Something old, something new: WBCMT 2004-C12 & JPMCC 2010-C2!

Transaction: WBCMT 2004-C12
Property: Eastdale Mall
City/State: Montgomery, AL
Property Type: Retail
Balance: $26,259,812
Percentage of Deal: 41.4%
Modified Maturity Date: December 31, 2018 
MS: Wells Fargo
SS: Torchlight Loan Services, LLC
Reason for Transfer: Imminent Monetary Default  
On Servicer Watchlist Prior to Transfer: Yes; 7/11/14
Previously in Special Servicing: Yes
Previously Modified: Yes; Maturity Date

Transaction: JPMCC 2010-C2
Property: Woodlands Square Shopping Center
City/State: Oldsmar, FL
Property Type: Retail
Balance: $24,086,684
Percentage of Deal: 2.71%
Maturity Date: August 1, 2015
MS: Midland Loan Services
SS: Strategic Asset Services LLC
Reason for Transfer: Maturity Default 
On Servicer Watchlist Prior to Transfer: Yes; 6/11/15
Previously in Special Servicing: No
Previously Modified: No

 

No comment as I am more focussed on legacy 2005-8 deals.

Now that the September remittances are out ...

Wamu!

Transactions: LBUBS 2006-C1 & LBUBS 2006-C7
Property: Triangle Town Center
City/State: Raleigh, NC
Property Type: Retail
Balance: $109,151,315 (A Note)
          $24,917,630 (B Note)
Percentage of Deal: 10.4% (A Note) 
                     1.2% (B Note)
Maturity Date: December 5, 2015
MS: Wells Fargo
SS: LNR Partners, Inc.
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes; 11/12/2014
Previously in Special Servicing: No
Previously Modified: No

Transaction: MLCFC 2006-3
Property: 16661 Ventura Boulevard
City/State: Encino, CA
Property Type: Office
Balance: $27,902,659
Percentage of Deal: 1.67%
Modified Maturity Date: October 31, 2018
MS: Midland Loan Services
SS: C-III Asset Management
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes; 4/7/2015     
Previously in Special Servicing: Yes
Previously Modified: Yes; Extended maturity date until 10/31/2018

BACM 2005-5: such an innocent deal, until 38% transferred to special servicing!

This from S&P:

The Wateridge Office Park loan ($83mn, 34% of pool, CA office), largest in the BACM 2005-C5 transaction, was transferred to the special servicer due to maturity default. The loan was previously on the watchlist due to low occupancy. Currently the property is at 80% occupancy, with a DSCR of 0.78x, which has increased compared to 0.43x last year, but remains well below the underwritten level due to a decrease in base rent & increase in real estate taxes and General & Administrative expenses.

The Orchard Plaza ($10mn, 4% of pool, MI retail), the fourth largest in the transaction, was also transferred to the special due to maturity default. The loan was previously on the watchlist due to low DSCR. Currently the property has a DSCR of 0.71x, which was little changed compared to last year. The decline in DSCR from the underwritten level was due to a 22% decrease in base rent and a 65% increase in expenses.

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Yeehah!  I wonder if any of the three analytics providers will bother to update their data in advance of next month's reporting.  Probably not.

CSMC 2006-C4: why single-tenant exposure matters

Transaction: CSMC 2006-C4
Property: Maxtor Campus
City/State: Longmont, CO
Property Type: Office
Balance: $45,100,344
Percentage of Deal: 1.51%
Maturity Date: July 11, 2016
MS: KeyBank Real Estate Capital
SS: C-III Asset Management
Reason for Transfer: Imminent Default
On Servicer Watchlist Prior to Transfer: Yes; 4/13/15
Previously in Special Servicing: No
Previously Modified: No

Maxtor ... didn''t they make disk drives?  Oh, now they're part of Seagate Technologies.

From the watchlist:

07/13/2015  Per the borrower, tenant has not renewed and does not have interest in renewing.  The property has been on the market for lease with CBRE.  They currently do not have active prospects.

Oops.

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!

JPMCC 2008-C2: another servicing transfer makes the worst deal ever even worse!

Transaction: JPMC 2008-C2
Property: Chase South Tower – Baton Rouge
City/State: Baton Rouge, LA
Property Type: Office
Balance: $20,425,633
Percentage of Deal: 2.76%
Maturity Date: January 1, 2018
MS: Midland Loan Services
SS: CWCapital Asset Management
Reason for Transfer: Monetary Default 
On Servicer Watchlist Prior to Transfer: Yes; 1/8/13
Previously in Special Servicing: No
Previously Modified: No

As I am sure many of you know, this deal's AM class is being shorted interest.  I remember JPM saying that this deal represented a return to conservative underwriting standards (while they were selling it, of course).

