New Issue Calendar

February - 4 deals, $2.105b. Including a Distressed Loan deal from Rialto Capital worth $200mm

March - 7 deals, $5.9b. Also one Distressed loan deal from Blackstone and Square Mile Capital.

April - 3 deals, $2.75b

Blackstone/DDR buying EPN Portfolio fka Maquarie/DDR

CMAlert reported that Blackstone and DDR partnered to buy the 46 property, 10.6mm sf, EPN Group's retail portfolio for $1.4b, assuming mortgages on most of the properties, and using 3.9mm of the sf from 15 properties to back a loan used in the acquisition.

EPN took out Macquarie's interest in Macquarie DDR Trust in April 2010, and then took out DDR's interest in 2011, and DDR (the other partner in Macquarie DDR Trust) is now partnering with Blackstone (actually, its Blackstone Real Estate Partners VII Fund) to buy all the assets. The partnership will be 95/5 in Blackstone's favor, and DDR will also own a substantial (~10%) preferred equity slice.

The shopping-center portfolio represents the bulk of the assets of the former Macquarie DDR Trust, a joint venture between Macquarie Group of Australia and DDR, a shopping-center developer in Beachwood, Ohio. In 2010, EPN acquired a majority stake in Macquarie DDR, which was renamed EDT Retail. EPN took full control a few months ago. EPN, which is based in Skokie, Ill., was formed in 2009 by Alex Berman, a former executive of General Growth Properties.

Guggenheim partnering with DB and Ladder on CMBS deal coming in February

via CMA

Astounding! Rare! May be in Jeapordy!

Big impact words used in multiple articles about loan that sells for more than it's outstanding mortgage balance:

The DJ News headline characterizes it as "rare",

CMBS Investors Get Rare Payoff On '07 Loan

DB says,

Harris Trifon, a commercial mortgage bond strategist at Deutsche Bank, characterized the sale as "astounding"

DJ states,

By actually turning a profit on the loan, which it has been trying to resolve for three years, troubled-loan specialist firm CW Capital Asset Management has demonstrated that in some cases, patience pays.

It sure does! They charged $10.6mm in fees! That is like 14.5% of the loan's balance - not only did they manage to not get sued by the CMBS trust holders, support their own weakened B-Piece position, make a great deal with BlackRock and Korman (the buyers), but they completely ripped the face off the sponsor while he was down. Awesome! Riveting!


Do you know what else is rare and astounding? The Ossabaw Island Hog. Pig roast anyone?

Freddie SPC K-705 $1.222b

Joint Bookrunners: Credit Suisse, BofA Merrill Lynch
Co-Managers: Barclays, CastleOak Securities, Jefferies, J.P. Morgan

Rating Agencies: Fitch, Moody's

Expected Principal
Class Fitch/Moody's Size ($MM) WAL (yrs) Window (mos) Price Guidance
A-1 AAA(sf)/Aaa(sf) $95.000 3.99 1-77 sw+40
A-2 AAA(sf)/Aaa(sf) $936.317 6.60 77-79 sw+55-60

Cut-off Balance: $1.222B
Collateral: 70 Loans / 70 Properties

GSMS 2012-GC6 - $808.03mm - Goldman, Citi - Priced

The first deal of the year has been priced...

Class Fitch/Mdy Size($mm) WAL(yr) Spread
A1 AAA(sf)/Aaa(sf) 65.525 2.32 S+65
A2 AAA(sf)/Aaa(sf) 82.190 4.53 S+110
A3 AAA(sf)/Aaa(sf) 570.467 9.57 S+120
A-AB AAA(sf)/Aaa(sf) 89.850 7.18 S+135

575 Lex Under Contract

Nomura and Barclays both stated this loan is under contract, pointing out that the reported sales price of $370mm is well north of the $257mm loan balance and the most recent appraisal. Nomura referenced a Bloomberg story, but I missed it.

My absence tends to fuel market rallies, based on historical evidence, so I wanted to let everyone know I'm taking off for the rest of the week. You may want to load up on bonds before the day is over.

