Four Seasons Resort Maui ($425mm pari pasu note) extended FIVE years and split

The maturity was extended from 1/1/2014 until 1/1/2019 and locked out until 1/1/2018. Then they cleaved the loan into an A ($350mm) and B ($75mm - 17.65%) note and added $10mm to reserves from new equity and an LOC for $25mm that is triggered if they BK.

Originally this was split $175 in GECMC 2007-C1 @ $175mm and CD 2007-CD4 @ $250mm; overal it is probably a positive for AJs in those deals.

Four Seasons Resort Maui defaulted

$425mm loan in two pari passu notes in GECMC 2007-C1 ($175mm) and CD 2007-CD4 ($250mm).

3Q 09 DSCR - 0.45x.

Matures 1/1/2014.