Transaction: LBUBS 2006-C7
Property: Weatherford Marketplace
City/State: Weatherford, TX
Property Type: Retail
Balance: $20,512,536.15
Percentage of Deal: 4.19%
Maturity Date: October 1, 2016
MS: Wells Fargo
SS: LNR Partners, LLC
Reason for Transfer: Imminent Monetary Default
(Balloon/Maturity Default)
On Servicer Watchlist Prior to Transfer: Yes,
6/13/2016 and periodically since 2010
Previously in Special Servicing: No
Previously Modified: No
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
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
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
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
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
| 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:
| |||||||||||||||
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.
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
Posts
All Comments
