CWCI 2007-C2: Get this loan away from me! 2.1% goes back into special

Note that it was previously with CWCrapital but was returned to master

servicing in March. Coincidentally, this transfer is being reported the 

day after the June report for this deal was released.

Transaction: CWCI 2007-C2
Property: 275 Broadhollow Road
City/State: Melville, NY
Property Type: Office
Balance: $33,200,000.00
Percentage of Deal: 2.07%
Maturity Date: February 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: Yes, Returned to Master Servicer 3/1/16
Previously Modified: No
 

JPMCC 2006-LDP9: 1.9% never watchlisted, never in special, says Look in the Diaper, it's Poopie!

Transaction: JPMCC 2006-LDP9
Property: Cheyenne Commons
City/State: Las Vegas, NV
Property Type: Retail
Balance: $55,000,000
Percentage of Deal: 1.93%
Maturity Date: November 1, 2016
MS: Midland Loan Services
SS: CWCapital Asset Management LLC
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: No 
Previously in Special Servicing: No
Previously Modified: No
   

CGCMT 2007-C6: a deal that was oh so clean has 1.3% term default just a year away from maturity ... oops!

Transaction: CGCMT 2007-C6
Property: Herndon Square Office Park
City/State: Herndon, VA
Property Type: Office
Balance: $47,500,000
Percentage of Deal: 1.33%
Maturity Date: June 1, 2017
MS: Wells Fargo
SS: CWCapital Asset Management
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes, 12/06/13 
Previously in Special Servicing: No
Previously Modified: No
   

WBCMT 2007-C30: 0.5%, never watchlisted, says hello to the special servicer

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"

GSMS 2006-GG8: Imminent maturity default in July? 7% goes to the special

Transaction: GSMS 2006-GG8
Property: The Alhambra
City/State: Alhambra, CA
Property Type: Office
Balance: $130,000,000
Percentage of Deal: 7.04%
Maturity Date: July 6, 2016
MS: Wells Fargo
SS: C-III Asset Management, LLC 
Reason for Transfer: Imminent Maturity Default 
On Servicer Watchlist Prior to Transfer: Yes; 12/8/14
Previously in Special Servicing: No 
Previously Modified: No


Fitch is always good for a laugh.

LBUBS 2007-C2: Now this is interesting...

Transaction: LBUBS 2007-C2
Property: FedEx Portfolio
City/State: various cities
Property Type: Industrial
Balance: $30,800,000
Percentage of Deal: 1.55%
Maturity Date: February 11, 2017
MS: Wells Fargo
SS: LNR Partners, Inc.
Reason for Transfer: Payment Default 
On Servicer Watchlist Prior to Transfer: Yes; 6/11/15
Previously in Special Servicing: No 
Previously Modified: No


For those of you who don't follow these things, Orix used to be the special servicer on this deal and liquidated a boatload of delinquencies in one single month making AJ the bottom class and leaving a clean deal with no delinquencies.  Since then, Orix seems to have figured out that there were still collateral issues and sold the AJ to LNR.  Hot potato! 

Always a pleasure to hear from Roger ...

CBL reportedly under investigation 
   
The Wall Street Journal is reporting that CBL Associates Properties is 

under investigation by the FBI and the SEC. The probe is focused on 

whether officials at the real estate company “falsified information 

on financial statements to banks when applying for financing 

arrangements.” 
   
We show the CMBS exposure we found related to CBL, which totaled 

nearly $3 billion. Until more details emerge, it is of course difficult

to estimate the impact of the news story on the individual loans and 

deals. 

GECMC 2005-C1: 77% goes blooey, again ...

Transaction: GECMC 2005-C1
Property: Lakeside Mall
City/State: Sterling Heights, MI
Property Type: Retail
Balance: $72,225,495
Percentage of Deal: 76.67%
Modified Maturity Date: June 10, 2016
MS: Midland Loan Services
SS: C-III Asset Management LLC 
Reason for Transfer: Imminent Default
On Servicer Watchlist Prior to Transfer: Yes; 3/4/16
Previously in Special Servicing: Yes; Returned to Master Servicer on 

5/14/10
Previously Modified: Yes; Maturity Extension

WFRBS 2013-C12: CMBS 2.0 loan, never watchlisted, 2.4% transfers to special. Miam Miam!

