LBUBS 2007-C2: Now this is interesting...

Transaction: LBUBS 2007-C2
Property: FedEx Portfolio
City/State: various cities
Property Type: Industrial
Balance: $30,800,000
Percentage of Deal: 1.55%
Maturity Date: February 11, 2017
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! 

Always a pleasure to hear from Roger ...

CBL reportedly under investigation 
   
The Wall Street Journal is reporting that CBL Associates Properties is 

under investigation by the FBI and the SEC. The probe is focused on 

whether officials at the real estate company “falsified information 

on financial statements to banks when applying for financing 

arrangements.” 
   
We show the CMBS exposure we found related to CBL, which totaled 

nearly $3 billion. Until more details emerge, it is of course difficult

to estimate the impact of the news story on the individual loans and 

deals. 

GECMC 2005-C1: 77% goes blooey, again ...

Transaction: GECMC 2005-C1
Property: Lakeside Mall
City/State: Sterling Heights, MI
Property Type: Retail
Balance: $72,225,495
Percentage of Deal: 76.67%
Modified Maturity Date: June 10, 2016
MS: Midland Loan Services
SS: C-III Asset Management LLC 
Reason for Transfer: Imminent Default
On Servicer Watchlist Prior to Transfer: Yes; 3/4/16
Previously in Special Servicing: Yes; Returned to Master Servicer on 

5/14/10
Previously Modified: Yes; Maturity Extension

WFRBS 2013-C12: CMBS 2.0 loan, never watchlisted, 2.4% transfers to special. Miam Miam!

Transaction: WFRBS 2013-C12
Property: Studio Green Apartments (date of transfer: 4/22/16)
City/State: Newark, DE
Property Type: Multifamily-Student
Balance: $28,205,901
Percentage of Deal: 2.40%        
Maturity Date: March 1, 2023
MS: Wells Fargo Bank, NA
SS: Rialto Capital Advisors, LLC
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: No
Previously Modified: No

CGCMT 2006-C4; you don't hear much about this deal, but 11% just maturity defaulted

Transaction: CGCMT 2006-C4
Property: DuBois Mall
City/State: DuBois, PA
Property Type: Retail
Balance: $30,435,471.13
Percentage of Deal: 11.12%
Maturity Date: May 11, 2016
MS: Midland Loan Services
SS: C-III Asset Management LLC
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 02/11/16
Previously in Special Servicing: No
Previously Modified: No

JPMCC 2006-CB15: anybody want class AJ (already shortfalling interest)? 21% maturity defaults

Transaction: JPMCC 2006-CB15
Property: Greenway Portfolio
City/State: Middleton, WI
Property Type: Office
Balance: $112,000,000
Percentage of Deal: 21.3%
Maturity Date: May 1, 2016
MS: Wells Fargo
SS: LNR Partners, LLC
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 02/08/16
Previously in Special Servicing: No 
Previously Modified: No

The wonderful thing about this transfer is that the May remittance came out last Thurs. 5/12.  Two days later, surprise, surprise!  The entire deal balance is about $530MM.  Oops!

COMM 2013-CR13: CMBS 2.0 oops! 2.2% transfers to special

Transaction: COMM 2013-CR13
Property: Abbotts Square
City/State: Philadelphia, PA
Property Type: Mixed-Use
Balance: $23,869,053
Percentage of Deal: 2.17%
Maturity Date: December 6, 2023
MS: Wells Fargo
SS: Wells Fargo
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: No
Previously Modified: No
 

Is it watchlisted? Is it in special servicing? No, it is a "Potential Maturity Default"! Thank you, Fitch

Transaction: GSMS 2006 GG8

Property: CA Headquarters

City/State: Islandia, NY

Property Type: Office

Balance: $165,643,200

Percentage of Deal: 8.65%

Maturity Date: August 6, 2016

MS: Wells Fargo

SS: ORIX Capital Markets, LLC

Reason for Transfer: Potential Maturity Default

On Servicer Watchlist Prior to Transfer: No

Previously in Special Servicing: No

Previously Modified: No

Transaction: MSC 2006-HQ10

Property: PPG Portfolio 

City/State: Various

Property Type: Office

Balance: $97,864,747

Percentage of Deal: 12.1%

Maturity Date: October 8, 2016

MS: Wells Fargo

SS: LNR Partners, LLC

Reason for Transfer: Potential Maturity Default

On Servicer Watchlist Prior to Transfer: Yes; 8/10/15

Previously in Special Servicing: No

Previously Modified: No

 

MLMT 2006-C1: Another day, another loan goes to special

Transaction: MLMT 2006-C1
Property: Gateway One
City/State: St. Louis, MO
Property Type: Office
Balance: $46,391,599
Percentage of Deal: 10.7%
Maturity Date: March 1, 2016 
MS: Midland Loan Services
SS: CWCapital Asset Management
Reason for Transfer: Borrower was unable to provide Master Servicer with required
refinancing commitment within the 60 day extension. 
On Servicer Watchlist Prior to Transfer: Yes; 10/6/15
Previously in Special Servicing: No
Previously Modified: No
 

CSMC 2007-C1: Savoy Park wasn't enough? 4.3% transfers to special

Transaction: CSMC 2007-C1 
Property: Wells Fargo Place
City/State: St. Paul, MN
Property Type: Office
Balance: $90,000,000
Percentage of Deal: 4.28%
Maturity Date: November 1, 2016
MS: Berkadia Commercial Mortgage LLC
SS: C-III Asset Management LLC
Reason for Transfer: Imminent Monetary Default 
On Servicer Watchlist Prior to Transfer: Yes, 02/11/16
Previously in Special Servicing: Yes; Returned to the Master Servicer 5/24/11
Previously Modified: No
 

CD 2007-CD5: 1.9% goes to the special. Norman, OK = the desert

Transaction: CD 2007-CD5
Property: Parkway Plaza
City/State: Norman, OK
Property Type: Retail
Balance: $26,033,403
Percentage of Deal: 1.89%
Maturity Date: July 6, 2017
MS: Berkadia Commercial Mortgage LLC
SS: LNR Partners, Inc.
Reason for Transfer: Imminent Monetary Default 
On Servicer Watchlist Prior to Transfer: Yes, 11/10/14
Previously in Special Servicing: No
Previously Modified: No