Skyline Appraisal Wrong... Again. *CORRECTION*

 The appraisal was correct this most recent time - the Trustee just didn't know about it and told Nom Nom the value must be wrong. Nom Nom posted a correction this afternoon, and also noted that

The discrepancy between the various reports, as well as the miscommunication between the master servicer and special servicer, highlights a major issue facing CMBS market participants. We encourage further efforts to improve in-place reporting and communication to limit data errors of this nature.

ORIGINAL POST BELOW:
Nomura noted in a research report today that the servicer submitted the wrong value in the remittance report for the appraisal on Skyline Portfolio (GECMC 2007-C1, JPMCC 2007-LDPX), for the second time. Actually, they go on to say that at one point they changed the first wrong value to the original appraised value (also wrong), so it's been wrong at least twice!

Kind of makes wonder what other kinds of mistakes are being made...

Nomura also noted their target loss severity is at 32% on the loan now, and they're looking for an A/B modification.

Skyline officially goes to Special

As Vornado reported in February they let the Skyline portfolio transfer to special servicing yesterday. They blame the drop in occupancy (74%) on BRAC, which has caused havoc in some submarkets (i.e. for Falls Church VA it has been negative, but in markets such as Huntsville, AL it's been positive). They also noted that another 157k sf could be lost in 2012 and a total of 408k sf could be lost by 2016, all related to BRAC.

h/t crabsofsteel