Transaction: LBUBS 2007-C2
Property: FedEx Portfolio
City/State: various cities
Property Type: Industrial
Percentage of Deal: 1.55%
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!