Monday, January 30, 2017

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


Anonymous said...

ORIX didn't? how do you mean?

crabsofsteel said...

They were previously the special servicer who liquidated enough loans to wipe out everything below class AJ in a single month. Then they sold special servicing rights to LNR.