GMACC 2006-C1: mod, then balloon default

Transaction: GMACC 2006-C1
Property: Mission Greensboro Apartments
City/State: Greensboro, NC
Property Type: Multifamily
Balance: $20,333,066    
Percentage of Deal: 2.62%
Maturity Date: September 1, 2015
MS: Berkadia Commercial Mortgage
SS: LNR Partners
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 7/1/2015
Previously in Special Servicing: Yes
Previously Modified: Yes

LBUBS 2005-C7: mod and probably remod

Transaction: LBUBS 2005-C7
Property: Sarasota Main Plaza
City/State: Sarasota, FL
Property Type: Retail
Balance: $20,702,257 (A Note) $14,269,089 (B Note)
Percentage of Deal: 9.02%
Maturity Date: September 15, 2015
MS: Wells Fargo
SS: C-III Asset Management, LLC
Reason for Transfer: Balloon Payment/Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 5/11/15
Previously in Special Servicing: Yes
Previously Modified: Yes

MSC 2006-IQ11: 5.7% not watchlisted but balloon defaults anyway

Transaction: MSCI 2006-IQ11
Property: Merritt Square Mall
City/State: Merritt Island, FL
Property Type: Retail
Balance: $52,914,188
Percentage of Deal: 5.69%
Maturity Date: September 1, 2015
MS: Wells Fargo
SS: LNR Partners
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: No
Previously Modified: No

JPMCC 2005-LDP4: Is Vonage vacating or downsizing?

Transaction:  JPMC 2005-LDP4
Property: 23 Main Street
City/State: Holmdel, NJ
Property Type: Office
Balance: $28,820,415    
Percentage of Deal: 3.89%
Maturity Date: September 1, 2018
MS: Berkadia Commercial Mortgage
SS: C-III Asset Management, LLC
Reason for Transfer: Imminent Default
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: No
Previously Modified: No

This is the Vonage corporate headquarters, so something has to have happened.  Cheaper quarters in Newark?  Patersen?

JPMCC 2005-LDP5: 4.2% goes back to the special for another try

Transaction: JPMC 2005-LDP5
Property: Atlantic Development Portfolio
City/State: Various Cities, NJ
Property Type:  Office
Balance: $80,313,911
Percentage of Deal: 4.15%
Maturity Date: December 5, 2015
MS: Berkadia Commercial Mortgage
SS: CWCapital Asset Management
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes; 7/11/11
Previously in Special Servicing: No
Previously Modified: Yes

The subject loan consists of five office buildings and three industrial complex with a total of 890,218 sf built in 1979, 1987,1981,2000, 1987, 1986, and 1985 respectively located in Warren and Somerset, NJ.          04/13/2015  Per borrower reports, occupancy as of 02/17/2015 was at 72%.  Occupancy decreased by 2% when compared with 09/30/2014 rent roll.      12/11/2014  Per borrower reports, occupancy as of 09/30/2014 was at 74%.        11/12/2014  The borrower has been contacted for property performance updates.          09/11/2014  The 2Q 2014 financials have been received.  The borrower will be contacted for property performance and leasing updates.          08/13/2014  This loan consists of seven properties, the consolidated DSCR as of 03/31/2014 was at 1.03.  Property # 1 The DSCR per the 03/31/2014 analysis was at 1.79 and was inline when compared with 03/31/2013 analysis DSCR which was at 1.74.  No major variances were observed within the line items.

MLCFC 2007-9: more profiles in garbage

Transaction: ML-CFC 2007-9                
Property: 534 Broad Hollow Road
City/State: Melville, NY
Property Type: Office
Balance: $21,421,052
Percentage of Deal: 1.29%
Maturity Date: July 6, 2017
MS: Wells Fargo
SS: LNR Partners, LLC
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: No
Previously Modified: No

BSCMS 2006-PWR13: 40% occupancy can be a problem

Transaction: BSCM 2006-PWR13
Property: Brandywine Mixed Use
City/State: Wilmington, DE
Property Type: Retail
Balance: $26,250,000
Percentage of Deal: 1.23%
Maturity Date: July 1, 2016
MS: Wells Fargo
SS: Situs Holdings, LLC
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes; 12/4/14
Previously in Special Servicing: No
Previously Modified: No

Here's the watchlist comment:

Subject property is a 165,575 sf mix-use retail property located in Wilmington, DE built in 1997. UW NCF DSCR was 1.31x with 96.10% occupancy. 6/12/2015 As of June 1, 2015, the property was 40% occupancy. Per Borrower's contact, the property is being marketed through Acadia's internal leasing group and listed the vacancies with local representation equipped for office and non-conforming, non-retail uses.  Borrower is considering not only single users but also smaller format tenants in the 14,000 - 25,000 square foot range which would require the space to be divided. Borrower blasts this to over 7,000 contacts internally and externally.  They do email marketing to a focused local list of brokers as well as to a wider group of national tenants as well as marketing during International Council of Shopping Center (ICSC) events. 6/5/2015 1Q 2015 NCF DSCR = 1.25x at 86% occupancy. Reached out to Borrower for updates on the vacancies. Tenant Access Group should have vacated at lease expiration and if it hasn't been leased up, the properties occupancy may have declinded to 40%. Also, requested from the Borrower to update their rent roll as it still includes the Halloween Store that no longer occupies the premises. 3/5/2015 YE 2014 NCF DSCR = 1.41x at 86% occupancy. Borrower's contact indicates the Halloween store remains vacant and the tenant Access Group that expires in May will not be renewing. They are actively marketing both spaces, but not prospects at this time. Will keep us updated if there are movements. 12/4/2014 3Q 2014 NCF DSCR = 1.40x at 98% occupancy. Largest tenant Access Group occupies 76,458 sf (46% NRA)  to expire 5/31/2015. Reached out to Borrower's contact for leasing updates along with tenant, Halloween City who was only seasonal. What are the marketing plans for the vacancies. Awaiting for response.

