Even before debt service it's losing $1mm a year at 91% occupancy according to the 1Q 2011 financials, and appraised at $87mm in April 2011. The loan represents 2.57% of CSMC 2006-C4, and the #3 loan represents 5.10% and is also delinquent (Babcock&Brown FX3), so it's kind of a big deal. In total, 12.61% of the deal is in dire straits, shortfalls are up to the E class, and the D class is already rated "D", with a split rating as high as the AMs...
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