes, 11/14/16
Previously in Special Servicing: No
Previously Modified: No

CSMC 2007-C1: Whatever a Pinnacle at Tutwiler is, 3.8% transfers to special.

Transaction: CSMC 2007-C1
Property: Pinnacle at Tutwiler
City/State: Trussville, AL
Property Type: Retail
Balance: $48,515,172
Percentage of Deal: 3.80%
Maturity Date: December 11, 2016
MS: Berkadia
SS: C-III Asset Management LLC
Reason for Transfer: Potential/Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes, 10/13/15
Previously in Special Servicing: No
Previously Modified: No

MSC 2006-IQ12: Wheeoops! 10% says mty default

Transaction: MSC 2006-IQ12

Property: Gateway Center IV

City/State: Newark, NJ  

Property Type: Office

Balance: $57,111,536

Percentage of Deal: 10.10%

Maturity Date: November 1, 2016

MS: Berkadia

SS: C-III Asset Management LLC

Reason for Transfer: Maturity Default 

On Servicer Watchlist Prior to Transfer: Yes, 07/08/15

Previously in Special Servicing: Yes; Returned to Master Servicer 3/18/15

Previously Modified: No 

GCCFC 2007-GG9: Bonjour, another 4% maturity default

The deal sucks less than GG10, but it is trying hard to catch up!

Transaction: GCCFC 2007-GG9
Property: Boulevard Mall
City/State: Amherst, NY
Property Type: Retail
Balance: $92,393,224
Percentage of Deal: 3.96%
Maturity Date: February 6, 2017
MS: Wells Fargo
SS: LNR Partners
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 12/07/15
Previously in Special Servicing: No
Previously Modified: No 

CGCMT 2007-C6: On the road to suck, another 3.5% goes into special

Transaction: CGCMT 2007-C6
Property: Greensboro Corporate Center
City/State: Mclean, VA
Property Type: Office
Balance: $122,888,098
Percentage of Deal: 3.50%
Maturity Date: June 6, 2017
MS: Midland Loan Services 
SS: CWCapital Asset Management
Reason for Transfer: Imminent Monetary Default 
On Servicer Watchlist Prior to Transfer: Yes, 06/06/13
Previously in Special Servicing: No 
Previously Modified: No

WBCMT 2006-C28: this won't hit the AJ but 11.5% is still a pretty large transfer

Transaction: WBCMT 2006-C28
Property: Brookfield Lakes Corporate Center
City/State: Brookfield, WI          
Property Type: Office
Balance: $58,259,842
Percentage of Deal: 11.45%
Maturity Date: October 11, 2016
MS: Wells Fargo
SS: CWCapital Asset Management
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 04/11/16 
Previously in Special Servicing: No
Previously Modified: No

COMM 2006-C7: do you own class AJ? Oops!!

There are only two classes outstanding in this deal for a total of about $130MM.  If losses exceed $20MM, class AJ takes writedowns. Noch ein Erfolg (yet another success), Deutsche Bank! 

Transaction: COMM 2006-C7
Property: Fiddler's Green Center
City/State: Greenwood Village, CO
Property Type: Office
Balance: $61,600,000
Percentage of Deal: 47.82%
Modified Maturity Date: May 1, 2018
MS: Midland Loan Services 
SS: CWCapital Asset Management
Reason for Transfer: Other
On Servicer Watchlist Prior to Transfer: No 
Previously in Special Servicing: Yes; Returned to Master Servicer 03/27/13
Previously Modified: Yes, Maturity increased by 24 periods to 05/2018; IO periods increased by 60

COMM 2006-C8: 3.4% transferred in Sep for maturity default, this month another 3.4% goes down the loo

Transaction: COMM 2006-C8
Property: The Park at Spanish Ridge
City/State: Las Vegas, NV
Property Type: Office
Balance: $24,357,009
Percentage of Deal: 3.41%
Maturity Date: November 1, 2016
MS: Midland Loan Services 
SS: LNR Partners, LLC
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 08/04/16
Previously in Special Servicing: No 
Previously Modified: No 

WBCMT 2007-C30: 2% previously modified into A/B notes goes back for more

I wondered why S&P has the AJ class of this deal rated at D even 
though it is current with respect to P&I and has 16% credit support.  
Maybe S&P knew something I didn't!