Workout fees

DB is out today with a piece titled "We'll take 1% of that - Thank you" that puts the spotlight on the 1% workout fees that Special Servicer's get. The theme is that the fee is too high in some cases and they use an example where a loan was worked out in just a few months and had a minimal loss, but the fee was still charged as an example. Specials are definitely doing some things poorly, and in one case that I'm very close to, definitely did not act appropriately.

I am not as well versed in the Special Servicing world as I would like to be, but this reeks of the pot calling the kettle black and also is a pretty unfair point to make. I'm open to feedback here, but the Special is charging a fee that everyone knows about and they are contractually obligated to charge - why shouldn't they get it? If the workout went fast and resulted in minimal losses, let's double the fee to that Special Servicer because they are doing a great job!

Even though I am a former sell side guy, the audacity of a sell-side research analyst to come out and say that the SPECIAL is getting paid too much is almost too much to bear. We should count the ways that the sell-side takes their pound of flesh out of a deal, and in a much more opaque manner. I'm sure the Special Servicers of our little CMBS Universe are a little perplexed when reading this piece and wondering exactly how much they lost in their B-Piece portfolio on DB deals from '07.

Finally, people who run large organizations know you don't get a profit on every deal. If you can get a home run on one deal, it gives you leverage to salvage a later less profitable deal.

B2 Portfolio - 55% Loss Severity

MLMT 2007-C1 took a huge $72mm writedown this month from the B2 Portfolio, a group of class C multifamily in VA, NC, and GA.

Source: Barclays, Bloomberg, Trustee reports

350 Park Avenue Refinances

Vornado refinanced the $430mm loan on 350 Park Avenue, which represented 5.59% of the collateral in WBCMT 2007-C30, into a new $300mm senior mortgage and the remainder was paid down in cash.

Macy's Closures

On the 4th day of every year, the executives at Macy's have a little ritual that involves a little slap and tickle in the board room followed by a ceremonial closure of stores sure to crush already underperforming malls and dash the hopes and dreams of adjacent in-line retailers. This year was no exception as they announced the closure of 5 Macy's and 4 Bloomingdales, all of which will have going out of business sales for 10 weeks before shuttering their doors forever. The List is below.

Macy's:
Parmatown Mall (aka Parmatown Shopping Center) in GMACC 2004-C2 is already in the hands of a receiver, and in late 2011 the receiver identified "critical life safety capital improvements" that were needed immediately. A March 2011 appraisal pegged the value at $29.7mm, substantially below the $62.4mm in outstanding senior mortgage.

Simon - West Ridge Mall is in BACM 2004-4 and represents 11.15% of the deal. The loan has been on and off the watchlist for low DSCR in 2011 and the most recently reported DSCR was 3Q 2011 @ 1.17x with 85% occupancy. Unfortunately Macy's is the premier anchor at the mall in terms of its location in relation to in-line retailers who will get crushed in the near-term; fortunately, Macy's is in the premier anchor at the mall and hopefully Simon can repopulate the dark space relatively quickly. The mall does have other problems - namely the other anchors, which are Sears (ugh), Burlington Coat Factory (never been in one, but what do they sell when it's not winter?), and JC Penney.
Although Hickory Hollow is not in a CMBS deal, there is an unanchored shopping center adjacent to the mall that is in BSCMS 2002-PBW1 that represents 0.24% of the deal. That property is not in default, but it's struggling.

Bloomingdale's:
Mall of America is the big one here, with Bloomingdale's accounting for 7.90% of the sf (expires 8/2012). The Mall also has a Macy's (9.99%). Other than this tenant, the mall has performed well with 3Q 2011 DSCR at 1.71x and occupancy at 91%. The loan is in three CMBS deals: CD 2007-CD4 (4.85%), GECMC 2007-C1 (3.11%(), and COMM 2006-C8 (10.82%).

White Flint does not have any direct exposure, but the Lord and Taylor pad within this mall is in the Lord & Taylor Portfolio in MLFT 2006-1. Just one more bullet for this property to absorb.

