Thursday, May 18, 2017

MSC 2007-IQ14: City View Center is resolved. Morgan Stanley eats some crow.

Long story short: City View Center ($84MM) was built on top of two landfills with a methane remediation system that did not work. Walmart moved in, it stank, Walmart moved out, and the borrower defaulted. The special servicer sued MSMC for repurchase, which has been kicking around in the courts for several years. From their comment below from this month's remittance, it appears that the case has been settled.


The Special Servicer, acting on behalf of the Noteholder/Trust, and Morgan Stanley Mortgage Capital Inc.('MSMC') have reached an agreement to settle in full the Trust's litigation relating to alleged breaches by MSMC of representation and warranty ma de to the Trust at the time of securitization. The settlement to the Trust of cash in the amount of $62.5 million has been completed and funded. Settlement terms include, among other standard terms, no admission of wrongdoing by either party and full mutual releases. The loan is now being marketed for sale.

Tuesday, May 16, 2017

GSMS 2007-GG10: Two-day double header! 19.1% goes back into special servicing

Transaction: GSMS 2007-GG10
Property: 400 Atlantic Street
City/State: Stamford, CT
Property Type: Office
Balance: $265,000,000
Percentage of Deal: 19.07%
Maturity Date: June 6, 2017
MS: Wells Fargo
SS: C-III Asset Management LLC
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 07/06/16
Previously in Special Servicing: Yes, Returned to Master Servicer on 06/09/16
Previously Modified: No

Monday, May 15, 2017

GSMS 2007-GG10: What's another 2% of crap when you're already shorting the AJ?


Transaction: GSMS 2007-GG10
Property: CitiFinancial
City/State: Fort Mill, SC
Property Type: Office
Balance: $27,700,000
Percentage of Deal: 1.99%
Maturity Date: April 6, 2017
MS: Wells Fargo
SS: C-III Asset Management LLC
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: No
Previously Modified: No

Friday, May 12, 2017

MSC 2007-IQ13: 57.7% goes to the potty


Transaction: MSC 2007-IQ13
Property: Gateway I
City/State: Newark, NJ
Property Type: Office
Balance: $85,215,767
Percentage of Deal: 57.7%
Maturity Date: April 5, 2017
MS: Wells Fargo
SS: LNR Partners
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 01/09/17
Previously in Special Servicing: Yes; Returned to Master Servicer on 07/18/11

Friday, May 5, 2017

GSMS 2007-GG10: 3.3% of this benchmark deal goes fishin'

Transaction: GSMS 2007-GG10
Property: Rosemont Commons
City/State: Fairlawn, OH          
Property Type: Retail
Balance: $55,500,000
Percentage of Deal: 3.33%
Maturity Date: June 6, 2017
MS: Wells Fargo
SS: C-III Asset Management LLC
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 03/06/17
Previously in Special Servicing: No
Previously Modified: No
 

Tuesday, April 25, 2017

BACM 2005-2: 18.3% says I sucked before and now even moreso

Transaction: BACM 2006-2
Property: Oklahoma Retail Center Portfolio
City/State: Oklahoma City and Edmond, OK
Property Type: Retail
Balance: $21,110,133
Percentage of Deal: 18.33%
Modified Maturity Date: May 1, 2017
MS: Berkadia
SS: C-III Asset Management LLC
Reason for Transfer: Imminent Default
On Servicer Watchlist Prior to Transfer: Yes; 07/03/14
Previously in Special Servicing: Yes, Returned to Master Servicer on 06/19/14
Previously Modified: Yes; Maturity extended for one year until 05/2017, IO period extended, interest rate reduced to a current rate of 5%

Thursday, April 20, 2017

CWCI 2007-C3: Chant means "song" in French. Buy this for a song!

