COMM 2006-C8: 3.3% says excuse me, I can't get paid off!

Transaction: COMM 2006-C8
Property: Regions Center
City/State: Little Rock, AR
Property Type: Office
Balance: $30,060,293
Percentage of Deal: 3.27%
Maturity Date: September 1, 2016
MS: Midland Loan Services 
SS: LNR Partners, LLC
Reason for Transfer: Maturity Default 
On Servicer Watchlist Prior to Transfer: Yes, 06/06/16 
Previously in Special Servicing: No
Previously Modified: No

WBCMT 2006-C28: about to mature GA office loan = 4.5% of pool gets sent to special servicer

Never watchlisted ... Wachovia lives on!

Transaction: WBCMT 2006-C28
Property: Lakeside Pool 
City/State: Tucker, GA
Property Type: Office 
Balance: $39,856,441
Percentage of Deal: 4.51%
Maturity Date: October 11, 2016
MS: Wells Fargo 
SS: CWCapital Asset Management
Reason for Transfer: Imminent Maturity Default 
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: No
Previously Modified: No

CGCMT 2006-C5: 5.5% about to balloon default

As long as Rein's Deli in Vernon remains open, I don't care 

about this shopping plaza.

Transaction: CGCMT 2006-C5
Property: Tri City Plaza
City/State: Vernon, CT
Property Type: Retail
Balance: $40,000,000
Percentage of Deal: 5.45%
Maturity Date: October 11, 2016
MS: Wells Fargo
SS: LNR Partners
Reason for Transfer: Imminent Monetary Default (Balloon/Maturity Default)
On Servicer Watchlist Prior to Transfer: Yes, 09/11/15
Previously in Special Servicing: No
Previously Modified: No 
 

JPMCC 2006-CB17: 3.7% transfer means deal enters multi-dimensional suck space

Deal is already taking losses at the AJ level.

Food-a-Rama vacated and borrower wants two-year extension

to release the space.  Fine Fine Fine.

Transaction: JPMC 2006-CIBC17
Property: Lutherville Station
City/State: Lutherville, MD
Property Type: Retail
Balance: $23,460,164
Percentage of Deal: 3.67%
Maturity Date: October 1, 2016
MS: Wells Fargo
SS: CWCapital Asset Management
Reason for Transfer: Imminent Monetary (Balloon/Maturity Default)
On Servicer Watchlist Prior to Transfer: Yes, 07/07/15
Previously in Special Servicing: No
Previously Modified: No

BSCMS 2006-T24: catching up in suckiness to 2006-T25, 22.3% maturity defaults and transfers to special

Transaction: BSCM 2006-TOP24
Property: Dulles Executive Plaza
City/State: Herndon, VA
Property Type: Office
Balance: $68,750,000
Percentage of Deal: 22.31%
Maturity Date: September 1, 2016
MS: Wells Fargo
SS: C-III Asset Management, LLC
Reason for Transfer: Imminent Monetary Default (Balloon/Maturity Default)       
On Servicer Watchlist Prior to Transfer: Yes, 11/04/13
Previously in Special Servicing: No
Previously Modified: No

BSCMS 2005-T20: Not a deal in the news until now, when 58.5% transfers to special!

Another "Other" transfer.  Which means I have to do more work to find 

out why!

Transaction: BSCMS 2005-TOP20
Property: Lakeforest Mall
City/State: Gaithersburg, MD
Property Type: Retail
Balance: $80,890,870
Percentage of Deal: 58.50%
Maturity Date: July 8, 2010
MS: Wells Fargo
SS: C-III Asset Management, LLC
Reason for Transfer: Other
On Servicer Watchlist Prior to Transfer: Yes
Previously in Special Servicing: Yes, 05/11/2010, 07/20/16
Previously Modified: Yes, A/B note, Term increased by 86 periods; maturity modeled
as 09/2017. IO periods increased by 60

CWCI 2007-C2: The third shoe drops ... 1.4% from the borrower with 2 other loans = 4,5% transfers to special

First of all, someone at Fitch must have just returned from vacation.

Nothing all of last week, and today, boom!  4 new transfers to special.

The same borrower has 90 Melville Rd. and 275 Broadhollow Rd. back in 

special (see previous blog posts).  Why wasn't structured as one large

multi-property loan?  Answer: to disguise borrower risk, a very sleazy

trick in the underwriter's deck of cards.  

Transaction: COBALT 2007 C2
Property: 300 Broadhollow Road
City/State: Melville, NY
Property Type: Office
Balance: $22,000,000
Percentage of Deal: 1.37%
Maturity Date: February 11, 2017
MS: Wells Fargo
SS: CWCapital Asset Management
Reason for Transfer: Other
On Servicer Watchlist Prior to Transfer: Yes, 07/13/15
Previously in Special Servicing: Yes
Previously Modified: Yes, A/B note, I/O period extended, reserves added

CWCI 2007-C2: 2.4% heads off to the special after being watchlisted with code 6A. What's a code 6A???