Mall	CMBS Deal	Exposure	Store	City	State
Mall of the Mainland			Macy's	Texas City	TX
Parmatown Mall	GMACC 2004-C2	8.67%	Macy's	Parma	OH
Hickory Hollow			Macy's	Antioch	TN
Laurel Mall			Macy's	Laurel	MD
West Ridge Mall	BACM 2004-4	11.15%	Macy's	Topeka	KS
Mall of America	Multiple	see comment	Bloomingdale	Bloomington	MN
Oakbrook Home and Furniture			Bloomingdale	Oak Brook	IL
White Flint			Bloomingdale	North Bethesda	MD
Perimeter Mall			Bloomingdale	Atlanta	GA

GGP Spinoff, Rouse, to be a B-Mall Consolidator

WSJ reports:

"Rouse is being created to be a B-mall consolidator," Mr. Mathrani said in a December interview at General Growth's Chicago headquarters. "They can actually be a viable, strong B-mall company. We're putting assets into this business that are good assets."

Brookfield to shore up Rouse:

As a 40% shareholder in General Growth, Brookfield will own 40% of Rouse upon the spinoff. Brookfield also has pledged to backstop a $200 million secondary offering of shares by Rouse early this year, meaning Brookfield will purchase any shares not bought by other investors.

$37.5 Billion in REIT equity raised last year

Wow! I knew it was a big year for REITs, but seeing the numbers from NAREIT this morning still shocked me.

"REITs are in a very strong position right now," said Mr. Coco, adding that he anticipates commercial landlords in all property types to aggressively seek acquisitions.

REITs made $34.6 billion in commercial real-estate acquisitions in 2011 that comprised 2,322 deals, according to CoStar Group. Although that was 40% higher than the previous year's volume, it fell short of expectations.

In a sign of renewed deal activity, Ventas Inc., one of the nation's largest health-care landlords by market capitalization, recently agreed to acquire Cogdell Spencer Inc. in a deal that Ventas valued at about $760 million, including debt. That would be the largest REIT merger since February, when the Chicago-based company acquired rival Nationwide Health Properties Inc. for $5.8 billion.

Cedarwoods II shaping up to be an interesting story

Several investors are suing Galante Holdings Inc to block them from buying the 548-key JW Marriott Summerlin (Hotel, Resort, Spa, and Casino, etc) for $85mm (outstanding loan is for $150mm) alleging that the deal was made improperly because Galante is not qualified to use the fair value purchase option, the value used was not the 'fair value', Trimont (Special) failed to do its duties, and that the time period has not yet expired that would require Galante to pay full par value for the senior note (UPDATED - I corrected this last sentence after reading some more info from a reader - thanks B!).

But wait, there's more! Angelo Gordon is the manager of the CDO listed as the plaintiff, Cedarwoods CRE CDO II Ltd. You may recognize this CDO as the one which US Bank (the Trustee) indicated an Event Of Default had occurred, and a liquidation was approved by the A1 note holders. A list was circulated in mid-December with four auctions scheduled for 12/20 and 12/21, with a ton of AJ (67 bonds, $129mm face) and credit CMBS (128 bonds, $437mm face) on the list (below for reference). Then the auction was pulled without comment on 12/14.

Apparently the manager, Angelo Gordon, and the A2 noteholders were not happy about the liquidation and wrote to S&P contesting the EOD. In a separate lawsuit, US Bank (Trustee) sued all the senior noteholders, the issuer, and the manager.

If someone has copies of all the filings, or additional information, please share: credarkspace@gmail.com.