Transaction: CWCI 2007-C3
Property: Chant Portfolio – Pool 2
City/State: Albuquerque, NM    
Property Type: Office
Balance: $22,814,577
Percentage of Deal: 3.93%
Maturity Date: June 6, 2017
MS: Wells Fargo
SS: CWCapital Asset Management
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 02/11/15
Previously in Special Servicing: No
Previously Modified: No

Tuesday, April 18, 2017

BACM 2007-5: 3.1% hits the special servicing bid

Transaction: BACM 2007-5
Property: Blanton Commons
City/State: Valdosta, GA
Property Type: Multifamily
Balance: $27,410,637
Percentage of Deal: 3.10%
Maturity Date: August 1, 2017
MS: Berkadia Commercial Mortgage LLC
SS: C-III Asset Management LLC
Reason for Transfer: Imminent Default
On Servicer Watchlist Prior to Transfer: Yes; 02/06/17
Previously in Special Servicing: No
Previously Modified: No
 

Friday, April 14, 2017

MLMT 2006-C1: 10.8% says Have a Nice Weekend

Transaction: MLMT 2006-C1
Property: Wachovia Center
City/State: Gainesville, GA        
Property Type: Office
Balance: $12,541,079
Percentage of Deal: 10.84%
Maturity Date: January 1, 2036
MS: Midland Loan Services 
SS: LNR Partners, Inc.
Reason for Transfer: Imminent default of the loan is anticipated (cure not likely)
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: Yes, 11/12/13
Previously Modified: No

Wednesday, April 12, 2017

MSC 2007-IQ16: 1.7% says an imminent goodbye

Transaction: MSCI 2007-IQ16
Property: Art Institute Student Housing
City/State: Pittsburgh, PA
Property Type: Multifamily
Balance: $23,629,185
Percentage of Deal: 1.65%
Maturity Date: August 8, 2017
MS: Berkadia Commercial Mortgage LLC
SS: LNR Partners, Inc.
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes; 7/8/16
Previously in Special Servicing: No
Previously Modified: No 

CWCI 2007-C2: The hits keep on coming! In this case, 3.3% of the deal

Transaction: COBALT 2007-C2
Property: Hampton Roads Research Quads I & III Portfolio
City/State: Hampton, VA
Property Type: Office
Balance: $22,350,000
Percentage of Deal: 3.30%
Maturity Date: April 1, 2017
MS: Wells Fargo
SS: CWCapital Asset Management
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 1/11/17
Previously in Special Servicing: No
Previously Modified: No

LBUBS 2007-C2: Glad I don't own class AJ. 14% maturity defaults

Transaction: LBUBS 2007-C2
Property: Citicorp Louisville KY
City/State: Jeffersontown, KY
Property Type: Office
Balance: $33,512,500
Percentage of Deal: 7.12%
Maturity Date: April 11, 2017
MS: Wells Fargo
SS: LNR Partners
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 1/11/17
Previously in Special Servicing: No
Previously Modified: No

Transaction: LBUBS 2007-C2
Property: Citicorp McLeansville NC
City/State: McLeansville, NC
Property Type: Office
Balance: $31,854,700 
Percentage of Deal: 6.77%
Maturity Date: April 11, 2017
MS: Wells Fargo
SS: LNR Partners
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 1/11/17
Previously in Special Servicing: No
Previously Modified: No

JPMCC 2007-LDP12: Large Diversified Pool? You got it! 3.3% heads off into the sunset

Transaction: JPMC 2007-LDP12
Property: Valle Vista Mall
City/State: Harlingen, TX
Property Type: Retail
Balance: $40,000,000
Percentage of Deal: 3.34%
Maturity Date: May 10, 2017
MS: Wells Fargo
SS: LNR Partners
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 2/9/17
Previously in Special Servicing: No
Previously Modified: No

MLCFC 2007-9: Oh when the saints go marching in, 3% goes into special servicing

Transaction: MLCFC 2007-9                  
Property: Bon Carre
City/State: Baton Rouge, LA
Property Type: Office
Balance: $36,571,850
Percentage of Deal: 2.97%
Maturity Date: April 8, 2017
MS: Wells Fargo
SS: LNR Partners
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 1/9/17
Previously in Special Servicing: No
Previously Modified: No

