Solana resolves

from Barcap:

CMBS: $360mn Solana sold for $180mn, 66% loss; loss recoupment

for LDPX subordinate bonds (BACM 07-1, LDPX)

   

The Fort Worth Star Telegram reported Tuesday that the Solana mixed use office, retail,

and hotel complex was liquidated for $180mn in a sale to Blackstone Group. The property

backs a $360mn loan split between a $220mn loan in BACM 2007-1 and a $140mn loan in

JPMCC 2007-LDPX, which had been in special servicing since 2009 and in REO since the

beginning of 2014. The sale price was below the latest appraisal of $184.9mn in March 2014.

 

The liquidation will repay sizeable advances and ASER accumulated for each deal after

repaying selling costs and lead to principal losses of about 66%.

 

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Question for my CMBS brethren: is there an issuer who stands out as worse than the others?

Almost every one has toxic deals under their belt with shortfalling AJs or AMs; BACM, COMM,

GMACC, GSMS, JPMCC, MLCFC, MLMT, MSC, WBCMT.  I believe who the originator is makes a

difference.  What about you?