CSMC 2008-C1 AJ was hit with a shortfall in September. I think this makes for the 4th AJ shortfall?
LBUBS 2006-C7, GECMC 2007-C1, JPMCC 2008-C2, and now CSMC 2008-C1 - am I missing any?
Showing posts with label Interest Shortfalls. Show all posts
Showing posts with label Interest Shortfalls. Show all posts
Sunday, September 18, 2011
Wednesday, August 18, 2010
Bank of America, N.A. v. PSW NYC LLC
BOA sues Ackman and Winthrop for violating intercreditor agreement, calls them dirty rotten liars... Lawyers get richer, legal expense bill to Trust goes up, shortfalls coming soon.
(N.Y. Sup Ct.) Bank of America, N.A. v. PSW NYC LLC, Docket No. 651293/2010
(Aug. 18, 2010)
(N.Y. Sup Ct.) Bank of America, N.A. v. PSW NYC LLC, Docket No. 651293/2010
(Aug. 18, 2010)
Friday, July 16, 2010
Shortfalls...
The AM and AMFX bonds on MSC 2006-IQ12 were hit with interest shortfalls last month equal to approximately 20% of the interest due, and I'm pretty sure that is a first for this high in the capital stack. IQ12 is part of CMBX.3, as well.
The shortfall is a direct result of the 912-unit, Memphis-based, New Horizon Apartments loan, which took a 100+% loss severity, wiping out all the classes up through about 1/2 of the N tranche.
Takeaways: CMBS are chunky, and you should probably review you your ISDAs this month.
The shortfall is a direct result of the 912-unit, Memphis-based, New Horizon Apartments loan, which took a 100+% loss severity, wiping out all the classes up through about 1/2 of the N tranche.
Takeaways: CMBS are chunky, and you should probably review you your ISDAs this month.
Saturday, May 22, 2010
Comings and Goings
CREConsole reports that Highland Mall in Austin (JPMCC 2002-CIB4) and Woodfield Corporate Center in Schaumburg, IL (NYLIM) are both going down. They're both interesting stories. Woodfield Corporate Center is owned by GE's Pension Fund and Lincoln Properties.
We previously commented on the fun lawsuits at Highland Mall between Dillard's and the owner - the departure of Dillard's will put the mall under officially and trigger co-tenancy clauses that will help bury it. CREConsole also noted that the mall was formerly a joint venture between Simon and GGGP - is that a harbinger of some sort?
Interest shortfalls continue to creep up. In fact, last month, the bonds that we own with interest shortfalls doubled. JPMCC 2008-C2 and CSFB 2005-C2 both experienced interest shortfalls at the AJ level. The LBUBS 2007-C1 AJ shortfall from the prior month apparently cured, albeit that might be temporary.
There are around 12k CMBS bonds out there, roughly, and currently 1,810 are experiencing interest shortfalls. That kind of puts in perspective.
Kilroy Realty (KRC), and yes I thought that was the name of the the thing Matt Damon put on his neck to attract Ellen Barkin in Ocean's 13 (that was a Gilroy though, it turns out), and no I have no idea who they are but I'll look into it, raised $250mm 10-year unsecured debt at +325 bps. That makes $7.35 billion across 18 transactions raised thus far in 2010!
We previously commented on the fun lawsuits at Highland Mall between Dillard's and the owner - the departure of Dillard's will put the mall under officially and trigger co-tenancy clauses that will help bury it. CREConsole also noted that the mall was formerly a joint venture between Simon and GGGP - is that a harbinger of some sort?
Interest shortfalls continue to creep up. In fact, last month, the bonds that we own with interest shortfalls doubled. JPMCC 2008-C2 and CSFB 2005-C2 both experienced interest shortfalls at the AJ level. The LBUBS 2007-C1 AJ shortfall from the prior month apparently cured, albeit that might be temporary.
There are around 12k CMBS bonds out there, roughly, and currently 1,810 are experiencing interest shortfalls. That kind of puts in perspective.
Kilroy Realty (KRC), and yes I thought that was the name of the the thing Matt Damon put on his neck to attract Ellen Barkin in Ocean's 13 (that was a Gilroy though, it turns out), and no I have no idea who they are but I'll look into it, raised $250mm 10-year unsecured debt at +325 bps. That makes $7.35 billion across 18 transactions raised thus far in 2010!
Thursday, March 25, 2010
GGP Related CMBS Downgrades
Moody's knocked down a few bonds that are not expected to recover interest shortfalls as a result of the special servicing fees being charged on the assets.
The Specials took different approaches on different loans. For instance, on Ala Moana, the special is charging no fees, and all interest shortfalls have already been recovered.
Northridge Fashion Center (GSMS 2001-GL3A) and Park Place (WBCMT 2005-C14), on the other hand, both have 1% work-out fees being charged by the special - for the rest of the loans now extended life. Obviously this will cause a nonrecoverable interest shortfall on junior bonds - in this case the rake legs.
The Specials took different approaches on different loans. For instance, on Ala Moana, the special is charging no fees, and all interest shortfalls have already been recovered.
Northridge Fashion Center (GSMS 2001-GL3A) and Park Place (WBCMT 2005-C14), on the other hand, both have 1% work-out fees being charged by the special - for the rest of the loans now extended life. Obviously this will cause a nonrecoverable interest shortfall on junior bonds - in this case the rake legs.
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