Lot #	CUSIP	BOND	Face	Type	Auction
1	03702SAB9	AHR 2002-2A BFL	$1,000,000	CRE CDO	12/20 10am
2	03702WAB0	AHR 2004-1A BFL	$100,000	CRE CDO	12/20 10am
3	03702WAC8	AHR 2004-1A CFL	$3,400,000	CRE CDO	12/20 10am
4	03703BAF6	AHR 2005-HY2A F	$14,900,000	CRE CDO	12/20 10am
5	039279AG9	ARCAP 2004-1A G	$3,000,000	CRE CDO	12/20 10am
6	03927PAE8	ARCAP 2004-RR3 B	$400,000	CRE CDO	12/20 10am
7	039280AE2	ARCAP 2003-1A E	$1,085,000	CRE CDO	12/20 10am
8	226081AD9	CREST 2002-1A B2	$1,000,000	CRE CDO	12/20 10am
9	22608SAG3	CREST 2003-1A C1	$3,000,000	CRE CDO	12/20 10am
10	22939QAF9	CRCZ 2006-1A F	$3,000,000	CRE CDO	12/20 10am
11	22939QAG7	CRCZ 2006-1A G	$2,000,000	CRE CDO	12/20 10am
12	304727AA8	FAIRF 2004-1A A1	$26,450,000	CRE CDO	12/20 10am
13	50211MAB7	LNR 2003-1A B	$6,000,000	CRE CDO	12/20 10am
14	50211MAD3	LNR 2003-1A CFX	$1,500,000	CRE CDO	12/20 10am
15	50211MAG6	LNR 2003-1A EFL	$460,000	CRE CDO	12/20 10am
16	53944PAR3*	LNR 2005-1A H	$11,890,000	CRE CDO	12/20 10am
17	629390AB1	NSTAR 1A A2A	$11,000,000	CRE CDO	12/20 10am
18	629392AD3	NSTAR 2004-2A B2	$800,000	CRE CDO	12/20 10am
19	99MSB4K13	LNR 2003-1A H	$12,000,000	CRE CDO	12/20 10am
20	99MSB4K21	LNR 2003-1A J	$18,000,000	CRE CDO	12/20 10am
21	00868PAA3	AHOLD 8.62 01/02/25	$3,649,000	REIT	12/20 10am
22	313747AF4	FRT 7.48 8/15/2026	$1,000,000	REIT	12/20 10am
23	313918AA2	FRT 6.82 08/01/27	$10,400,000	REIT	12/20 10am
24	828807CA3	SPG 10.35 04/01/2019	$1,318,000	REIT	12/20 10am
25	939671AA1	WRE 7 1/4 02/25/2028	$750,000	REIT	12/20 10am
26	94874RAS5	WRI 6.6 % 11/26	$6,500,000	REIT	12/20 10am
27	059500AF5	BACM 2006-3 AM	$400,179	AM/AJ	12/20 2pm
28	05950WAJ7	BACM 2006-4 AJ	$2,700,000	AM/AJ	12/20 2pm
29	05950XAJ5	BACM 2006-5 AJ	$1,200,000	AM/AJ	12/20 2pm
30	059513AH4	BACM 2007-4 AJ	$2,000,000	AM/AJ	12/20 2pm
31	05952AAH7	BACM 2008-1 AJ	$1,800,000	AM/AJ	12/20 2pm
32	07383FBX5	BSCMS 1999-CLF1 A4	$25,000	AM/AJ	12/20 2pm
33	07388PAH4	BSCMS 2006-PW14 AJ	$1,650,000	AM/AJ	12/20 2pm
34	07388YAH5	BSCMS 2007-PW16 AJ	$4,500,000	AM/AJ	12/20 2pm
35	07401DAH4	BSCMS 2007-PW18 AJ	$1,000,000	AM/AJ	12/20 2pm
36	12479EAA4	CBAC 2004-1A A1	$2,500,000	AM/AJ	12/20 2pm
37	12513XAH5	CD 2006-CD2 AJ	$265,000	AM/AJ	12/20 2pm
38	12514AAG6	CD 2007-CD5 AM	$1,000,000	AM/AJ	12/20 2pm
39	14986DAJ9	CD 2006-CD3 AJ	$3,435,000	AM/AJ	12/20 2pm
