Tuesday, October 31, 2017

GCCFC 2006-GG7: 25.8% goes back into special, not modified enough, it seems

The JP Morgan International Plaza I and II loan held in GCCFC 2006-GG7 ($158mn, 25.8%) was transferred to special servicing on October 20, 2017, due to the borrower expressing its inability to repay the loan at its upcoming February 6, 2018, maturity date. The loan is secured by a 757k sq. ft. office in Farmers Branch, TX—fully leased through February 28, 2018, to JP Morgan Chase, which has expressed its intent to vacate the property. There is no replacement tenant at present. The loan was previously corrected in 2016, which resulted in an extension of the loan’s original June 6, 2016, maturity date. At that time, there was uncertainty regarding JP Morgan Chase’s intention to stay at the property. (Source: S&P Global Ratings)

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