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.
 

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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