Wednesday, September 9, 2015
BACM 2006-3: vying for worst 2006 deal ever, 8th top loan = 4.5% transfers to special
Transaction: BACM 2006-3
Property: Phoenix Airport Marriott
City/State: Phoenix, AZ
Property Type: Hotel
Balance: $61,879,269
Percentage of Deal: 4.46%
Maturity Date: June 1, 2016
MS: Berkdia Commercial Mortgage
SS: CWCapital Asset Management
Reason for Transfer: Imminent Default
On Servicer Watchlist Prior to Transfer: Yes; 2/4/15
Previously in Special Servicing: Yes
Previously Modified: No
CMBS aficionados will recall this as the Boscov's deal, where a bunch of loans on legacy retail space were liquidated at a massive severity taking out most of the mezzanine bonds. Interest shortfalls are already reaching the AJ class thanks to an additional A/B note modification, and now this. Feh!
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1 comment:
Even better, the trustee remittance report for this deal came out today, with no mention of this loan having been transferred to the special servicer. Fine work all around!
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