Transaction: WBCMT 2007-C30
Property: NJ Office Pool
City/State: Multiple Cities, NJ
Property Type: Office
Balance: $ 62,118,000 ($21,168,000 B-Note) 
Percentage of Deal: 1.37%
Maturity Date: February 11, 2017
MS: Wells Fargo
SS: CWCapital Asset Management
Reason for Transfer: Imminent Monetary Default (Balloon/Maturity Default)
On Servicer Watchlist Prior to Transfer: Yes; 10/11/13 
Previously in Special Servicing: Yes; Returned to Master Servicer 8/23/13
Previously Modified: Yes; Hope Note Created

Transaction: WBCMT 2007-C30
Property: NJ Industrial & Office Pool
City/State: Multiple Cities, NJ
Property Type: Industrial & Office
Balance: $33,352,000 ($11,552,000 B-Note)
Percentage of Deal: 0.73%
Maturity Date: February 11, 2017
MS: Wells Fargo
SS: CWCapital Asset Management
Reason for Transfer: Imminent Monetary Default (Balloon/Maturity Default)
On Servicer Watchlist Prior to Transfer: Yes; 3/11/14
Previously in Special Servicing: Yes; Returned to Master Servicer 2/12/14
Previously Modified: Yes; Hope Note Created 

BSCMS 2006-PW14: 5.4% says excuse me!

Transaction: BSCM 2006-PWR14
Property: Fountain Square
City/State: Brookfield, WI
Property Type: Retail
Balance: $39,250,000
Percentage of Deal: 5.39%
Maturity Date: October 1, 2016
MS: Wells Fargo 
SS: C-III Asset Management
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes, 02/04/16
Previously in Special Servicing: Yes; Returned to the Master Servicer 1/6/16
Previously Modified: No 

GSMS 2007-GG10: Benchmark deal heading sourh with another 5.5% going to special

Transaction: GSMS 2007-GG10
Property: TIAA RexCorp New Jersey Portfolio
City/State: Madison, Short Hills, and Morristown, NJ
Property Type: Office
Balance: $270,375,000
Percentage of Deal: 5.53%
Maturity Date: February 6, 2017
MS: Wells Fargo 
SS: C-III Asset Management
Reason for Transfer: Imminent Monetary (Balloon/Maturity Default)
On Servicer Watchlist Prior to Transfer: Yes, 04/06/12 
Previously in Special Servicing: No
Previously Modified: No

LBUBS 2007-C6: 1.5% does another "Other" transfer

Transaction: LBUBS 2007-C6
Property: Lakeland Town Center
City/State: Lakeland, FL
Property Type: Retail
Balance: $25,100,000
Percentage of Deal: 1.49% 
Maturity Date: June 11, 2017
MS: Wells Fargo
SS: LNR Partners
Reason for Transfer: Other
On Servicer Watchlist Prior to Transfer: Yes, 03/11/15
Previously in Special Servicing: No
Previously Modified: No

GSMS 2006-GG8: 2 maturing loans constituting 8% go plop plop fizz fizz

Transaction: GSMS 2006-GG8
Property: Algonquin Center
City/State: Algonquin, IL
Property Type: Retail
Balance: $28,600,000
Percentage of Deal: 5.03%
Maturity Date: October 6, 2016
MS: Wells Fargo
SS: C-III Asset Management, LLC
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 07/06/16
Previously in Special Servicing: No
Previously Modified: No

Transaction: GSMS 2006-GG8
Property: Gateway Mall
City/State: Machesney Park, IL
Property Type: Retail
Balance: $20,750,000
Percentage of Deal: 2.86%
Maturity Date: October 6, 2016
MS: Wells Fargo
SS: C-III Asset Management, LLC
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 07/06/16
Previously in Special Servicing: No 
Previously Modified: No 

WBCMT 2007-C30: 0.5% transfers to special. Does anyone even know where Dardenne Prairie is?

Transaction: WBCMT 2007-C30
Property: Dardenne Town Square
City/State: Dardenne Prairie, MO
Property Type: Retail
Balance: $22,427,672
Percentage of Deal: 0.47%
Maturity Date: January 11, 2017
MS: Wells Fargo
SS: CWCapital Asset Management
Reason for Transfer: Imminent Monetary Default (Balloon/Maturity Default)
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: No
Previously Modified: No 

MSC 2006-IQ12: In honor of the Jewish Holidays, 4% says Oy Vey!