Transaction: CWCI 2007-C2
Property: 90 Merrick Avenue
City/State: East Meadow, NY
Property Type: Office
Balance: $38,000,000
Percentage of Deal: 2.37%
Maturity Date: February 11, 2017
MS: Wells Fargo 
SS: CWCapital Asset Management
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes; 07/11/16
Previously in Special Servicing: No
Previously Modified: No

Yes, it was indeed watchlisted 8 days prior to transfer with code 6A, which means:

User Added Trigger - Any other situation that indicates an increased  level of  default risk that may create potential losses to investors The servicer's watchlist comment does help clear things up a bit: The $38MM loan ($157 psf) is secured by 90 Merrick Ave, a 9 story, 243K sf East Meadow, NY suburban office property constructed in 1986.  The loan is I/O through its 2/11/2017 maturity.  Howard Parnes of Houlihan Parnes and Craig Koenigsberg of CLK are the loan’s guarantors    7/11/2016 - The Borrower has indicated concerns regarding the ability of the loan to pay off at its upcoming maturity due to value impairment.  The Borrower believes the current value of the asset is less than the loan’s balance.  Additionally, the Borrower has indicated it will be losing two minor tenants accounting for aprox 8% of GLA prior to the 2017 maturity.  The Borrower has engaged a modification consultant to discuss its concerns with the Lender.   The loan sponsors for the subject loan are also sponsors for the 275 Broadhollow and 300 Broadhollow Loans in the COBALT07C2 securitization.  275 Broadhollow was recently transferred to the Special Servicer and 300 Broadhollow was previously modified by the Special Servicer.

MSC 2006-HQ9: 20% heads to the special for remodification. Reason for transfer: Other?

Transaction: MSCI 2006-HQ9
Property: Gateway Shopping Center
City/State: West Bloomfield, MI
Property Type: Retail     
Balance: $60,000,000
Percentage of Deal: 19.74%
Maturity Date: July 1, 2016
MS: Wells Fargo
SS: C-III Asset Management
Reason for Transfer: Other
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: Yes; Returned to Master Servicer 5/19/2014 
Previously Modified: Yes
  

JPMCC 2007-LD11: 1.7% says see ya!

I apologize for the large number of posts today, but it isn't me!

Transaction: BACM 2007-3 & JPMCC 2007-LD11 (Not rated by Fitch)
Property: JQH Hotel Portfolio
City/State: Various
Property Type: Hotel
Balance: $100,000,000 BACM 2007-3 & $50,000,000 JPMCC 2007-LD11
Percentage of Deal: 4.83% & 1.69%
Maturity Date: May 6, 2017
MS: Wells Fargo
SS: C-III Asset Management
Reason for Transfer: Borrower Bankruptcy
On Servicer Watchlist Prior to Transfer: No 
Previously in Special Servicing: No
Previously Modified: No

JPMCC 2006-CB16: 3.2% maturity defaults. I thought most maturing loans are paying off! At least,that's what they're telling you.

Transaction: JPMCC 2006-CB16
Property: Fountain Place Shopping Center
City/State: Logan, WV
Property Type: Retail
Balance: $21,998,694 
Percentage of Deal: 3.24%
Maturity Date: July 1, 2016
MS: Berkadia
SS: C-III Asset Management
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 09/06/13
Previously in Special Servicing: No
Previously Modified: No

BSCMS 2006-PW11: Basura alert! 18% retransfers to special

Basura is Spanish for garbage.

Transaction: BSCM 2006-PWR11
Property: SBC – Hoffman Estates
City/State: Hoffman Estates, IL
Property Type: Office
Balance: $56,736,076
Percentage of Deal: 17.97%
Maturity Date: December 1, 2035
MS: Wells Fargo
SS: C-III Asset Management, LLC
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes, 07/01/11
Previously in Special Servicing: No
Previously Modified: No

JPMCC 2007-LDPX: A deal which has sucked for a long time now sucks 1.7% more

Transaction: JPMC 2007-LDP10
Property: Ross Retail Portfolio
City/State: Various 
Property Type: Retail
Balance: $46,684,741
Percentage of Deal: 1.7%
Maturity Date: January 1, 2017
MS: Midland Loan Services 
SS: C-III Asset Management LLC 
Reason for Transfer: Inability to pay the loan in full at maturity
On Servicer Watchlist Prior to Transfer: Yes; 4/9/13
Previously in Special Servicing: No
Previously Modified: No

COMM 2006-C8: 5.6% of the pool has summer travel plans! Never watchlisted either.

Transaction: COMM 2006-C8
Property: JQH Hotel Portfolio
City/State: Various
Property Type: Hotel
Balance: $110,283,121
Percentage of Deal: 5.61%
Maturity Date: November 1, 2016
MS: Midland Loan Services
SS: LNR Partners, LLC
Reason for Transfer: Borrower Bankruptcy
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: No
Previously Modified: No

BACM 2007-3: 4.8% transfers to special due to borrower bankruptcy, never watchlisted

Gott in Himmel!  Do you think this transfer was reported on the July remittance for BACM 2007-3 which came out today?  Take a guess!  Several other deals had large transfers reported today; about 0.5% of the legacy market in total.

Transaction: BACM 2007-3 & JPMCC 2007-LD11 (Not rated by Fitch)
Property: JQH Hotel Portfolio
City/State: Various
Property Type: Hotel
Balance: $100,000,000 BACM 2007-3 & $50,000,000 JPMCC 2007-LD11
Percentage of Deal: 4.83% & 1.69%
Maturity Date: May 6, 2017
MS: Wells Fargo
SS: C-III Asset Management
Reason for Transfer: Borrower Bankruptcy
On Servicer Watchlist Prior to Transfer: No 
Previously in Special Servicing: No
Previously Modified: No

WBCMT 2006-C25: 33% goes into default

Certainly not good for class AJ, AM, nor A4.

Transaction:  WBCMT 2006-C25
Property: Hercules Plaza            
City/State: Wilmington, DE
Property Type: Office
Balance: $65,106,036
Percentage of Deal: 33.54%
Maturity Date: April 11, 2018
MS: Wells Fargo
SS: CWCapital Asset Management
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes; 2/11/16
Previously in Special Servicing: Yes
Previously Modified: Yes – Payment terms changed to interest only, maturity date
extension and implementation of a lock box.
  

CWCI 2007-C2: Get this loan away from me! 2.1% goes back into special

Note that it was previously with CWCrapital but was returned to master

servicing in March. Coincidentally, this transfer is being reported the 

day after the June report for this deal was released.