Monday, March 13, 2017

BSCMS 2007-T26: 27.9% of this bad boy transfers to special servicing

Transaction: BSCMS 2007-T26
Property: One AT&T Center
City/State: St. Louis, MO
Property Type: Office
Balance: $110,862,154
Percentage of Deal: 27.9%
ARD Date: January 1, 2017 & Maturity Date: January 1, 2037
MS: Wells Fargo
SS: C-III Asset Management
Reason for Transfer: Imminent Monetary Default 
On Servicer Watchlist Prior to Transfer: Yes, 10/04/16
Previously in Special Servicing: No
Previously Modified: No

Wednesday, March 8, 2017

CWCI 2007-C3: maturing in June but already going bye-bye?

Transaction: CWCI 2007-C3
Property: Zale Corporation Headquarters Building
City/State: Irving, TX
Property Type: Office
Balance: $38,537,967
Percentage of Deal: 3.87%
Maturity Date: June 11, 2017
MS: Wells Fargo
SS: CWCapital Asset Management
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: No
Previously Modified: No

MLCFC 2007-6: 3.8% gives it up

Transaction: MLCFC 2007-6
Property: 1001 Frontier
City/State: Bridgewater, NJ      
Property Type: Office
Balance: $37,950,000
Percentage of Deal: 3.80%
Maturity Date: March 8, 2017
MS: Wells Fargo
SS: CWCapital Asset Management
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 12/08/16
Previously in Special Servicing: No
Previously Modified: No

GSMS 2007-GG10: A bad deal gets 0.7% worse

Transaction: GSMS 2007-GG10
Property: BPG Pennsylvania Properties
City/State: Various, PA
Property Type: Office
Balance: $24,640,000
Percentage of Deal: 0.72%
Maturity Date: May 6, 2017
MS: Wells Fargo
SS: C-III Asset Management 
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 02/06/17
Previously in Special Servicing: No
Previously Modified: No

CGCMT 2007-C6: For those who know French, BCBG means bon chic, bon genre! 1.2% goes kaput

Transaction: CGCMT 2007-C6
Property: BCBG Portfolio
City/State: Vernon, CA 
Property Type: Industrial
Balance: $34,603,903
Percentage of Deal: 1.21%
Maturity Date: March 1, 2017
MS: Wells Fargo
SS: CWCapital Asset Management
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 01/06/15
Previously in Special Servicing: No
Previously Modified: No

Wednesday, March 1, 2017

CWCI 2007-C2: Cobalt not that hard. 2.7% says sayonara!

Transaction: CWCI 2007-C2
Property: Hunter Plaza
City/State: Irving, TX    
Property Type: Retail
Balance: $22,500,000
Percentage of Deal: 2.73%
Maturity Date: March 11, 2017
MS: Wells Fargo
SS: CWCapital Asset Management
Reason for Transfer: Imminent Maturity Default 
On Servicer Watchlist Prior to Transfer: Yes, 12/12/16
Previously in Special Servicing: No
Previously Modified: No


BACM 2007-3: Another day,another transfer, 3.6% heads off into the sunset

Transaction: BACM 2007-3
Property: Stonecrest Marketplace
City/State: Lithonia, GA
Property Type: Retail
Balance: $34,515,625
Percentage of Deal: 3.60%
Maturity Date: March 1, 2017
MS: Berkadia
SS: C-III Asset Management
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 10/06/15
Previously in Special Servicing: No
Previously Modified: No

Monday, February 27, 2017

WBCMT 2007-C31: 1.5% of pool, a St. Louis hotel says Hallelujah

The St. Louis Marriott West loan in WBCMT 2007-C31 ($37mn, 1.5% of the deal) was transferred to special servicing on February 13, 2017, due to imminent maturity default. The loan, which is scheduled to mature on March 11, 2017 is secured by a full service lodging property located in St. Louis, MO. As of Sep. 2016, reported TTM NCF DSC and occupancy were 0.99x and 65.24%, respectively.