Transaction: MSC 2006-IQ12
Property: Regency Park North
City/State: Brandon, FL
Property Type: Office
Balance: $29,000,000
Percentage of Deal: 3.98%
Maturity Date: 10/1/2016
MS: Berkadia
SS: C-III Asset Management LLC
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 5/09/2016
Previously in Special Servicing: No
Previously Modified: No

LBUBS 2006-C7: 4.2% says I'm ballooning, please somebody pay me off because my borrower can't!

Transaction: LBUBS 2006-C7 
Property: Weatherford Marketplace         
City/State: Weatherford, TX
Property Type: Retail                        
Balance: $20,512,536.15
Percentage of Deal: 4.19%
Maturity Date: October 1, 2016
MS: Wells Fargo
SS: LNR Partners, LLC
Reason for Transfer: Imminent Monetary Default 

(Balloon/Maturity Default)        
On Servicer Watchlist Prior to Transfer: Yes, 

6/13/2016 and periodically since 2010
Previously in Special Servicing: No
Previously Modified: No

MSC 2007-HQ12: 3.8% says, why wait until April when I can get sent to special servicing now!

Transaction: MSC 2007-HQ12
Property: Somerset Crossing
City/State: Gainesville, VA
Property Type: Retail
Balance: $25,508,302
Percentage of Deal: 3.79%
Maturity Date: April 1, 2017
MS: Wells Fargo
SS: LNR Partners, LLC
Reason for Transfer: Imminent Monetary (Balloon/Maturity Default)
On Servicer Watchlist Prior to Transfer: Yes, 05/08/13
Previously in Special Servicing: No 
Previously Modified: No

COMM 2006-C8: 3.3% says excuse me, I can't get paid off!

Transaction: COMM 2006-C8
Property: Regions Center
City/State: Little Rock, AR
Property Type: Office
Balance: $30,060,293
Percentage of Deal: 3.27%
Maturity Date: September 1, 2016
MS: Midland Loan Services 
SS: LNR Partners, LLC
Reason for Transfer: Maturity Default 
On Servicer Watchlist Prior to Transfer: Yes, 06/06/16 
Previously in Special Servicing: No
Previously Modified: No

WBCMT 2006-C28: about to mature GA office loan = 4.5% of pool gets sent to special servicer

Never watchlisted ... Wachovia lives on!

Transaction: WBCMT 2006-C28
Property: Lakeside Pool 
City/State: Tucker, GA
Property Type: Office 
Balance: $39,856,441
Percentage of Deal: 4.51%
Maturity Date: October 11, 2016
MS: Wells Fargo 
SS: CWCapital Asset Management
Reason for Transfer: Imminent Maturity Default 
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: No
Previously Modified: No

CGCMT 2006-C5: 5.5% about to balloon default

As long as Rein's Deli in Vernon remains open, I don't care 

about this shopping plaza.

Transaction: CGCMT 2006-C5
Property: Tri City Plaza
City/State: Vernon, CT
Property Type: Retail
Balance: $40,000,000
Percentage of Deal: 5.45%
Maturity Date: October 11, 2016
MS: Wells Fargo
SS: LNR Partners
Reason for Transfer: Imminent Monetary Default (Balloon/Maturity Default)
On Servicer Watchlist Prior to Transfer: Yes, 09/11/15
Previously in Special Servicing: No
Previously Modified: No 
 

JPMCC 2006-CB17: 3.7% transfer means deal enters multi-dimensional suck space

Deal is already taking losses at the AJ level.

Food-a-Rama vacated and borrower wants two-year extension

to release the space.  Fine Fine Fine.