40	17309DAG8	CGCMT 2006-C4 AJ	$900,000	AM/AJ	12/20 2pm
41	17310MAH3	CGCMT 2006-C5 AJ	$8,154,000	AM/AJ	12/20 2pm
42	20047EAJ1	COMM 2006-C8 AJ	$1,500,000	AM/AJ	12/20 2pm
43	20173WAJ7	CMLT 2008-LS1 AJ	$1,000,000	AM/AJ	12/20 2pm
44	361849R46	GMACC 2006-C1 AJ	$310,000	AM/AJ	12/20 2pm
45	36228CZU0	GSMS 2007-EOP A2	$555,000	AM/AJ	12/20 2pm
46	36298JAA1	GSMS 2006-RR2 A1	$13,000,000	AM/AJ	12/20 2pm
47	36828QSB3	GECMC 2006-C1 AJ	$1,000,000	AM/AJ	12/20 2pm
48	46628FAN1	JPMCC 2006-LDP7 AJ	$4,934,000	AM/AJ	12/20 2pm
49	46629MAM7	JPMCC 2006-LDP8 AJ	$10,200,000	AM/AJ	12/20 2pm
50	46632HAL5	JPMCC 2007-LD12 AJ	$750,000	AM/AJ	12/20 2pm
51	50180JAG0	LBUBS 2007-C2 AJ	$4,600,000	AM/AJ	12/20 2pm
52	50180LAE0	LBUBS 2008-C1 AJ	$2,825,000	AM/AJ	12/20 2pm
53	52109RBP5	LBUBS 2007-C7 AM	$600,000	AM/AJ	12/20 2pm
54	52109RBQ3	LBUBS 2007-C7 AJ	$7,239,000	AM/AJ	12/20 2pm
55	55312VAK4	MLCFC 2006-4 AJ	$300,000	AM/AJ	12/20 2pm
56	59022KAG0	MLMT 2006-C2 AJ	$9,000,000	AM/AJ	12/20 2pm
57	59023BAH7	MLMT 2006-C1 AJ	$2,830,000	AM/AJ	12/20 2pm
58	59025WAN6	MLMT 2008-C1 AJ	$4,895,000	AM/AJ	12/20 2pm
59	60688BAG3	MLCFC 2007-8 AJ	$8,000,000	AM/AJ	12/20 2pm
60	606935AK0	MLCFC 2006-1 AJ	$456,000	AM/AJ	12/20 2pm
61	61750HAG1	MSC 2006-HQ10 AJ	$951,000	AM/AJ	12/20 2pm
62	61751NAH5	MSC 2007-HQ11 AJ	$901,000	AM/AJ	12/20 2pm
63	61751XAG5	MSC 2007-T25 AJ	$5,000,000	AM/AJ	12/20 2pm
64	743784AB6	PPGLP 2000-C1 A2	$413,200	AM/AJ	12/20 2pm
65	92977RAG1	WBCMT 2006-C26 AJ	$830,000	AM/AJ	12/20 2pm
66	92978QCC9	WBCMT 2007-C30 AMF	$13,300,000	AM/AJ	12/20 2pm
67	93364LAD0	WMCMS 2007-SL3 AJ	$2,200,000	AM/AJ	12/20 2pm
68	05947U3B2	BACM 2005-5 G	$1,195,000	Credit	12/21 10am
69	05947U4K1	BACM 2005-6 D	$280,000	Credit	12/21 10am
70	05947U4M7	BACM 2005-6 F	$5,550,000	Credit	12/21 10am
71	05950XAK2	BACM 2006-5 B	$9,644,000	Credit	12/21 10am
72	05950XAL0	BACM 2006-5 C	$8,000,000	Credit	12/21 10am
73	059511AL9	BACM 2007-2 C	$235,000	Credit	12/21 10am
74	059513AN1	BACM 2007-4 C	$375,000	Credit	12/21 10am
75	059513AQ4	BACM 2007-4 D	$500,000	Credit	12/21 10am
76	05952CAL4	BACM 2007-5 B	$11,800,000	Credit	12/21 10am
77	05952CAQ3	BACM 2007-5 D	$5,000,000	Credit	12/21 10am
78	07383F4G0	BSCMS 2005-PWR7 E	$1,000,000	Credit	12/21 10am
79	07383FXW3	BSCMS 2003-T12 G	$2,257,000	Credit	12/21 10am
