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