Transaction: JPMC 2006-CIBC17
Property: Lutherville Station
City/State: Lutherville, MD
Property Type: Retail
Balance: $23,460,164
Percentage of Deal: 3.67%
Maturity Date: October 1, 2016
MS: Wells Fargo
SS: CWCapital Asset Management
Reason for Transfer: Imminent Monetary (Balloon/Maturity Default)
On Servicer Watchlist Prior to Transfer: Yes, 07/07/15
Previously in Special Servicing: No
Previously Modified: No

BSCMS 2006-T24: catching up in suckiness to 2006-T25, 22.3% maturity defaults and transfers to special

Transaction: BSCM 2006-TOP24
Property: Dulles Executive Plaza
City/State: Herndon, VA
Property Type: Office
Balance: $68,750,000
Percentage of Deal: 22.31%
Maturity Date: September 1, 2016
MS: Wells Fargo
SS: C-III Asset Management, LLC
Reason for Transfer: Imminent Monetary Default (Balloon/Maturity Default)       
On Servicer Watchlist Prior to Transfer: Yes, 11/04/13
Previously in Special Servicing: No
Previously Modified: No

BSCMS 2005-T20: Not a deal in the news until now, when 58.5% transfers to special!

Another "Other" transfer.  Which means I have to do more work to find 

out why!

Transaction: BSCMS 2005-TOP20
Property: Lakeforest Mall
City/State: Gaithersburg, MD
Property Type: Retail
Balance: $80,890,870
Percentage of Deal: 58.50%
Maturity Date: July 8, 2010
MS: Wells Fargo
SS: C-III Asset Management, LLC
Reason for Transfer: Other
On Servicer Watchlist Prior to Transfer: Yes
Previously in Special Servicing: Yes, 05/11/2010, 07/20/16
Previously Modified: Yes, A/B note, Term increased by 86 periods; maturity modeled
as 09/2017. IO periods increased by 60

CWCI 2007-C2: The third shoe drops ... 1.4% from the borrower with 2 other loans = 4,5% transfers to special

First of all, someone at Fitch must have just returned from vacation.

Nothing all of last week, and today, boom!  4 new transfers to special.

The same borrower has 90 Melville Rd. and 275 Broadhollow Rd. back in 

special (see previous blog posts).  Why wasn't structured as one large

multi-property loan?  Answer: to disguise borrower risk, a very sleazy

trick in the underwriter's deck of cards.  

Transaction: COBALT 2007 C2
Property: 300 Broadhollow Road
City/State: Melville, NY
Property Type: Office
Balance: $22,000,000
Percentage of Deal: 1.37%
Maturity Date: February 11, 2017
MS: Wells Fargo
SS: CWCapital Asset Management
Reason for Transfer: Other
On Servicer Watchlist Prior to Transfer: Yes, 07/13/15
Previously in Special Servicing: Yes
Previously Modified: Yes, A/B note, I/O period extended, reserves added

CWCI 2007-C2: 2.4% heads off to the special after being watchlisted with code 6A. What's a code 6A???

Transaction: CWCI 2007-C2
Property: 90 Merrick Avenue
City/State: East Meadow, NY
Property Type: Office
Balance: $38,000,000
Percentage of Deal: 2.37%
Maturity Date: February 11, 2017
MS: Wells Fargo 
SS: CWCapital Asset Management
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes; 07/11/16
Previously in Special Servicing: No
Previously Modified: No

Yes, it was indeed watchlisted 8 days prior to transfer with code 6A, which means:

User Added Trigger - Any other situation that indicates an increased  level of  default risk that may create potential losses to investors The servicer's watchlist comment does help clear things up a bit: The $38MM loan ($157 psf) is secured by 90 Merrick Ave, a 9 story, 243K sf East Meadow, NY suburban office property constructed in 1986.  The loan is I/O through its 2/11/2017 maturity.  Howard Parnes of Houlihan Parnes and Craig Koenigsberg of CLK are the loan’s guarantors    7/11/2016 - The Borrower has indicated concerns regarding the ability of the loan to pay off at its upcoming maturity due to value impairment.  The Borrower believes the current value of the asset is less than the loan’s balance.  Additionally, the Borrower has indicated it will be losing two minor tenants accounting for aprox 8% of GLA prior to the 2017 maturity.  The Borrower has engaged a modification consultant to discuss its concerns with the Lender.   The loan sponsors for the subject loan are also sponsors for the 275 Broadhollow and 300 Broadhollow Loans in the COBALT07C2 securitization.  275 Broadhollow was recently transferred to the Special Servicer and 300 Broadhollow was previously modified by the Special Servicer.

