Was sich passiert? (What's happening, babe?)
Transaction: WBCMT 2007-C30
Property: Mercedes–Benz Central Parts Warehouse
City/State: Vance, AL
Property Type: Industrial
Balance: $25,448,701
Percentage of Deal: 0.50%
Maturity Date: January 11, 2017
MS: Wells Fargo
SS: CWCapital Asset Management
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: No
Previously Modified: No
A well-known German proverb says:
"Alles hat eine Ende, nur die Wurst hat zwei"
meaning:
"Everything has an end, but a sausage has two"
Subscribe to:
Post Comments (Atom)
Posts
7 comments:
Is MBUSA the obligor on this lease? Are they just walking away?
I do not believe that they are, as the sponsor is listed as Lloyd Goldman. MBUSA is the sole tenant, with a lease expiring Oct. 31, 2020 so there may be a lease termination payment coming. Until we see the special servicer's note, it is hard to say exactly what is going on.
MBUSI is still located at the property so my best guess is that there is some issue with the borrower.
Thanks....strange. That's not a sole tenant you expect to see on loan going into special ordinarily.
Special servicer's comment, out today 6/17, does not add much:
Loan transferred to special servicing effective 5/18/16 due to imminent maturity default. The
subject is a 518,400-sf industrial property, built in 2005 and is located in Vance, AL. File
being reviewed to determine workout strategy going forward.
Another never watchlisted never specially serviced loan goes commando. Is it purely coincidence that the day after the June report comes out, this transfer is reported?
Transaction: WBCMT 2007-C30
Property: PNC Corporate Plaza
City/State: Louisville, KY
Property Type: Office
Balance: $57,806,650
Percentage of Deal: 1.14%
Maturity Date: March 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: No
Previously Modified: No
This is a tough one to figure out. The loan just took a $21MM appraisal reduction, even though the tenant is still in place.
SS comment: Loan transferred to special servicing effective 5/18/16 due to imminent maturity default. The subject is a 518,400-sf industrial property, built in 2005 and is located in Vance, AL that is 100% occupied by a single tenant. The loan matures 1/11/2017, but the tenant's lease expires 10/31/2020 and the tenant is not required to notify landlord of their renewal intentions until 2/4/2020. Borrower is in discussions with tenant to try and get them to commit to renew prior to loan maturity, but tenant has not agreed at this point. YE 2015 DSCR was 1.29x. The property was inspected in June 2016 and found to be in good condition with no deferred maintenance.
Post a Comment