80	07383FY69	BSCMS 2004-PWR6 G	$1,000,000	Credit	12/21 10am
81	07388LAL4	BSCMS 2006-PW13 B	$8,000,000	Credit	12/21 10am
82	07388PAL5	BSCMS 2006-PW14 B	$10,650,000	Credit	12/21 10am
83	07388PAN1	BSCMS 2006-PW14 D	$1,490,000	Credit	12/21 10am
84	07388PAQ4	BSCMS 2006-PW14 F	$6,300,000	Credit	12/21 10am
85	07388PAR2	BSCMS 2006-PW14 G	$6,000,000	Credit	12/21 10am
86	07400SAE9	BSSBC 2006-1A M3	$6,165,000	Credit	12/21 10am
87	12479EAC0	CBAC 2004-1A M2	$706,000	Credit	12/21 10am
88	125092AA4	CPACK 2006-CLF1 D1	$4,139,601	Credit	12/21 10am
89	12513EAM6	CD 2005-CD1 C	$2,280,000	Credit	12/21 10am
90	12513EAU8	CD 2005-CD1 G	$5,000,000	Credit	12/21 10am
91	12513YAK6	CD 2007-CD4 B	$1,405,000	Credit	12/21 10am
92	12513YAL4	CD 2007-CD4 C	$4,498,000	Credit	12/21 10am
93	12514AAW1	CD 2007-CD5 G	$7,000,000	Credit	12/21 10am
94	14986DAN0	CD 2006-CD3 C	$7,375,000	Credit	12/21 10am
95	173067EW5	CGCMT 2004-C2 H	$1,000,000	Credit	12/21 10am
96	173067HF9	CGCMT 2005-C3 C	$300,000	Credit	12/21 10am
97	17310MAJ9	CGCMT 2006-C5 B	$9,800,000	Credit	12/21 10am
98	17310MAL4	CGCMT 2006-C5 D	$1,200,000	Credit	12/21 10am
99	17310MAS9	CGCMT 2006-C5 F	$4,548,000	Credit	12/21 10am
100	17311QAG5	CGCMT 2007-C6 G	$3,304,000	Credit	12/21 10am
101	17311QBQ2	CGCMT 2007-C6 C	$3,066,000	Credit	12/21 10am
102	17311QBR0	CGCMT 2007-C6 D	$670,000	Credit	12/21 10am
103	17311QBT6	CGCMT 2007-C6 F	$1,671,000	Credit	12/21 10am
104	20047EAK8	COMM 2006-C8 B	$318,000	Credit	12/21 10am
105	20047RAJ2	COMM 2007-C9 B	$4,114,541	Credit	12/21 10am
106	20047RAK9	COMM 2007-C9 C	$1,185,000	Credit	12/21 10am
107	20047RAL7	COMM 2007-C9 D	$2,500,000	Credit	12/21 10am
108	20047RAN3	COMM 2007-C9 F	$2,000,000	Credit	12/21 10am
109	225458N95	CSFB 2005-C4 B	$3,253,000	Credit	12/21 10am
110	22545RCW4	CSMC 2006-TF2A SVH	$4,000,000	Credit	12/21 10am
111	225470BE2	CSFB 2005-C5 J	$2,060,000	Credit	12/21 10am
112	225470DP5	CSFB 2005-C5 F	$900,000	Credit	12/21 10am
113	225470G31	CSMC 2006-C1 B	$1,200,000	Credit	12/21 10am
114	225470H63	CSMC 2006-C1 K	$1,000,000	Credit	12/21 10am
115	2254ERBA3	CSMC 2007-TFLA K	$11,250,000	Credit	12/21 10am
116	36228CB69	GSMS 2007-EOP J	$1,950,000	Credit	12/21 10am
117	36228CB85	GSMS 2007-EOP K	$1,000,000	Credit	12/21 10am