CD 2007-CD4: We have a winner! 11.1% of the deal transfers to special servicing

The 60 Charles Lindbergh Boulevard loan in CD 2007-CD4 ($55mn, 11.1% of the deal) was transferred to special servicing on January 19, 2017, due to imminent maturity default (loan was scheduled to mature on February 1, 2017). The subject loan is secured by an office property in Uniondale, NY. The subject is 100% subleased to Nassau County - Department of Health and Human Services with a lease expiration in 2021. The special servicer has indicated that the file is being reviewed to determine the workout strategy going forward. The most recent reported NCF DSC was 1.35x. (Source: S&P Global Ratings)

Friday, February 24, 2017

BACM 2007-2: A king among deals, 22.6% goes Boo-yah!

Transaction: BACM 2007-2
Property: Mall of Acadiana
City/State: Lafayette, LA
Property Type: Retail
Balance: $125,276,509
Percentage of Deal: 21.55%
Maturity Date: April 1, 2017
MS: Berkadia
SS: CWCapital Asset Management, LLC
Reason for Transfer: Potential/Imminent Default
On Servicer Watchlist Prior to Transfer: Yes, 01/04/17
Previously in Special Servicing: No
Previously Modified: No


This after taking $60MM in losses on an unpaid B-note this month. What a deal!

Tuesday, February 21, 2017

MSC 2011-C2: 6.1% goes Bloop!

Transaction: MSC 2011-C2
Property: Towne West Square Mall
City/State: Wichita, KS
Property Type: Retail
Balance: $46,919,219
Percentage of Deal: 6.07%
Maturity Date: June 1, 2021
MS: Berkadia
SS: Strategic Asset Services
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: No
Previously Modified: No

Friday, February 10, 2017

GCCFC 2007-GG9: 2.8% about to maturity default, reported after the Feb. remittance came out

Transaction: GCCFC 2007-GG9
Property: Verizon Wireless Center
City/State: Albuquerque, NM
Property Type: Office
Balance: $22,306,607
Percentage of Deal: 2.81%
Maturity Date: March 6, 2017
MS: Wells Fargo 
SS: LNR Partners
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 12/06/16
Previously in Special Servicing: No
Previously Modified: No

Friday, February 3, 2017

MLCFC 2007-6: Another day, another transfer. 1.9% about to maturity default.

Transaction: MLCFC 2007-6
Property: 777 East 12th Street
City/State: Los Angeles, CA      
Property Type: Retail
Balance: $20,982,216
Percentage of Deal: 1.93%
Maturity Date: February 8, 2017
MS: Wells Fargo 
SS: CWCapital Asset Management, LLC
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 10/11/16
Previously in Special Servicing: No
Previously Modified: No 


Thursday, February 2, 2017

CGCMT 2007-C6: 3.5% says "Oh, the heck with it"

Transaction: CGCMT 2007-C6
Property: Hyde Park Apartment Portfolio
City/State: Chicago, IL
Property Type: Multifamily
Balance: $111,880,700
Percentage of Deal: 3.53%
Maturity Date: April 1, 2017
MS: Wells Fargo
SS: CWCapital Asset Management, LLC
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 01/06/15
Previously in Special Servicing: No
Previously Modified: No

Monday, January 30, 2017

WBCMT 2007-C30: 1.9% says see ya later!

Transaction: WBCMT 2007-C30
Property: Sealy B Pool
City/State: Various, LA  
Property Type: Industrial 
Balance: $40,150,270
Percentage of Deal: 1.92%
Maturity Date: February 11, 2017 
MS: Wells Fargo
SS: CWCapital Asset Management, LLC
Reason for Transfer: 
Balloon Payment/Maturity Default
On Servicer Watchlist Prior to Transfer: 
Yes, 10/11/16
Previously in Special Servicing: No
Previously Modified: No

LBUBS 2007-C2: I liked this deal, Orix didn't. They were right. 5.8% about to default.

