WBCMT 2006-C28: this won't hit the AJ but 11.5% is still a pretty large transfer

Transaction: WBCMT 2006-C28
Property: Brookfield Lakes Corporate Center
City/State: Brookfield, WI          
Property Type: Office
Balance: $58,259,842
Percentage of Deal: 11.45%
Maturity Date: October 11, 2016
MS: Wells Fargo
SS: CWCapital Asset Management
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 04/11/16 
Previously in Special Servicing: No
Previously Modified: No

COMM 2006-C7: do you own class AJ? Oops!!

There are only two classes outstanding in this deal for a total of about $130MM.  If losses exceed $20MM, class AJ takes writedowns. Noch ein Erfolg (yet another success), Deutsche Bank! 

Transaction: COMM 2006-C7
Property: Fiddler's Green Center
City/State: Greenwood Village, CO
Property Type: Office
Balance: $61,600,000
Percentage of Deal: 47.82%
Modified Maturity Date: May 1, 2018
MS: Midland Loan Services 
SS: CWCapital Asset Management
Reason for Transfer: Other
On Servicer Watchlist Prior to Transfer: No 
Previously in Special Servicing: Yes; Returned to Master Servicer 03/27/13
Previously Modified: Yes, Maturity increased by 24 periods to 05/2018; IO periods increased by 60

COMM 2006-C8: 3.4% transferred in Sep for maturity default, this month another 3.4% goes down the loo

Transaction: COMM 2006-C8
Property: The Park at Spanish Ridge
City/State: Las Vegas, NV
Property Type: Office
Balance: $24,357,009
Percentage of Deal: 3.41%
Maturity Date: November 1, 2016
MS: Midland Loan Services 
SS: LNR Partners, LLC
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 08/04/16
Previously in Special Servicing: No 
Previously Modified: No 

WBCMT 2007-C30: 2% previously modified into A/B notes goes back for more

I wondered why S&P has the AJ class of this deal rated at D even 
though it is current with respect to P&I and has 16% credit support.  
Maybe S&P knew something I didn't!

Transaction: WBCMT 2007-C30
Property: NJ Office Pool
City/State: Multiple Cities, NJ
Property Type: Office
Balance: $ 62,118,000 ($21,168,000 B-Note) 
Percentage of Deal: 1.37%
Maturity Date: February 11, 2017
MS: Wells Fargo
SS: CWCapital Asset Management
Reason for Transfer: Imminent Monetary Default (Balloon/Maturity Default)
On Servicer Watchlist Prior to Transfer: Yes; 10/11/13 
Previously in Special Servicing: Yes; Returned to Master Servicer 8/23/13
Previously Modified: Yes; Hope Note Created

Transaction: WBCMT 2007-C30
Property: NJ Industrial & Office Pool
City/State: Multiple Cities, NJ
Property Type: Industrial & Office
Balance: $33,352,000 ($11,552,000 B-Note)
Percentage of Deal: 0.73%
Maturity Date: February 11, 2017
MS: Wells Fargo
SS: CWCapital Asset Management
Reason for Transfer: Imminent Monetary Default (Balloon/Maturity Default)
On Servicer Watchlist Prior to Transfer: Yes; 3/11/14
Previously in Special Servicing: Yes; Returned to Master Servicer 2/12/14
Previously Modified: Yes; Hope Note Created 

BSCMS 2006-PW14: 5.4% says excuse me!

Transaction: BSCM 2006-PWR14
Property: Fountain Square
City/State: Brookfield, WI
Property Type: Retail
Balance: $39,250,000
Percentage of Deal: 5.39%
Maturity Date: October 1, 2016
MS: Wells Fargo 
SS: C-III Asset Management
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes, 02/04/16
Previously in Special Servicing: Yes; Returned to the Master Servicer 1/6/16
Previously Modified: No 

GSMS 2007-GG10: Benchmark deal heading sourh with another 5.5% going to special

Transaction: GSMS 2007-GG10
Property: TIAA RexCorp New Jersey Portfolio
City/State: Madison, Short Hills, and Morristown, NJ
Property Type: Office
Balance: $270,375,000
Percentage of Deal: 5.53%
Maturity Date: February 6, 2017
MS: Wells Fargo 
SS: C-III Asset Management
Reason for Transfer: Imminent Monetary (Balloon/Maturity Default)
On Servicer Watchlist Prior to Transfer: Yes, 04/06/12 
Previously in Special Servicing: No
Previously Modified: No

LBUBS 2007-C6: 1.5% does another "Other" transfer

Transaction: LBUBS 2007-C6
Property: Lakeland Town Center
City/State: Lakeland, FL
Property Type: Retail
Balance: $25,100,000
Percentage of Deal: 1.49% 
Maturity Date: June 11, 2017
MS: Wells Fargo
SS: LNR Partners
Reason for Transfer: Other
On Servicer Watchlist Prior to Transfer: Yes, 03/11/15
Previously in Special Servicing: No
Previously Modified: No

GSMS 2006-GG8: 2 maturing loans constituting 8% go plop plop fizz fizz

Transaction: GSMS 2006-GG8
Property: Algonquin Center
City/State: Algonquin, IL
Property Type: Retail
Balance: $28,600,000
Percentage of Deal: 5.03%
Maturity Date: October 6, 2016
MS: Wells Fargo
SS: C-III Asset Management, LLC
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 07/06/16
Previously in Special Servicing: No
Previously Modified: No

Transaction: GSMS 2006-GG8
Property: Gateway Mall
City/State: Machesney Park, IL
Property Type: Retail
Balance: $20,750,000
Percentage of Deal: 2.86%
Maturity Date: October 6, 2016
MS: Wells Fargo
SS: C-III Asset Management, LLC
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 07/06/16
Previously in Special Servicing: No 
Previously Modified: No 

WBCMT 2007-C30: 0.5% transfers to special. Does anyone even know where Dardenne Prairie is?

Transaction: WBCMT 2007-C30
Property: Dardenne Town Square
City/State: Dardenne Prairie, MO
Property Type: Retail
Balance: $22,427,672
Percentage of Deal: 0.47%
Maturity Date: January 11, 2017
MS: Wells Fargo
SS: CWCapital Asset Management
Reason for Transfer: Imminent Monetary Default (Balloon/Maturity Default)
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: No
Previously Modified: No 

MSC 2006-IQ12: In honor of the Jewish Holidays, 4% says Oy Vey!

Transaction: MSC 2006-IQ12
Property: Regency Park North
City/State: Brandon, FL
Property Type: Office
Balance: $29,000,000
Percentage of Deal: 3.98%
Maturity Date: 10/1/2016
MS: Berkadia
SS: C-III Asset Management LLC
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 5/09/2016
Previously in Special Servicing: No
Previously Modified: No

LBUBS 2006-C7: 4.2% says I'm ballooning, please somebody pay me off because my borrower can't!

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

MSC 2007-HQ12: 3.8% says, why wait until April when I can get sent to special servicing now!

Transaction: MSC 2007-HQ12
Property: Somerset Crossing
City/State: Gainesville, VA
Property Type: Retail
Balance: $25,508,302
Percentage of Deal: 3.79%
Maturity Date: April 1, 2017
MS: Wells Fargo
SS: LNR Partners, LLC
Reason for Transfer: Imminent Monetary (Balloon/Maturity Default)
On Servicer Watchlist Prior to Transfer: Yes, 05/08/13
Previously in Special Servicing: No 
Previously Modified: No

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.