118	36828QKY1	GECMC 2005-C1 E	$250,000	Credit	12/21 10am
119	36828QPE0	GECMC 2005-C3 E	$9,757,000	Credit	12/21 10am
120	36828QPJ9	GECMC 2005-C3 H	$2,179,000	Credit	12/21 10am
121	36828QPK6	GECMC 2005-C3 J	$6,500,000	Credit	12/21 10am
122	36828QSC1	GECMC 2006-C1 B	$8,750,000	Credit	12/21 10am
123	36828QSG2	GECMC 2006-C1 D	$3,000,000	Credit	12/21 10am
124	40439XAK0	HVBMC 2003-FL1A H	$1,300,000	Credit	12/21 10am
125	46625YA52	JPMCC 2006-CB14 B	$3,720,000	Credit	12/21 10am
126	46628FAP6	JPMCC 2006-LDP7 B	$3,000,000	Credit	12/21 10am
127	46629MAN5	JPMCC 2006-LDP8 B	$1,305,000	Credit	12/21 10am
128	46629MAP0	JPMCC 2006-LDP8 C	$7,995,000	Credit	12/21 10am
129	46629YAK5	JPMCC 2007-CB18 B	$1,000,000	Credit	12/21 10am
130	46630DAN2	JPMCC 2007-C1 C	$2,000,000	Credit	12/21 10am
131	46630DAU6	JPMCC 2007-C1 F	$1,000,000	Credit	12/21 10am
132	46630EAJ9	JPMCC 2006-CB17 B	$3,500,000	Credit	12/21 10am
133	46630EAM2	JPMCC 2006-CB17 E	$3,911,000	Credit	12/21 10am
134	46632HAN1	JPMCC 2007-LD12 C	$375,000	Credit	12/21 10am
135	50179AAK3	LBUBS 2007-C1 C	$1,000,000	Credit	12/21 2pm
136	50179AAL1	LBUBS 2007-C1 D	$1,000,000	Credit	12/21 2pm
137	50179MAK7	LBUBS 2006-C6 C	$2,000,000	Credit	12/21 2pm
138	50179MAN1	LBUBS 2006-C6 F	$10,083,000	Credit	12/21 2pm
139	50179MAR2	LBUBS 2006-C6 H	$5,000,000	Credit	12/21 2pm
140	50180CAJ9	LBUBS 2006-C7 C	$1,218,000	Credit	12/21 2pm
141	50180CAL4	LBUBS 2006-C7 E	$5,378,000	Credit	12/21 2pm
142	50180LAT7	LBUBS 2008-C1 D	$750,000	Credit	12/21 2pm
143	50180LAV2	LBUBS 2008-C1 E	$406,000	Credit	12/21 2pm
144	50180LAX8	LBUBS 2008-C1 F	$53,000	Credit	12/21 2pm
145	52108H3N2	LBUBS 2005-C2 E	$7,560,000	Credit	12/21 2pm
146	52108H7E8	LBUBS 2005-C5 F	$2,301,000	Credit	12/21 2pm
147	52108H7K4	LBUBS 2005-C5 K	$9,510,000	Credit	12/21 2pm
148	52108HL28	LBUBS 2004-C6 H	$1,782,000	Credit	12/21 2pm
149	52108MAL7	LBUBS 2005-C7 C	$2,500,000	Credit	12/21 2pm
150	52108MAN3	LBUBS 2005-C7 E	$5,200,000	Credit	12/21 2pm
151	52108MDU4	LBUBS 2006-C1 H	$3,560,000	Credit	12/21 2pm
152	52108RAJ1	LBUBS 2006-C4 C	$2,000,000	Credit	12/21 2pm
153	52109PAK1	LBUBS 2007-C6 C	$1,600,000	Credit	12/21 2pm
154	52109RBR1	LBUBS 2007-C7 B	$650,000	Credit	12/21 2pm
155	55312VAN8	MLCFC 2006-4 C	$879,000	Credit	12/21 2pm
156	55312VAR9	MLCFC 2006-4 E	$4,741,000	Credit	12/21 2pm