Transaction: LBUBS 2007-C2
Property: Northstar
City/State: Minneapolis, MN
Property Type: Mixed Use  
Balance: $58,638,428
Percentage of Deal: 5.84%
Maturity Date: May 11, 2017
MS: Wells Fargo
SS: LNR Partners
Reason for Transfer: Imminent Monetary Default 
On Servicer Watchlist Prior to Transfer: Yes, 07/11/16
Previously in Special Servicing: No
Previously Modified: No

GSMS 2007-GG10: 2017 is the year of the rooster, not LI office space! 5.2% heads south

Transaction: GSMS 2007-GG10
Property: TIAA RexCorp Plaza
City/State: Uniondale, NY
Property Type: Office 
Balance: 
$150,000,000 A-Note & $37,250,000 B-Note
Percentage of Deal: 5.2%
Maturity Date: February 6, 2017
MS: Wells Fargo
SS: C-III Asset Management
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: 
Yes, 07/06/15
Previously in Special Servicing: 
Yes, Returned to the Master Servicer on 03/21/12
Previously Modified: 
Yes, Rate changed from 5.73% to 3.00%. Hope Note created

GCCFC 2007-GG9: it's TIAA day! 27% transfers to special

Transaction: GCCFC 2007-GG9
Property: TIAA RexCorp Long Island Portfolio
City/State: Melville and Uniondale, NY
Property Type: Office
Balance: $235,900,000
Percentage of Deal: 27.05%
Maturity Date: February 6, 2017
MS: Wells Fargo
SS: LNR Partners
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: 
Yes, 11/07/16
Previously in Special Servicing: No
Previously Modified: No

 

Thursday, January 26, 2017

JPMCC 2007-LDPX: Another "other" transfer of 3.4% of the deal

Transaction: JPMCC 2007-LDP10
Property: Colony V Portfolio
City/State: Laurel, MD; Morton Grove and Niles, IL
Property Type: Industrial and Office
Balance: $39,872,891
Percentage of Deal: 3.37%
Maturity Date: April 1, 2017
MS: Midland Loan Services
SS: C-III Asset Management
Reason for Transfer: Other
On Servicer Watchlist Prior to Transfer: Yes; 01/10/17
Previously in Special Servicing: Yes; Returned to the Master Servicer on 10/13/14
Previously Modified: Yes; Maturity date extended to 04/2017, IO period extended to maturity, Hope Note created


MLCFC 2007-5: Pahrump-dee-Dumpty sat on a wall ... another 5% goes stinko (see 1/19 post)

Transaction: MLCFC 2007-5
Property: Pahrump Valley Junction
City/State: Pahrump, NV           
Property Type: Retail
Balance: $21,055,266
Percentage of Deal: 4.95%
Maturity Date: February 1, 2017
MS: Berkadia
SS: CWCapital Asset Management, LLC
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 11/08/16
Previously in Special Servicing: No
Previously Modified: No

Wednesday, January 25, 2017

GCCFC 2007-GG9: 12.4% more Long Island office space goes down for the count

Transaction: GCCFC 2007-GG9
Property: Omni Marathon Reckson
City/State: Uniondale, NY
Property Type: Office
Balance: $108,000,000
Percentage of Deal: 12.38%
Maturity Date: February 6, 2017
MS: Wells Fargo
SS: LNR Partners
Reason for Transfer: Imminent Monetary (Balloon/Maturity Default)
On Servicer Watchlist Prior to Transfer: Yes, 11/07/16
Previously in Special Servicing: No
Previously Modified: No