Transaction: CWCI 2007-C2
Property: 275 Broadhollow Road
City/State: Melville, NY
Property Type: Office
Balance: $33,200,000.00
Percentage of Deal: 2.07%
Maturity Date: February 11, 2017
MS: Wells Fargo
SS: CWCapital Asset Management LLC
Reason for Transfer: Imminent Monetary Default (Balloon/Maturity Default)       
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: Yes, Returned to Master Servicer 3/1/16
Previously Modified: No
 

JPMCC 2006-LDP9: 1.9% never watchlisted, never in special, says Look in the Diaper, it's Poopie!

Transaction: JPMCC 2006-LDP9
Property: Cheyenne Commons
City/State: Las Vegas, NV
Property Type: Retail
Balance: $55,000,000
Percentage of Deal: 1.93%
Maturity Date: November 1, 2016
MS: Midland Loan Services
SS: CWCapital Asset Management LLC
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: No 
Previously in Special Servicing: No
Previously Modified: No
   

CGCMT 2007-C6: a deal that was oh so clean has 1.3% term default just a year away from maturity ... oops!

Transaction: CGCMT 2007-C6
Property: Herndon Square Office Park
City/State: Herndon, VA
Property Type: Office
Balance: $47,500,000
Percentage of Deal: 1.33%
Maturity Date: June 1, 2017
MS: Wells Fargo
SS: CWCapital Asset Management
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes, 12/06/13 
Previously in Special Servicing: No
Previously Modified: No
   

WBCMT 2007-C30: 0.5%, never watchlisted, says hello to the special servicer

Was sich passiert?  (What's happening, babe?)

Transaction: WBCMT 2007-C30
Property: Mercedes–Benz Central Parts Warehouse
City/State: Vance, AL
Property Type: Industrial
Balance: $25,448,701
Percentage of Deal: 0.50%
Maturity Date: January 11, 2017
MS: Wells Fargo
SS: CWCapital Asset Management
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: No
Previously Modified: No

A well-known German proverb says:

"Alles hat eine Ende, nur die Wurst hat zwei"

meaning:

"Everything has an end, but a sausage has two"

GSMS 2006-GG8: Imminent maturity default in July? 7% goes to the special

Transaction: GSMS 2006-GG8
Property: The Alhambra
City/State: Alhambra, CA
Property Type: Office
Balance: $130,000,000
Percentage of Deal: 7.04%
Maturity Date: July 6, 2016
MS: Wells Fargo
SS: C-III Asset Management, LLC 
Reason for Transfer: Imminent Maturity Default 
On Servicer Watchlist Prior to Transfer: Yes; 12/8/14
Previously in Special Servicing: No 
Previously Modified: No


Fitch is always good for a laugh.

LBUBS 2007-C2: Now this is interesting...

Transaction: LBUBS 2007-C2
Property: FedEx Portfolio
City/State: various cities
Property Type: Industrial
Balance: $30,800,000
Percentage of Deal: 1.55%
Maturity Date: February 11, 2017
MS: Wells Fargo
SS: LNR Partners, Inc.
Reason for Transfer: Payment Default 
On Servicer Watchlist Prior to Transfer: Yes; 6/11/15
Previously in Special Servicing: No 
Previously Modified: No


For those of you who don't follow these things, Orix used to be the special servicer on this deal and liquidated a boatload of delinquencies in one single month making AJ the bottom class and leaving a clean deal with no delinquencies.  Since then, Orix seems to have figured out that there were still collateral issues and sold the AJ to LNR.  Hot potato! 

Always a pleasure to hear from Roger ...

CBL reportedly under investigation 
   
The Wall Street Journal is reporting that CBL Associates Properties is 

under investigation by the FBI and the SEC. The probe is focused on 

whether officials at the real estate company “falsified information 

on financial statements to banks when applying for financing 

arrangements.” 
   
We show the CMBS exposure we found related to CBL, which totaled 

nearly $3 billion. Until more details emerge, it is of course difficult

to estimate the impact of the news story on the individual loans and 

deals. 

GECMC 2005-C1: 77% goes blooey, again ...

Transaction: GECMC 2005-C1
Property: Lakeside Mall
City/State: Sterling Heights, MI
Property Type: Retail
Balance: $72,225,495
Percentage of Deal: 76.67%
Modified Maturity Date: June 10, 2016
MS: Midland Loan Services
SS: C-III Asset Management LLC 
Reason for Transfer: Imminent Default
On Servicer Watchlist Prior to Transfer: Yes; 3/4/16
Previously in Special Servicing: Yes; Returned to Master Servicer on 

5/14/10
Previously Modified: Yes; Maturity Extension

WFRBS 2013-C12: CMBS 2.0 loan, never watchlisted, 2.4% transfers to special. Miam Miam!

Transaction: WFRBS 2013-C12
Property: Studio Green Apartments (date of transfer: 4/22/16)
City/State: Newark, DE
Property Type: Multifamily-Student
Balance: $28,205,901
Percentage of Deal: 2.40%        
Maturity Date: March 1, 2023
MS: Wells Fargo Bank, NA
SS: Rialto Capital Advisors, LLC
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: No
Previously Modified: No

CGCMT 2006-C4; you don't hear much about this deal, but 11% just maturity defaulted

Transaction: CGCMT 2006-C4
Property: DuBois Mall
City/State: DuBois, PA
Property Type: Retail
Balance: $30,435,471.13
Percentage of Deal: 11.12%
Maturity Date: May 11, 2016
MS: Midland Loan Services
SS: C-III Asset Management LLC
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 02/11/16
Previously in Special Servicing: No
Previously Modified: No

JPMCC 2006-CB15: anybody want class AJ (already shortfalling interest)? 21% maturity defaults

Transaction: JPMCC 2006-CB15
Property: Greenway Portfolio
City/State: Middleton, WI
Property Type: Office
Balance: $112,000,000
Percentage of Deal: 21.3%
Maturity Date: May 1, 2016
MS: Wells Fargo
SS: LNR Partners, LLC
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 02/08/16
Previously in Special Servicing: No 
Previously Modified: No

The wonderful thing about this transfer is that the May remittance came out last Thurs. 5/12.  Two days later, surprise, surprise!  The entire deal balance is about $530MM.  Oops!

