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