Thursday, September 14, 2017

MSC 2006-T23: another "Other" transfer

Transaction: MSC 2006-TOP23
City/State: White Plains, NY
Property Type: Office
Balance: $20,775,368
Percentage of Deal: 26.06%
Maturity Date: June 1, 2018
MS: Wells Fargo
SS: C-III Asset Management
Reason for Transfer: Other
On Servicer Watchlist Prior to Transfer: Yes, 04/05/17
Previously in Special Servicing: No
Previously Modified: No

Wednesday, September 6, 2017

BSCMS 2007-T28: Sept. 8, 2017, isn't that tomorrow? 24.5% goes into special servicing

Transaction: BSCMS 2007-TOP28
Property: Charleston Town Center
City/State: Charleston, WV
Property Type: Retail
Balance: $93,096,469
Percentage of Deal: 24.51%
Maturity Date: September 8, 2017
MS: Wells Fargo
SS: C-III Asset Management
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 06/07/17
Previously in Special Servicing: No
Previously Modified: No

Tuesday, August 29, 2017

MSC 2007-IQ16: Another 19% transfers to special servicing for imminent maturity and covenant defaults

Transaction: MSC 2007-IQ16
Property: Bangor Mall
City/State: Bangor, ME
Property Type: Retail
Balance: $80,000,000
Percentage of Deal: 14.55%
Maturity Date: October 1, 2017
MS: Berkadia
SS: LNR Partners
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 02/08/16
Previously in Special Servicing: No
Previously Modified: No

Transaction: MSC 2007-IQ16
Property: Century XXI
City/State: Germantown, MD
Property Type: Office
Balance: $25,300,000
Percentage of Deal: 4.60%
Maturity Date: November 1, 2017
MS: Berkadia
SS: LNR Partners
Reason for Transfer: Covenant Default
On Servicer Watchlist Prior to Transfer: Yes, 09/09/13
Previously in Special Servicing: No
Previously Modified: No

Thursday, August 24, 2017

BSCMS 2006-PW11: 28.4% returns to special. Where's the Mod Squad now?

Transaction: BSCMS 2006-PW11
Property: Hickory Point Mall
City/State: Forsyth, IL
Property Type: Retail
Balance: $27,446,365
Percentage of Deal: 28.43%
Maturity Date: December 1, 2018*
MS: Wells Fargo
SS: C-III Asset Management
Reason for Transfer: Imminent Monetary Default 
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: Yes; Returned to the Master Servicer 08/05/16
*Previously Modified: Yes; Term increased by 36 periods; maturity extended to 12/2018. IO period increased to 156 periods (full term)

Monday, August 14, 2017

MSC 2007-IQ16: 6.1% of CA office goes to special, Remember, IQ stands for Intermediate Quality.

Transaction: MSC 2007-IQ16
Property: 20770-20810 Madrona Avenue
City/State: Torrance, CA
Property Type: Office
Balance: $33,453,891
Percentage of Deal: 6.09%
Maturity Date: August 8, 2017
MS: Berkadia
SS: LNR Partners
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 07/08/16
Previously in Special Servicing: Yes; Returned to Master Servicer 11/14/12
Previously Modified: No

Tuesday, August 8, 2017

GSMS 2006-GG8: Mods don't always help. 8.6% returns to special servicing

Transaction: GSMS 2006-GG8
Property: Algonquin Center
City/State: Algonquin, IL
Property Type: Retail
Balance: $28,600,000
Percentage of Deal: 8.63%
Modified Maturity Date: October 6, 2017
MS: Wells Fargo
SS: C-III Asset Management
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 07/06/17
Previously in Special Servicing: Yes; Returned to the Master Servicer 06/09/17
Previously Modified: Yes; Term and IO period increased by 12 months

MLMT 2007-C1: 5.8% goes into special for imminent maturity default in June?

Transaction: MLMT 2007-C1
Property: Columbia/Brook Park MHC Rollup
City/State: Various, OH 
Property Type: Mobile Home Park
Balance: $55,000,000
Percentage of Deal: 5.77%
Maturity Date: June 1, 2017
MS: Wells Fargo
SS: C-III Asset Management
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 03/08/17
Previously in Special Servicing: No
Previously Modified: No

Monday, July 24, 2017

BSCMS 2007-PW18: Bear Stearns, we miss you! 6.9% goes into special.

Transaction: BSCMS 2007-PW18
Property: Marriott Houston Westchase
City/State: Houston, TX 
Property Type: Hotel
Balance: $72,658,828
Percentage of Deal: 6.91%
Maturity Date: November 1, 2017
MS: Wells Fargo
SS: C-III Asset Management
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes; 09/08/15
Previously in Special Servicing: No
Previously Modified: No
 

Friday, July 14, 2017

MSC 2008-T29: 2.8% term defaults. Hablas espanol?

Transaction: MSC 2008-T29
Property: Reparto Metropolitano
City/State: Rio Piedras, PR
Property Type: Retail
Balance: $20,578,702
Percentage of Deal: 2.80%
Maturity Date: January 1, 2018
MS: Wells Fargo
SS: C-III Asset Management
Reason for Transfer: Imminent Monetary Default 
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: No
Previously Modified: No

JPMCC 2007-LD12: 4.7% says Happy Bastille Day!