COMM 2013-CR13: CMBS 2.0 oops! 2.2% transfers to special

Transaction: COMM 2013-CR13
Property: Abbotts Square
City/State: Philadelphia, PA
Property Type: Mixed-Use
Balance: $23,869,053
Percentage of Deal: 2.17%
Maturity Date: December 6, 2023
MS: Wells Fargo
SS: Wells Fargo
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: No
Previously Modified: No
 

Is it watchlisted? Is it in special servicing? No, it is a "Potential Maturity Default"! Thank you, Fitch

Transaction: GSMS 2006 GG8

Property: CA Headquarters

City/State: Islandia, NY

Property Type: Office

Balance: $165,643,200

Percentage of Deal: 8.65%

Maturity Date: August 6, 2016

MS: Wells Fargo

SS: ORIX Capital Markets, LLC

Reason for Transfer: Potential Maturity Default

On Servicer Watchlist Prior to Transfer: No

Previously in Special Servicing: No

Previously Modified: No

Transaction: MSC 2006-HQ10

Property: PPG Portfolio 

City/State: Various

Property Type: Office

Balance: $97,864,747

Percentage of Deal: 12.1%

Maturity Date: October 8, 2016

MS: Wells Fargo

SS: LNR Partners, LLC

Reason for Transfer: Potential Maturity Default

On Servicer Watchlist Prior to Transfer: Yes; 8/10/15

Previously in Special Servicing: No

Previously Modified: No

 

MLMT 2006-C1: Another day, another loan goes to special

Transaction: MLMT 2006-C1
Property: Gateway One
City/State: St. Louis, MO
Property Type: Office
Balance: $46,391,599
Percentage of Deal: 10.7%
Maturity Date: March 1, 2016 
MS: Midland Loan Services
SS: CWCapital Asset Management
Reason for Transfer: Borrower was unable to provide Master Servicer with required
refinancing commitment within the 60 day extension. 
On Servicer Watchlist Prior to Transfer: Yes; 10/6/15
Previously in Special Servicing: No
Previously Modified: No
 

CSMC 2007-C1: Savoy Park wasn't enough? 4.3% transfers to special

Transaction: CSMC 2007-C1 
Property: Wells Fargo Place
City/State: St. Paul, MN
Property Type: Office
Balance: $90,000,000
Percentage of Deal: 4.28%
Maturity Date: November 1, 2016
MS: Berkadia Commercial Mortgage LLC
SS: C-III Asset Management LLC
Reason for Transfer: Imminent Monetary Default 
On Servicer Watchlist Prior to Transfer: Yes, 02/11/16
Previously in Special Servicing: Yes; Returned to the Master Servicer 5/24/11
Previously Modified: No
 

CD 2007-CD5: 1.9% goes to the special. Norman, OK = the desert

Transaction: CD 2007-CD5
Property: Parkway Plaza
City/State: Norman, OK
Property Type: Retail
Balance: $26,033,403
Percentage of Deal: 1.89%
Maturity Date: July 6, 2017
MS: Berkadia Commercial Mortgage LLC
SS: LNR Partners, Inc.
Reason for Transfer: Imminent Monetary Default 
On Servicer Watchlist Prior to Transfer: Yes, 11/10/14
Previously in Special Servicing: No
Previously Modified: No

CSMC 2006-C4: Credit Suisse never lost their talent for writing bad MF loans ... 2.3% goes into special servicing

Transaction: CSMC 2006-C4
Property: The Edge at Avenue North 
City/State: Philadelphia, PA
Property Type: Multifamily 
Balance: $52,695,682
Percentage of Deal: 2.32%
Maturity Date: October 1, 2016
MS: KeyBank Real Estate Capital
SS: C-III Asset Management LLC
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 1/13/14
Previously in Special Servicing: No
Previously Modified: No

JPMCC 2006-LDP7: LDP supposedly meant Large Diversified Pool. But it really means Lots of Defaulting Poopie!

Transaction: JPMCC 2006-LDP7 & CD 2007-CD4
Property: JQH Hotel Portfolio
City/State: Multiple cities
Property Type: Hotel
Balance: $ 136,328,453
Percentage of Deal: JPMCC 2006-LDP7: 10.28% & CD 2007-CD4: 0.27%
Maturity Date: April 11, 2016
MS: Berkadia
SS: LNR Partners, Inc.
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 02/09/16
Previously in Special Servicing: No
Previously Modified: No
 

GSMS 2007-GG10: 1.8% transfers to special

Transaction: GSMS 2007-GG10
Property: State House Square
City/State: Hartford, CT
Property Type: Office
Balance: $87,550,000
Percentage of Deal: 1.77%
Maturity Date: February 6, 2017
MS: Wells Fargo
SS: C-III Asset Management
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes; 01/06/16
Previously in Special Servicing: No
Previously Modified: No 

This is the benchmark legacy deal.  Class AJ is already being shortfalled interest.  2017 should be a very interesting year for holders of this class. 
 