MSC 2006-HQ9: 20% heads to the special for remodification. Reason for transfer: Other?

Transaction: MSCI 2006-HQ9
Property: Gateway Shopping Center
City/State: West Bloomfield, MI
Property Type: Retail     
Balance: $60,000,000
Percentage of Deal: 19.74%
Maturity Date: July 1, 2016
MS: Wells Fargo
SS: C-III Asset Management
Reason for Transfer: Other
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: Yes; Returned to Master Servicer 5/19/2014 
Previously Modified: Yes
  

JPMCC 2007-LD11: 1.7% says see ya!

I apologize for the large number of posts today, but it isn't me!

Transaction: BACM 2007-3 & JPMCC 2007-LD11 (Not rated by Fitch)
Property: JQH Hotel Portfolio
City/State: Various
Property Type: Hotel
Balance: $100,000,000 BACM 2007-3 & $50,000,000 JPMCC 2007-LD11
Percentage of Deal: 4.83% & 1.69%
Maturity Date: May 6, 2017
MS: Wells Fargo
SS: C-III Asset Management
Reason for Transfer: Borrower Bankruptcy
On Servicer Watchlist Prior to Transfer: No 
Previously in Special Servicing: No
Previously Modified: No

JPMCC 2006-CB16: 3.2% maturity defaults. I thought most maturing loans are paying off! At least,that's what they're telling you.

Transaction: JPMCC 2006-CB16
Property: Fountain Place Shopping Center
City/State: Logan, WV
Property Type: Retail
Balance: $21,998,694 
Percentage of Deal: 3.24%
Maturity Date: July 1, 2016
MS: Berkadia
SS: C-III Asset Management
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 09/06/13
Previously in Special Servicing: No
Previously Modified: No

BSCMS 2006-PW11: Basura alert! 18% retransfers to special

Basura is Spanish for garbage.

Transaction: BSCM 2006-PWR11
Property: SBC – Hoffman Estates
City/State: Hoffman Estates, IL
Property Type: Office
Balance: $56,736,076
Percentage of Deal: 17.97%
Maturity Date: December 1, 2035
MS: Wells Fargo
SS: C-III Asset Management, LLC
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes, 07/01/11
Previously in Special Servicing: No
Previously Modified: No

JPMCC 2007-LDPX: A deal which has sucked for a long time now sucks 1.7% more

Transaction: JPMC 2007-LDP10
Property: Ross Retail Portfolio
City/State: Various 
Property Type: Retail
Balance: $46,684,741
Percentage of Deal: 1.7%
Maturity Date: January 1, 2017
MS: Midland Loan Services 
SS: C-III Asset Management LLC 
Reason for Transfer: Inability to pay the loan in full at maturity
On Servicer Watchlist Prior to Transfer: Yes; 4/9/13
Previously in Special Servicing: No
Previously Modified: No

COMM 2006-C8: 5.6% of the pool has summer travel plans! Never watchlisted either.

Transaction: COMM 2006-C8
Property: JQH Hotel Portfolio
City/State: Various
Property Type: Hotel
Balance: $110,283,121
Percentage of Deal: 5.61%
Maturity Date: November 1, 2016
MS: Midland Loan Services
SS: LNR Partners, LLC
Reason for Transfer: Borrower Bankruptcy
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: No
Previously Modified: No

BACM 2007-3: 4.8% transfers to special due to borrower bankruptcy, never watchlisted

Gott in Himmel!  Do you think this transfer was reported on the July remittance for BACM 2007-3 which came out today?  Take a guess!  Several other deals had large transfers reported today; about 0.5% of the legacy market in total.

Transaction: BACM 2007-3 & JPMCC 2007-LD11 (Not rated by Fitch)
Property: JQH Hotel Portfolio
City/State: Various
Property Type: Hotel
Balance: $100,000,000 BACM 2007-3 & $50,000,000 JPMCC 2007-LD11
Percentage of Deal: 4.83% & 1.69%
Maturity Date: May 6, 2017
MS: Wells Fargo
SS: C-III Asset Management
Reason for Transfer: Borrower Bankruptcy
On Servicer Watchlist Prior to Transfer: No 
Previously in Special Servicing: No
Previously Modified: No

WBCMT 2006-C25: 33% goes into default

Certainly not good for class AJ, AM, nor A4.