Tuesday, January 24, 2017

CWCI 2007-C2: Another 2.8% goes into the toilet

Transaction: CWCI 2007-C2
Property: 512 South Third Street Apartments
City/State: Champaign, IL
Property Type: Multifamily 
Balance: $25,000,000
Percentage of Deal: 2.80%
Maturity Date: January 1, 2017
MS: Wells Fargo
SS: CWCapital Asset Management, LLC
Reason for Transfer: Balloon Payment/Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 10/11/16
Previously in Special Servicing: No
Previously Modified: No

CD 2007-CD4: 5.3% of Long Island office space maturity defaults

Transaction: CD 2007-CD4
Property: 60 Charles Lindbergh Boulevard
City/State: Uniondale, NY
Property Type: Office
Balance: $54,500,000
Percentage of Deal: 5.33%
Maturity Date: February 1, 2017
MS: Wells Fargo
SS: CWCapital Asset Management, LLC
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 11/07/16
Previously in Special Servicing: No
Previously Modified: No

Friday, January 20, 2017

WBCMT 2007-C30: A maturity default doubleheader!

Transaction: WBCMT 2007-C30
Property: Oak View Plaza
City/State: Omaha, NE
Property Type: Retail
Balance: $25,583,137.46
Percentage of Deal: 1.22%
Maturity Date: January 11, 2017
MS: Wells Fargo
SS: CWCapital Asset Management, LLC
Reason for Transfer: Balloon Payment/Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 03/11/11
Previously in Special Servicing: No
Previously Modified: No

Transaction: WBCMT 2007-C30
Property: Tyco International Building
City/State: Eatontown, NJ
Property Type: Office
Balance: $29,828,314.84
Percentage of Deal: 1.43%
Maturity Date: January 11, 2017
MS: Wells Fargo
SS: CWCapital Asset Management, LLC
Reason for Transfer: Balloon Payment/Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 10/11/16
Previously in Special Servicing: No
Previously Modified: No 

Thursday, January 19, 2017

MLCFC 2007-5: 7.8% maturity defaults? How can this be in a Merrill/Countrywide deal? (snark)

Transaction: MLCFC 2007-5
Property: Spectrum Commerce Center
City/State: Eagan, MN
Property Type: Office
Balance: $32,993,957
Percentage of Deal: 7.75%
Maturity Date: January 8, 2017
MS: Berkadia
SS: CWCapital Asset Management, LLC
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 10/11/16
Previously in Special Servicing: No
Previously Modified: No

Tuesday, January 10, 2017

CSMC 2007-C1: Let's ring in the New Year with a 15% transfer to special servicing!

Transaction: CSMC 2007-C1
Property: Koger Center
City/State: Tallahassee, FL
Property Type: Office
Balance: $115,500,000
Percentage of Deal: 14.76%
Maturity Date: February 1, 2017
MS: Berkadia
SS: C-III Asset Management LLC
Reason for Transfer: Potential/Imminent Default   
On Servicer Watchlist Prior to Transfer: Yes, 11/14/16
Previously in Special Servicing: Yes; Returned to Master Servicer 4/10/13
Previously Modified: No

Friday, January 6, 2017

GSMS 2007-GG10: what's another 1% in default when your AJ is already short $24MM in interest?

Transaction: GSMS 2007-GG10 
Property: One Financial Plaza
City/State: Providence, RI         
Property Type: Office
Balance: $51,750,000
Percentage of Deal: 1.09%
Maturity Date: June 6, 2017
MS: Wells Fargo
SS: C-III Asset Management
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes, 10/06/16
Previously in Special Servicing: No
Previously Modified: No

MSC 2007-T25: you know it's a special place when they spell it "Shoppes" ... 33.5% maturity defaults!

Transaction: MSC 2007-T25  
Property: Shoppes at Park Place
City/State: Pinellas Park, FL      
Property Type: Retail
Balance: $71,000,000
Percentage of Deal: 33.45%
Maturity Date: January 3, 2017
MS: Wells Fargo
SS: C-III Asset Management
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 10/04/16
Previously in Special Servicing: No
Previously Modified: No