Transaction: MLMT 2007-C1
Property: Empirian Multifamily Portfolio Pool 1 & Pool 3
Property Type: Multifamily
Balance: $293,150,433 (Pool 1); $239,968,917 (Pool 3)
Percentage of Deal: 12.9% (Pool 1); 10.6% (Pool 3)
MS: KeyBank Real Estate Capital
SS: C-III Asset Management LLC
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: Yes; Returned to Master Servicer 2/28/2013
Previously Modified: Yes; IO period increased by 60 months, A & B Note created for pool 1 & 3, Rate changed.
A crap deal gets even worse. These 2 loans were modified to create $215MM of B-notes which will almost surely lead to AJFX and AJFL writedowns. Now, here's a question for all of you CMBS experts out there: does anyone understand why AJFX is receiving interest yet AJFL is not? Answer in the comments section.