Transaction: JPMCC 2007-LD12
Property: Bentley Mall
City/State: Fairbanks, AK
Property Type: Retail
Balance: $27,017,784
Percentage of Deal: 4.72%
Maturity Date: June 1, 2017
MS: Wells Fargo
SS: LNR Partners
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 11/08/16
Previously in Special Servicing: No
Previously Modified: No

Tuesday, June 27, 2017

WBCMT 2005-C21: 38.9% already extended for two years going to maturity default

Transaction: WBCMT 2005-C21
Property: Metropolitan Square 
City/State: Saint Louis, MO       
Property Type: Office
Balance: $124,144,153
Percentage of Deal: 38.92%
Modified Maturity Date: August 11, 2017
MS: Wells Fargo
SS: Wells Fargo Bank, N.A
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 06/11/15
Previously in Special Servicing: Yes; Returned to Master Servicer 3/21/13
Previously Modified: Maturity increased by 24 periods until 08/2017. 

IO period extended. Rate changes over time

Wednesday, June 21, 2017

BSCMS 2006-PW16: 24.4% not watchlisted, not in special servicing, maturity defaults

Transaction: BSCMS 2007-PW16
Property: Shops at Northern Boulevard
City/State: Long Island City, NY
Property Type: Retail
Balance: $35,961,324
Percentage of Deal: 24.36%
Maturity Date: June 1, 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

BACM 2007-5: 7.8% heads to special

Transaction: BACM 2007-5
Property: 4000 Wisconsin Avenue
City/State: Washington, DC
Property Type: Office
Balance: $53,000,000
Percentage of Deal: 7.84%
Maturity Date: April 1, 2018
MS: Berkadia
SS: C-III Asset Management LLC
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes, 05/04/17
Previously in Special Servicing: No
Previously Modified: No

Thursday, June 15, 2017

CSMC 2008-C1: No wonder there's a new team of originators at CS ... 22.2% goes into special

Transaction: CSMC 2008-C1
Property: Killeen Mall
City/State: Killeen, TX
Property Type: Retail
Balance: $82,000,000
Percentage of Deal: 22.23%
Maturity Date: July 11, 2017
MS: Berkadia
SS: C-III Asset Management LLC
Reason for Transfer: Potential/Imminent Default
On Servicer Watchlist Prior to Transfer: Yes, 05/11/17
Previously in Special Servicing: No
Previously Modified: No

Wednesday, June 14, 2017

LBUBS 2007-C6: Newark NJ office, 4.6% of pool, goes into special servicing

Transaction: LBUBS 2007-C6
Property: 707 Broad Street
City/State: Newark, NJ
Property Type: Office
Balance: $42,000,000
Percentage of Deal: 4.56%
Maturity Date: September 11, 2017
MS: Wells Fargo
SS: LNR Partners
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 01/11/16
Previously in Special Servicing: No
Previously Modified: No

BSCMS 2007-PW17: Let's shortfall the AJ a little more, shall we?

Transaction: BSCMS 2007-PW17
Property: City Center Englewood
City/State: Englewood, CO
Property Type: Retail
Balance: $33,000,000
Percentage of Deal: 2.92%
Maturity Date: August 1, 2017
MS: Wells Fargo
SS: C-III Asset Management LLC
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 05/08/17
Previously in Special Servicing: No
Previously Modified: No

Friday, June 9, 2017

CSMC 2007-C5: 6.8% on the watchlist for only a month before imminent maturity default. Oops!

Transaction: CSMC 2007-C5
Property: Mesilla Valley Mall
City/State: Las Cruces, NM
Property Type: Retail
Balance: $54,000,000
Percentage of Deal: 6.75%
Maturity Date: July 11, 2017
MS: Berkadia
SS: KeyCorp Real Estate Capital Markets, Inc.
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 05/11/17
Previously in Special Servicing: No
Previously Modified: No

Wednesday, June 7, 2017

WBCMT 2007-C33: Independence Center, 17.3% of the pool, becomes less independent, goes to special

https://commercialobserver.com/2017/06/200m-loan-on-simon-property-groups-missouri-mall-heads-to-special-servicing-trepp/

Thursday, June 1, 2017

MSC 2007-TOP27: The hits keep on coming ... another 5.2% goes to the special servicer

Transaction: MSCI 2007-TOP27
Property: Residence Inn - Herndon
City/State: Herndon, VA
Property Type: Hotel
Balance: $26,500,000
Percentage of Deal: 5.16%
Maturity Date: June 1, 2017
MS: Wells Fargo
SS: C-III Asset Management LLC
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 02/08/16
Previously in Special Servicing: No
Previously Modified: No

Wednesday, May 31, 2017

CWCI 2007-C3: Wachovia strikes again! 7% goes into special servicing

Transaction: CWCI 2007-C3
Property: Sheraton Suites - Wilmington, DE
City/State: Wilmington, DE
Property Type: Hotel
Balance: $34,116,613
Percentage of Deal: 6.99%
Maturity Date: June 11, 2017
MS: Wells Fargo
SS: CWCapital Asset Management
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 09/11/12
Previously in Special Servicing: No
Previously Modified: No

Tuesday, May 30, 2017

CGCMT 2007-C6: 4.1% walks down the Miracle Mile

Transaction: CGCMT 2007-C6
Property: Miracle Mile Shopping Center
City/State: Monroeville, PA 
Property Type: Retail
Balance: $59,600,000
Percentage of Deal: 4.08%
Maturity Date: June 1, 2017
MS: Berkadia 
SS: CWCapital Asset Management
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 03/06/17
Previously in Special Servicing: No
Previously Modified: No 

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