MLMT 2007-C1: Ezra Beyman sends 23.5% of the pool back for more modification

Transaction: MLMT 2007-C1
Property: Empirian Multifamily Portfolio Pool 1 & Pool 3
City/State: Various
Property Type: Multifamily
Balance: $293,150,433 (Pool 1); $239,968,917 (Pool 3)
Percentage of Deal: 12.9% (Pool 1); 10.6% (Pool 3)
Maturity Date: June 12, 2017
MS: KeyBank Real Estate Capital
SS: C-III Asset Management LLC 
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: Yes; Returned to Master Servicer 2/28/2013
Previously Modified: Yes; IO period increased by 60 months, A & B Note created for pool 1 & 3, Rate changed.

A crap deal gets even worse.  These 2 loans were modified to create $215MM of B-notes which will almost surely lead to AJFX and AJFL writedowns.  Now, here's a question for all of you CMBS experts out there: does anyone understand why AJFX is receiving interest yet AJFL is not?  Answer in the comments section.

JPMCC 2006-CB15: a deal which already sucked now sucks 32% more

Transaction: JPMC 2006-CIBC15
Property: Warner Building
City/State: Washington, DC
Property Type: Office
Balance: $292,700,000
Percentage of Deal: 32.34%
Maturity Date: May 12, 2016
MS: Wells Fargo
SS:  LNR Partners, Inc.
Reason for Transfer: Imminent Balloon/Maturity Default
On Servicer Watchlist Prior to Transfer: Yes 
Previously in Special Servicing: No
Previously Modified: No

BACM 2007-1, JPMCC 2007-LDP10, GECMC 2007-C1: a 53/48% A/B note mod wasn't enough so they are back for more!

Transaction: BACM 2007-1, JPMCC 2007-LDP10, (GECMC 2007-C1 Not Rated by Fitch)
Property: Skyline Portfolio
City/State: Falls Church, VA
Property Type: Office
Balance: A Note: $350,000,000 & B Note: $328,000,000 (Not Rated: A Note: $105,000,000; B Note:$98,400,000)
Percentage of Deal: BACM 2007-1: 18.3%; JPMCC 2007-LDP10: 7.3%; GECMC 2007-C1: 8.9%
Modified Maturity Date: February 1, 2022
MS: KeyBank Real Estate Capital
SS: CWCapital Asset Management, LLC
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes; April 2015
Previously in Special Servicing: Yes; Returned to Master Servicer 2/28/2014
Previously Modified: Yes; Term and IO period increased by 60 months, New maturity modeled as Feb. 2022, A & B Note created.
 

---

MLCFC 2007-9: 2.94% watchlisted and transferred in the same month ...

Transaction: MLCFC 2007-9                  
Property: Northwood Centre
City/State: Tallahassee, FL
Property Type: Mixed Use
Balance: $46,175,000
Percentage of Deal: 2.94%
Maturity Date: July 8, 2017
MS: Wells Fargo
SS: LNR Partners Inc.
Reason for Transfer: Imminent Monetary Default 
On Servicer Watchlist Prior to Transfer: Yes; 3/8/16
Previously in Special Servicing: No
Previously Modified: No

MLCFC: a shelf like no other.  Now that's what I call servicing!
 

MLCFC 2007-5: now that that pesky Stuy Town loan is out of the way, what's left? 1.15% transfers to special...

Transaction: MLCFC 2007-5
Property: Yankee Candle Company
City/State: South Deerfield, MA
Property Type: Industrial 
Balance: $27,188,930
Percentage of Deal: 1.15%
Maturity Date: 10/01/2036
MS: Berkadia Commercial Mortgage LLC
SS: CWCapital Asset Management, LLC 
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: No
Previously Modified: No

MLCFC is by far my favorite shelf, combining the underwriting prowess of Countrywide and ML!

WBCMT 2006-C25: 2% is a little schmutz in an otherwise well-behaved deal

Transaction: WBCMT 2006-C25
Property: Quantum Buildings A/B
City/State: Colorado Springs, CO
Property Type: Office
Balance: $24,203,295
Percentage of Deal: 2.04%
Maturity Date: February 11, 2016
MS: Wells Fargo 
SS:  CWCapital Asset Management
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 11/12/15
Previously in Special Servicing: No
Previously Modified: No

CSMC 2007-C1: one mod wasn't good enough for you? 7.1% retransfers to special

Transaction: CSMC 2007-C1
Property: Cityplace – A & B Note
City/State: West Palm Beach, FL
Property Type: Mixed Use
Balance: $150,000,000 ($50,000,000 B Note) 
Percentage of Deal: 7.1%
Modified Maturity Date: December 11, 2018
MS: Berkadia
SS: C-III Asset Management LLC
Reason for Transfer: Imminent Monetary Default 
On Servicer Watchlist Prior to Transfer: Yes, 7/13/2015
Previously in Special Servicing: Yes
Previously Modified: Yes; Maturity Extension; Split into an A&B Note; Rate Change
 

COMM 2006-C7: 2.0% transfers to special

Transaction: COMM 2006-C7
Property: Heyman Properties - LGA
City/State: East Elmhurst, NY
Property Type: Hotel
Balance: $23,930,506
Percentage of Deal: 2.03%
Maturity Date: April 1, 2016
MS: Midland Loan Services
SS: CWCapital Asset Management
Reason for Transfer: Inability to make loan payments
On Servicer Watchlist Prior to Transfer: Yes; 9/3/09
Previously in Special Servicing: No
Previously Modified: No
 

We've seen this loan before when it was known as Avistar/Courtyard by Marriott.  

Another winner from COMM-2006-C7!

