Wednesday, December 21, 2016

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

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