GSMS 2006-GG8 & CD 2006-CD3: Fitch is messing with your mind

Transaction: GSMS 2006-GG8 & CD 2006-CD3
Property: Fair Lakes Office Park
City/State: Fairfax, VA
Property Type: Office
Balance: $259,000,000 ($116,550,000 rated by Fitch)
Percentage of Deal: 4.7% & 7.3%
Maturity Date: August 1, 2016
MS: Wells Fargo/Berkadia
SS: C-III Asset Management LLC
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: No
Previously Modified: No

Fitch sends out a weekly comment about the state of the CMBS market which includes any special servicing transfers of loans over $20MM.  However, in their rush to get out the door on Fridays, they send it in the morning.  This transfer to special servicing was reported as usual in the afternoon.  One more reason to love Fitch!

MLCFC 2007-7: class AJ takes a 20 point writedown

It's not every month that a deal takes $65MM in losses, but when it's time to step up to the plate, you can be sure that MLCFC will be there or pretty close by.  I can't wait to hear about which hedge fund idiot buys class AJ because now the deal is "clean"!

CWCI 2007-C2: what have we here?

Transaction: Cobalt 2007-C2
Property: 1515 Flagler Waterview
City/State: West Palm Beach, FL
Property Type: Office
Balance: $35,802,042
Percentage of Deal: 1.90%
Maturity Date: February 1, 2017
MS: Wells Fargo
SS: CWCapital Asset Management
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes; 3/11/15
Previously in Special Servicing: No
Previously Modified: No

CD 2007-CD4: Loan gets cured ... for three months

What is it with CwCapital?  This deal is also known for the Riverton Apartments, which is going on its fourth year as REO.  I didn't even know that was permitted by the PSA.  Anyway, this loan was returned to master servicing three months ago, and transferred back to the special today (7/1).

Transaction:  CD 2007-CD4
Property: Texarkana Pavillion
City/State: Texarkana, TX
Property Type: Retail
Balance: $34,320,000
Percentage of Deal: 0.77%
Maturity Date: November 6, 2016
MS: Midland Loan Services
SS: CWCapital Asset Management
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes
Previously in Special Servicing: Yes; Returned to master servicer in March 2015
Previously Modified: Yes

CWCI 2007-C2: Loan on watchlist for 7 days transfers to special

Transaction: Cobalt 2007-C2
Property: 275 Broadhollow Road
City/State: Melville, NY
Property Type:  Office
Balance: $33,200,000
Percentage of Deal: 1.76%
Maturity Date: February 11, 2017
MS: Wells Fargo
SS: CWCapital Asset Management
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes; 6/11/15
Previously in Special Servicing: No
Previously Modified: No

In fact, because payment date for this deal is the 17th, no one would have seen the watchlist before yesterday (today is 6/18).  So, investors effectively had one day to decide whether to act on this.  This is why we love Fitch!

LBUBS 2005-C5: Space Net Building to now be called the Space Ghost Building

Transaction: BSCM 2006-PWR14
Property: Fountain Square
City/State: Brookfield, WI
Property Type: Retail
Balance: $39,250,000
Percentage of Deal: 2.19%
Maturity Date: October 1, 2016
MS: Wells Fargo
SS: C-III Asset Management, LLC
Reason for Transfer: Monetary Default
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: No
Previously Modified: No

Transaction: LBUBS 2005-C5
Property: Space Net Building
City/State: McLean, VA
Property Type: Office
Balance: $30,670,643
Percentage of Deal: 4.26%
Maturity Date:  July 11, 2015
MS: Wells Fargo
SS: LNR Partners, Inc.
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes; 4/13/15
Previously in Special Servicing: No
Previously Modified: No

Space Net Building is a 137,000 sf single tenant office building located in McLean, VA, built in 1985.  04/07/2015:  The loan is on the WL because the lease to Space Net expires 03/31/2016 and for a pending loan maturity on 07/11/2015 .  The YE 2014 DSCR is 1.83x, compared to 1.78x at YE 2013.  Occupancy was 100% for both periods.  The borrower reported the renewal status is not yet settled, and that they expect to pay off the loan at the maturity date.now

JPMCC 2006-LDP9: more dreck

Transaction: JPMC 2006-LDP9
Property: Olympia Square
City/State: Olympia, WA
Property Type: Retail    
Balance: $25,400,000
Percentage of Deal: 0.83%
Maturity Date: November 1, 2016
MS: Midland Loan Services
SS: CWCapital Asset Management
Reason for Transfer: Loan is Delinquent
On Servicer Watchlist Prior to Transfer: Yes; 6/10/14
Previously in Special Servicing: No
Previously Modified: No