MSC 2011-C2: Why let legacy CMBS have all the fun? 4.2% transfers to special

Transaction: MSC 2011-C2
Property: Georgetown Center
City/State: Washington, DC
Property Type: Office
Balance: $46,500,000
Percentage of Deal: 4.20%
Maturity Date: April 1, 2016
MS: Berkadia Commercial Mortgage LLC
SS: Strategic Asset Services
Reason for Transfer: Imminent default
On Servicer Watchlist Prior to Transfer: Yes; 1/11/16
Previously in Special Servicing: No
Previously Modified: No

MLCFC 2007--9 rings in the New Year with 1.8% transferring to the special servicer for a maturity mod

Transaction: ML-CFC 2007-9
Property: San Souci Plaza
City/State: California, MD
Property Type: Retail
Balance: $27,200,000
Percentage of Deal: 1.82%
Maturity Date: December 1, 2016
MS: Midland Loan Services
SS: LNR Partners, LLC
Reason for Transfer: Maturity extension requested 
On Servicer Watchlist Prior to Transfer: Yes; 1/8/14
Previously in Special Servicing: No
Previously Modified: No
 
Note for non-speakers of French: San Souci (or correctly, Sans Souci) means "without a worry."  Right they are!

COMM 2006-C7: Bang! Zoom! 10.3% goes to the special

Why does this always happen right after the monthly remittance

report comes out? Answer: it's COMM.  Deal is already being 

shorted at the AJ level.

Transaction: COMM 2006-C7
Property: 700 South Flower Plaza  
City/State: Los Angeles, CA
Property Type: Mixed Use 
Balance: $121,778,568
Percentage of Deal: 10.31%
Maturity Date: April 1, 2016
MS: Midland Loan Services
SS: CWCapital Asset Management
Reason for Transfer: Imminent Maturity Default 
On Servicer Watchlist Prior to Transfer: Yes; 4/4/12
Previously in Special Servicing: No
Previously Modified: No

JPMCC 2006-CB17: Mezz bonds get hammered by $219MM in losses

With the liquidation of REO Bank of America Plaza and other REO loans in the deal, classes B->J got written down, all but class B to 0.  At least they got a final interest payment before saying au revoir monde cruel.

MLCFC 2007-6: another previously modified loan = 3.3% of the pool goes back to the special

Transaction: MLCFC 2007-6
Property: MSKP Retail Portfolio - B (A-1 and A-2 Note)
City/State: Fort Lauderdale and Manalapan, FL
Property Type: Retail 
Balance: $59,400,000
Percentage of Deal: 3.32%
Modified Maturity Date: March 12, 2019
MS: Wells Fargo
SS: CWCapital Asset Management 
Reason for Transfer: Imminent Non-Monetary Default
On Servicer Watchlist Prior to Transfer: Yes; 4/8/2015
Previously in Special Servicing: Yes
Previously Modified: Yes; Maturity Extension, Hope Note Created

Another POS courtesy of Merrill Lynch and Countrywide! 

BSCMS 2005-PWR7: a modified loan = 43.37% of the collateral goes back to the special servicer. Happy New Year!

Transaction: BSCM 2005-PWR7
Property: Shops at Boca Park
City/State: Las Vegas, NV
Property Type: Retail
Balance: $49,231,871
Percentage of Deal: 43.37%
Maturity Date: February 11, 2016
MS: Wells Fargo
SS: C-III Asset Management
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes; 1/5/15
Previously in Special Servicing: Yes
Previously Modified: Yes; Maturity date extension and a note rate reduction
 

MLCFC 2007-5: $48MM in losses write down Class D

It looks as if the Fort Henry Mall, a loan just under $40MM in this deal, was liquidated at a loss of ... $40MM.  A couple of other smaller loans contributed another $8MM in losses.  For those who follow this blog (and I realize that you are few but interested in this market sector), I repeat what I have previously stated.  MLCFC = P.O.S.!

(see last month's post on this deal where another $55MM transfers to special servicing)

JPMCC 2005-LDP5: just when you thought things were calm and bright, 3.9% goes barftastic!

Transaction: JPMC 2005-LDP5
Property: Raleigh Office Centre
City/State: Southfield, MI
Property Type: Office
Balance: $29,485,842
Percentage of Deal: 3.94%
Maturity Date: December 1, 2015
MS: Midland Loan Services
SS: CWCapital Asset Management
Reason for Transfer: The loan has matured or is maturing in 60 days
On Servicer Watchlist Prior to Transfer: Yes; 2/9/07
Previously in Special Servicing: No
Previously Modified: No
 

CWCI 2007-C3: 1.7% term defaults

Transaction: Cobalt 2007-C3
Property: Lynnhaven North Shopping Center
City/State: Virginia Beach, VA
Property Type: Retail
Balance: $24,140,000
Percentage of Deal: 1.69% 
Maturity Date: June 11, 2017
MS: Wells Fargo
SS: CWCapital Asset Management
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes; 10/14/14
Previously in Special Servicing: No
Previously Modified: No

Transaction: PCMT 2003-PWR1
Property: Brandywine Office Building & Garage
City/State: Wilmington, DE
Property Type: Office
Balance: $29,060,894
Percentage of Deal: 100%
Modified Maturity Date: May 1, 2020
MS: Wells Fargo
SS: C-III Asset Management 
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes; 6/4/15
Previously in Special Servicing: Yes
Previously Modified: Yes; Maturity Extension; Rate Adjustment; Principal Forgiveness

JPMCC 2007-LD12 and MLCFC 2006-1: two modified loans go back to the special

Transaction: JPMC 2007-LDP12
Property: Oheka Castle
City/State: Huntington, NY
Property Type: Hotel
Balance: $22,750,000 A Note and $5,140,806 B Note
Percentage of Deal: 1.99%
Modified Maturity Date: August 15, 2017
MS: Wells Fargo
SS: LNR Partners
Reason for Transfer: Imminent Non-Monetary Default
On Servicer Watchlist Prior to Transfer: Yes; 1/9/14
Previously in Special Servicing: Yes
Previously Modified: Yes; Split into an A&B Note, Term Increased by 60 Periods