Transaction:  WBCMT 2006-C25
Property: Hercules Plaza            
City/State: Wilmington, DE
Property Type: Office
Balance: $65,106,036
Percentage of Deal: 33.54%
Maturity Date: April 11, 2018
MS: Wells Fargo
SS: CWCapital Asset Management
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes; 2/11/16
Previously in Special Servicing: Yes
Previously Modified: Yes – Payment terms changed to interest only, maturity date
extension and implementation of a lock box.
  

CWCI 2007-C2: Get this loan away from me! 2.1% goes back into special

Note that it was previously with CWCrapital but was returned to master

servicing in March. Coincidentally, this transfer is being reported the 

day after the June report for this deal was released.

Transaction: CWCI 2007-C2
Property: 275 Broadhollow Road
City/State: Melville, NY
Property Type: Office
Balance: $33,200,000.00
Percentage of Deal: 2.07%
Maturity Date: February 11, 2017
MS: Wells Fargo
SS: CWCapital Asset Management LLC
Reason for Transfer: Imminent Monetary Default (Balloon/Maturity Default)       
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: Yes, Returned to Master Servicer 3/1/16
Previously Modified: No
 

JPMCC 2006-LDP9: 1.9% never watchlisted, never in special, says Look in the Diaper, it's Poopie!

Transaction: JPMCC 2006-LDP9
Property: Cheyenne Commons
City/State: Las Vegas, NV
Property Type: Retail
Balance: $55,000,000
Percentage of Deal: 1.93%
Maturity Date: November 1, 2016
MS: Midland Loan Services
SS: CWCapital Asset Management LLC
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: No 
Previously in Special Servicing: No
Previously Modified: No
   

CGCMT 2007-C6: a deal that was oh so clean has 1.3% term default just a year away from maturity ... oops!

Transaction: CGCMT 2007-C6
Property: Herndon Square Office Park
City/State: Herndon, VA
Property Type: Office
Balance: $47,500,000
Percentage of Deal: 1.33%
Maturity Date: June 1, 2017
MS: Wells Fargo
SS: CWCapital Asset Management
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes, 12/06/13 
Previously in Special Servicing: No
Previously Modified: No
   

WBCMT 2007-C30: 0.5%, never watchlisted, says hello to the special servicer

Was sich passiert?  (What's happening, babe?)

Transaction: WBCMT 2007-C30
Property: Mercedes–Benz Central Parts Warehouse
City/State: Vance, AL
Property Type: Industrial
Balance: $25,448,701
Percentage of Deal: 0.50%
Maturity Date: January 11, 2017
MS: Wells Fargo
SS: CWCapital Asset Management
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: No
Previously Modified: No

A well-known German proverb says:

"Alles hat eine Ende, nur die Wurst hat zwei"

meaning:

"Everything has an end, but a sausage has two"

GSMS 2006-GG8: Imminent maturity default in July? 7% goes to the special

Transaction: GSMS 2006-GG8
Property: The Alhambra
City/State: Alhambra, CA
Property Type: Office
Balance: $130,000,000
Percentage of Deal: 7.04%
Maturity Date: July 6, 2016
MS: Wells Fargo
SS: C-III Asset Management, LLC 
Reason for Transfer: Imminent Maturity Default 
On Servicer Watchlist Prior to Transfer: Yes; 12/8/14
Previously in Special Servicing: No 
Previously Modified: No


Fitch is always good for a laugh.

LBUBS 2007-C2: Now this is interesting...

Transaction: LBUBS 2007-C2
Property: FedEx Portfolio
City/State: various cities
Property Type: Industrial
Balance: $30,800,000
Percentage of Deal: 1.55%
Maturity Date: February 11, 2017
MS: Wells Fargo
SS: LNR Partners, Inc.
Reason for Transfer: Payment Default 
On Servicer Watchlist Prior to Transfer: Yes; 6/11/15
Previously in Special Servicing: No 
Previously Modified: No


For those of you who don't follow these things, Orix used to be the special servicer on this deal and liquidated a boatload of delinquencies in one single month making AJ the bottom class and leaving a clean deal with no delinquencies.  Since then, Orix seems to have figured out that there were still collateral issues and sold the AJ to LNR.  Hot potato! 

