Fitch and Barclays are reporting this loan flipped into Special Servicing due to imminent default. Roughly 2/3rds of the underlying properties are located around Baltimore and have heavy exposure to GSA tenants which were severely impacted by BRAC in that area.
Office Markets in places like Huntsville AL (where a large portion of civilian support positions were relocated due to BRAC) have benefited while areas in the greater DC area have been hurt.
Barclays notes that this could impact the AJ, but also highlights the other three COPT Office Portfolios in CMLT 2008-LS1 ($150mm, Northrop, the third largest tenant amongst the two collateral properties, terminated its lease and plans to leave this year), MSC 2006-HQ8 ($108.5mm), and GSMS 2006-GG6 ($103mm).
Showing posts with label GSMS 2006-GG6. Show all posts
Showing posts with label GSMS 2006-GG6. Show all posts
Monday, April 1, 2013
Monday, September 12, 2011
Met Park East ($79.7mm GSMS 2006-GG6) Modified
Barclays reported this Seattle office loan was extended to 11/2015 (from 11/2010), the borrower paid down $2mm of the note, $2mm into an T&I escrow account, an excess cash sweep will go into a rollover reserve, and the note will remain interest only at the original rate (5.54%).
They also noted the A2 should experience some extension risk... I'm getting a cost to the A2 of about 43 bps.
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