Transaction: MLCFC 2006-1
Property: Prince George Center II
City/State: Hyattsville, MD
Property Type: Office
Balance: $37,268,804
Percentage of Deal: 3.89%
Maturity Date: December 8, 2015
MS: Wells Fargo
SS: CWCapital Asset Management
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 5/6/15
Previously in Special Servicing:  Yes
Previously Modified:  Yes

MLCFC 2007-5: this deal is still a dog despite Stuy Town

Transaction: MLCFC 2007-5
Property: Woodhill Circle Plaza
City/State: Lexington, KY
Property Type: Retail
Balance: $30,078,328
Percentage of Deal: 0.92%
Maturity Date: February 1, 2017
MS: Wells Fargo
SS: CWCapital Asset Management
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes; 08/08/11
Previously in Special Servicing: No
Previously Modified: No

Transaction: CGCMT 2006-C5
Property: North Campus Crossing Apartments
City/State: Greenville, NC
Property Type: Multifamily
Balance: $25,536,377
Percentage of Deal: 1.73%
Maturity Date: September 1, 2016
MS: Midland Loan Services
SS: LNR Partners, LLC
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes; 03/11/08
Previously in Special Servicing: No
Previously Modified: No

BSCMS 2006-PW11: 2 loans = 21% of the pool transfer to special servicing ... Nice!

Transaction: BSCMS 2006-PWR11
Property: Investcorp Retail Portfolio 1 
City/State: Various, IN and OH  
Property Type: Retail
Balance: $96,120,000
Percentage of Deal: 11.15%
Maturity Date: February 1, 2016
MS: Wells Fargo
SS: C-III Asset Management 
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes; 8/4/11
Previously in Special Servicing: No
Previously Modified: No

Transaction: BSCMS 2006-PWR11
Property: Investcorp Retail Portfolio 2
City/State: Various, OH
Property Type: Retail
Balance: $88,260,000
Percentage of Deal: 10.24%
Maturity Date: February 1, 2016
MS: Wells Fargo
SS: C-III Asset Management 
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes; 8/4/11
Previously in Special Servicing: No
Previously Modified: No
 

COMM 2006-C7: It's still called Wachovia Tower? 3.7% transfers to special servicing

Transaction: COMM 2006-C7
Property: Wachovia Tower
City/State: Baltimore, MD
Property Type: Office
Balance: $48,986,384
Percentage of Deal: 3.68%
Maturity Date: May 1, 2016
MS: Midland Loan Services
SS: CWCapital Asset Management
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes; 6/4/14
Previously in Special Servicing: No
Previously Modified: No

BACM 2006-2: what have we here?

Not a deal I am very familiar with, but still notable as a 

non-watchlisted balloon default.

Transaction: BACM 2006-2
Property: Belk Headquarters     
City/State: Charlotte, NC
Property Type: Office
Balance: $34,645,000
Percentage of Deal: 1.99%
Maturity Date: April 1, 2016
MS: Berkadia Commercial Mortgage
SS: Torchlight Loan Services
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: No
Previously Modified: No

JPMCC 2005-CB13: goes from 33% to 38% in specially servicing

Transaction:  JPMC 2005-CIBC13
Property: The Lakes at West Covina
City/State: West Covina, CA
Property Type: Office
Balance: $29,612,040
Percentage of Deal: 4.98%
Maturity Date: November 1, 2015
MS: Midland Loan Services
SS: LNR Partners
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 5/7/13
Previously in Special Servicing: No
Previously Modified: No

LBUBS 2006-C1: 5% transfers to special

Transaction: LBUBS 2006-C1
Property: River Valley Mall
City/State: Lancaster, OH
Property Type: Retail
Balance: $45,076,743
Percentage of Deal: 4.96%
Maturity Date: January 15, 2016
MS: Wells Fargo
SS: LNR Partners
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes; 2/11/09
Previously in Special Servicing: No
Previously Modified: No

CSMC 2006-C4: Babcock & Brown again?

The big news today in case you are marooned on a desert island is that

Stuy Town sold for $5.4B, which should be enough to make senior 

bondholders whole with respect to principal and unpaid interest.  I 

think it's a pretty good deal all around (except if you were a mezz 

lender) in that Blackstone's cost is half the average market rate per 

apartment, and the rights of the non-market rate tenants are protected

for a number of years.

In the meantime, CS continued its love affair with bad multifamily 

lending.  Where are you,Andy Stone?  (answer: Petra Capital Mgmt)

Transaction: CSMSC 2006-C4
Property: Babcock & Brown FX 3
City/State: Various
Property Type: Multifamily
Balance: $52,230,067
Percentage of Deal: 1.76%
Modified Maturity Date: February 15, 2017
MS: KeyBank Real Estate Capital 
SS: C-III Asset Management LLC
Reason for Transfer: Borrower Bankruptcy
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: Yes
Previously Modified: Yes; Maturity Extension and Principal Forgiveness

MSC 2007-XLF: top loan=93% transfers back to special

mmmmpphh.

Transaction: MSC 2007-XLF
Property: HRO Hotel Portfolio
City/State: Various
Property Type: Hotel
Balance: $130,551,879
Percentage of Deal: 93.0%
Modified Maturity Date: October 9, 2015
MS: Midland Loan Services
SS: CWCapital Asset Management
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 7/9/15
Previously in Special Servicing: Yes
Previously Modified: Yes; Extended Maturity Date until October 2015

Something old, something new: WBCMT 2004-C12 & JPMCC 2010-C2!