Always a pleasure to hear from Roger ...

CBL reportedly under investigation 
   
The Wall Street Journal is reporting that CBL Associates Properties is 

under investigation by the FBI and the SEC. The probe is focused on 

whether officials at the real estate company “falsified information 

on financial statements to banks when applying for financing 

arrangements.” 
   
We show the CMBS exposure we found related to CBL, which totaled 

nearly $3 billion. Until more details emerge, it is of course difficult

to estimate the impact of the news story on the individual loans and 

deals. 

GECMC 2005-C1: 77% goes blooey, again ...

Transaction: GECMC 2005-C1
Property: Lakeside Mall
City/State: Sterling Heights, MI
Property Type: Retail
Balance: $72,225,495
Percentage of Deal: 76.67%
Modified Maturity Date: June 10, 2016
MS: Midland Loan Services
SS: C-III Asset Management LLC 
Reason for Transfer: Imminent Default
On Servicer Watchlist Prior to Transfer: Yes; 3/4/16
Previously in Special Servicing: Yes; Returned to Master Servicer on 

5/14/10
Previously Modified: Yes; Maturity Extension

WFRBS 2013-C12: CMBS 2.0 loan, never watchlisted, 2.4% transfers to special. Miam Miam!

Transaction: WFRBS 2013-C12
Property: Studio Green Apartments (date of transfer: 4/22/16)
City/State: Newark, DE
Property Type: Multifamily-Student
Balance: $28,205,901
Percentage of Deal: 2.40%        
Maturity Date: March 1, 2023
MS: Wells Fargo Bank, NA
SS: Rialto Capital Advisors, LLC
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: No
Previously Modified: No

CGCMT 2006-C4; you don't hear much about this deal, but 11% just maturity defaulted

Transaction: CGCMT 2006-C4
Property: DuBois Mall
City/State: DuBois, PA
Property Type: Retail
Balance: $30,435,471.13
Percentage of Deal: 11.12%
Maturity Date: May 11, 2016
MS: Midland Loan Services
SS: C-III Asset Management LLC
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 02/11/16
Previously in Special Servicing: No
Previously Modified: No

JPMCC 2006-CB15: anybody want class AJ (already shortfalling interest)? 21% maturity defaults

Transaction: JPMCC 2006-CB15
Property: Greenway Portfolio
City/State: Middleton, WI
Property Type: Office
Balance: $112,000,000
Percentage of Deal: 21.3%
Maturity Date: May 1, 2016
MS: Wells Fargo
SS: LNR Partners, LLC
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 02/08/16
Previously in Special Servicing: No 
Previously Modified: No

The wonderful thing about this transfer is that the May remittance came out last Thurs. 5/12.  Two days later, surprise, surprise!  The entire deal balance is about $530MM.  Oops!

COMM 2013-CR13: CMBS 2.0 oops! 2.2% transfers to special

Transaction: COMM 2013-CR13
Property: Abbotts Square
City/State: Philadelphia, PA
Property Type: Mixed-Use
Balance: $23,869,053
Percentage of Deal: 2.17%
Maturity Date: December 6, 2023
MS: Wells Fargo
SS: Wells Fargo
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: No
Previously Modified: No
 

Is it watchlisted? Is it in special servicing? No, it is a "Potential Maturity Default"! Thank you, Fitch

Transaction: GSMS 2006 GG8

Property: CA Headquarters

City/State: Islandia, NY

Property Type: Office

Balance: $165,643,200

Percentage of Deal: 8.65%

Maturity Date: August 6, 2016

MS: Wells Fargo

SS: ORIX Capital Markets, LLC

Reason for Transfer: Potential Maturity Default

On Servicer Watchlist Prior to Transfer: No

Previously in Special Servicing: No

Previously Modified: No

Transaction: MSC 2006-HQ10

Property: PPG Portfolio 

City/State: Various

Property Type: Office

Balance: $97,864,747

Percentage of Deal: 12.1%

Maturity Date: October 8, 2016

MS: Wells Fargo

SS: LNR Partners, LLC

Reason for Transfer: Potential Maturity Default

On Servicer Watchlist Prior to Transfer: Yes; 8/10/15

Previously in Special Servicing: No

Previously Modified: No