157	59022HAJ1	MLMT 2002-MW1 H	$285,000	Credit	12/21 2pm
158	59022HAM4	MLMT 2002-MW1 L	$3,535,526	Credit	12/21 2pm
159	59022HFF4	MLMT 2004-BPC1 F	$4,000,000	Credit	12/21 2pm
160	59022HJV5	MLMT 2005-CIP1 F	$1,925,000	Credit	12/21 2pm
161	59022KAJ4	MLMT 2006-C2 C	$7,300,000	Credit	12/21 2pm
162	59022KAL9	MLMT 2006-C2 E	$3,355,000	Credit	12/21 2pm
163	59025KAJ1	MLMT 2007-C1 B	$4,095,000	Credit	12/21 2pm
164	606935AR5	MLCFC 2006-1 G	$4,414,000	Credit	12/21 2pm
165	617451DA4	MSC 2006-T21 G	$1,500,000	Credit	12/21 2pm
166	617451FX2	MSC 2006-HQ8 H	$8,054,000	Credit	12/21 2pm
167	61745M2Q5	MSC 2005-IQ9 H	$1,000,000	Credit	12/21 2pm
168	61745M3S0	MSC 2005-HQ5 J	$5,950,000	Credit	12/21 2pm
169	61745M6L2	MSC 2005-HQ6 B	$2,115,000	Credit	12/21 2pm
170	61745M6M0	MSC 2005-HQ6 C	$110,000	Credit	12/21 2pm
171	61745M6U2	MSC 2005-HQ6 J	$948,750	Credit	12/21 2pm
172	61750CAJ6	MSC 2006-HQ9 B	$840,000	Credit	12/21 2pm
173	61750CAS6	MSC 2006-HQ9 G	$1,652,000	Credit	12/21 2pm
174	78402KAD7	SASC 2007-BHC1 B	$2,000,000	Credit	12/21 2pm
175	78402KAE5	SASC 2007-BHC1 C	$2,000,000	Credit	12/21 2pm
176	78402KAK1	SASC 2007-BHC1 H	$2,000,000	Credit	12/21 2pm
177	79549AJT7	SBM7 2001-C2 H	$150,000	Credit	12/21 2pm
178	84604KAF6	SOVC 2007-C1 B	$5,906,000	Credit	12/21 2pm
179	863572PW7	LLL 1997-LLI D	$100,000	Credit	12/21 2pm
180	863572PX5	LLL 1997-LLI E	$973,080	Credit	12/21 2pm
181	87246AAG3	TIAAS 2007-C4 C	$5,000,000	Credit	12/21 2pm
182	92258BAA9	VCC 2011-1 NOTE	$4,700,000	Credit	12/21 2pm
183	929766S79	WBCMT 2005-C18 F	$9,500,000	Credit	12/21 2pm
184	92976BAA0	WBCMT 2005-C21 E	$500,000	Credit	12/21 2pm
185	92976BAC6	WBCMT 2005-C21 G	$4,000,000	Credit	12/21 2pm
186	92976BBS0	WBCMT 2005-C22 B	$1,155,000	Credit	12/21 2pm
187	92976VAL2	WBCMT 2006-C25 C	$1,300,000	Credit	12/21 2pm
188	92976VAT5	WBCMT 2006-C25 G	$3,100,000	Credit	12/21 2pm
189	933632AE1	WMCMS 2007-SL2 C	$1,000,000	Credit	12/21 2pm
190	933632AF8	WMCMS 2007-SL2 D	$7,000,000	Credit	12/21 2pm
191	933632AG6	WMCMS 2007-SL2 E	$3,015,000	Credit	12/21 2pm
192	933632AH4	WMCMS 2007-SL2 F	$3,369,000	Credit	12/21 2pm
193	933633AF6	WMCMS 2006-SL1 D	$9,000,000	Credit	12/21 2pm
194	933633AG4	WMCMS 2006-SL1 E	$7,031,000	Credit	12/21 2pm
195	933633AH2	WMCMS 2006-SL1 F	$3,835,000	Credit	12/21 2pm