Transaction: WBCMT 2004-C12
Property: Eastdale Mall
City/State: Montgomery, AL
Property Type: Retail
Balance: $26,259,812
Percentage of Deal: 41.4%
Modified Maturity Date: December 31, 2018 
MS: Wells Fargo
SS: Torchlight Loan Services, LLC
Reason for Transfer: Imminent Monetary Default  
On Servicer Watchlist Prior to Transfer: Yes; 7/11/14
Previously in Special Servicing: Yes
Previously Modified: Yes; Maturity Date

Transaction: JPMCC 2010-C2
Property: Woodlands Square Shopping Center
City/State: Oldsmar, FL
Property Type: Retail
Balance: $24,086,684
Percentage of Deal: 2.71%
Maturity Date: August 1, 2015
MS: Midland Loan Services
SS: Strategic Asset Services LLC
Reason for Transfer: Maturity Default 
On Servicer Watchlist Prior to Transfer: Yes; 6/11/15
Previously in Special Servicing: No
Previously Modified: No

 

No comment as I am more focussed on legacy 2005-8 deals.

Now that the September remittances are out ...

Wamu!

Transactions: LBUBS 2006-C1 & LBUBS 2006-C7
Property: Triangle Town Center
City/State: Raleigh, NC
Property Type: Retail
Balance: $109,151,315 (A Note)
          $24,917,630 (B Note)
Percentage of Deal: 10.4% (A Note) 
                     1.2% (B Note)
Maturity Date: December 5, 2015
MS: Wells Fargo
SS: LNR Partners, Inc.
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes; 11/12/2014
Previously in Special Servicing: No
Previously Modified: No

Transaction: MLCFC 2006-3
Property: 16661 Ventura Boulevard
City/State: Encino, CA
Property Type: Office
Balance: $27,902,659
Percentage of Deal: 1.67%
Modified Maturity Date: October 31, 2018
MS: Midland Loan Services
SS: C-III Asset Management
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes; 4/7/2015     
Previously in Special Servicing: Yes
Previously Modified: Yes; Extended maturity date until 10/31/2018

BACM 2005-5: such an innocent deal, until 38% transferred to special servicing!

This from S&P:

The Wateridge Office Park loan ($83mn, 34% of pool, CA office), largest in the BACM 2005-C5 transaction, was transferred to the special servicer due to maturity default. The loan was previously on the watchlist due to low occupancy. Currently the property is at 80% occupancy, with a DSCR of 0.78x, which has increased compared to 0.43x last year, but remains well below the underwritten level due to a decrease in base rent & increase in real estate taxes and General & Administrative expenses.

The Orchard Plaza ($10mn, 4% of pool, MI retail), the fourth largest in the transaction, was also transferred to the special due to maturity default. The loan was previously on the watchlist due to low DSCR. Currently the property has a DSCR of 0.71x, which was little changed compared to last year. The decline in DSCR from the underwritten level was due to a 22% decrease in base rent and a 65% increase in expenses.

-------------------

Yeehah!  I wonder if any of the three analytics providers will bother to update their data in advance of next month's reporting.  Probably not.

CSMC 2006-C4: why single-tenant exposure matters

Transaction: CSMC 2006-C4
Property: Maxtor Campus
City/State: Longmont, CO
Property Type: Office
Balance: $45,100,344
Percentage of Deal: 1.51%
Maturity Date: July 11, 2016
MS: KeyBank Real Estate Capital
SS: C-III Asset Management
Reason for Transfer: Imminent Default
On Servicer Watchlist Prior to Transfer: Yes; 4/13/15
Previously in Special Servicing: No
Previously Modified: No

Maxtor ... didn''t they make disk drives?  Oh, now they're part of Seagate Technologies.

From the watchlist:

07/13/2015  Per the borrower, tenant has not renewed and does not have interest in renewing.  The property has been on the market for lease with CBRE.  They currently do not have active prospects.

Oops.

BACM 2006-3: vying for worst 2006 deal ever, 8th top loan = 4.5% transfers to special

Transaction: BACM 2006-3
Property:  Phoenix Airport Marriott        
City/State: Phoenix, AZ
Property Type: Hotel
Balance: $61,879,269
Percentage of Deal: 4.46%
Maturity Date: June 1, 2016
MS: Berkdia Commercial Mortgage
SS: CWCapital Asset Management
Reason for Transfer: Imminent Default
On Servicer Watchlist Prior to Transfer: Yes; 2/4/15
Previously in Special Servicing: Yes
Previously Modified: No

CMBS aficionados will recall this as the Boscov's deal, where a bunch of loans on legacy retail space were liquidated at a massive severity taking out most of the mezzanine bonds.  Interest shortfalls are already reaching the AJ class thanks to an additional A/B note modification, and now this.  Feh!

JPMCC 2008-C2: another servicing transfer makes the worst deal ever even worse!

Transaction: JPMC 2008-C2
Property: Chase South Tower – Baton Rouge
City/State: Baton Rouge, LA
Property Type: Office
Balance: $20,425,633
Percentage of Deal: 2.76%
Maturity Date: January 1, 2018
MS: Midland Loan Services
SS: CWCapital Asset Management
Reason for Transfer: Monetary Default 
On Servicer Watchlist Prior to Transfer: Yes; 1/8/13
Previously in Special Servicing: No
Previously Modified: No

As I am sure many of you know, this deal's AM class is being shorted interest.  I remember JPM saying that this deal represented a return to conservative underwriting standards (while they were selling it, of course).

GMACC 2006-C1: mod, then balloon default

Transaction: GMACC 2006-C1
Property: Mission Greensboro Apartments
City/State: Greensboro, NC
Property Type: Multifamily
Balance: $20,333,066    
Percentage of Deal: 2.62%
Maturity Date: September 1, 2015
MS: Berkadia Commercial Mortgage
SS: LNR Partners
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 7/1/2015
Previously in Special Servicing: Yes
Previously Modified: Yes