Transaction: WFRBS 2013-C12
Property: Studio Green Apartments (date of transfer: 4/22/16)
City/State: Newark, DE
Property Type: Multifamily-Student
Balance: $28,205,901
Percentage of Deal: 2.40%        
Maturity Date: March 1, 2023
MS: Wells Fargo Bank, NA
SS: Rialto Capital Advisors, LLC
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: No
Previously Modified: No

CGCMT 2006-C4; you don't hear much about this deal, but 11% just maturity defaulted

Transaction: CGCMT 2006-C4
Property: DuBois Mall
City/State: DuBois, PA
Property Type: Retail
Balance: $30,435,471.13
Percentage of Deal: 11.12%
Maturity Date: May 11, 2016
MS: Midland Loan Services
SS: C-III Asset Management LLC
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 02/11/16
Previously in Special Servicing: No
Previously Modified: No

JPMCC 2006-CB15: anybody want class AJ (already shortfalling interest)? 21% maturity defaults

Transaction: JPMCC 2006-CB15
Property: Greenway Portfolio
City/State: Middleton, WI
Property Type: Office
Balance: $112,000,000
Percentage of Deal: 21.3%
Maturity Date: May 1, 2016
MS: Wells Fargo
SS: LNR Partners, LLC
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 02/08/16
Previously in Special Servicing: No 
Previously Modified: No

The wonderful thing about this transfer is that the May remittance came out last Thurs. 5/12.  Two days later, surprise, surprise!  The entire deal balance is about $530MM.  Oops!

COMM 2013-CR13: CMBS 2.0 oops! 2.2% transfers to special

Transaction: COMM 2013-CR13
Property: Abbotts Square
City/State: Philadelphia, PA
Property Type: Mixed-Use
Balance: $23,869,053
Percentage of Deal: 2.17%
Maturity Date: December 6, 2023
MS: Wells Fargo
SS: Wells Fargo
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: No
Previously Modified: No
 

Is it watchlisted? Is it in special servicing? No, it is a "Potential Maturity Default"! Thank you, Fitch

Transaction: GSMS 2006 GG8

Property: CA Headquarters

City/State: Islandia, NY

Property Type: Office

Balance: $165,643,200

Percentage of Deal: 8.65%

Maturity Date: August 6, 2016

MS: Wells Fargo

SS: ORIX Capital Markets, LLC

Reason for Transfer: Potential Maturity Default

On Servicer Watchlist Prior to Transfer: No

Previously in Special Servicing: No

Previously Modified: No

Transaction: MSC 2006-HQ10

Property: PPG Portfolio 

City/State: Various

Property Type: Office

Balance: $97,864,747

Percentage of Deal: 12.1%

Maturity Date: October 8, 2016

MS: Wells Fargo

SS: LNR Partners, LLC

Reason for Transfer: Potential Maturity Default

On Servicer Watchlist Prior to Transfer: Yes; 8/10/15

Previously in Special Servicing: No

Previously Modified: No

 

MLMT 2006-C1: Another day, another loan goes to special

Transaction: MLMT 2006-C1
Property: Gateway One
City/State: St. Louis, MO
Property Type: Office
Balance: $46,391,599
Percentage of Deal: 10.7%
Maturity Date: March 1, 2016 
MS: Midland Loan Services
SS: CWCapital Asset Management
Reason for Transfer: Borrower was unable to provide Master Servicer with required
refinancing commitment within the 60 day extension. 
On Servicer Watchlist Prior to Transfer: Yes; 10/6/15
Previously in Special Servicing: No
Previously Modified: No
 

CSMC 2007-C1: Savoy Park wasn't enough? 4.3% transfers to special

Transaction: CSMC 2007-C1 
Property: Wells Fargo Place
City/State: St. Paul, MN
Property Type: Office
Balance: $90,000,000
Percentage of Deal: 4.28%
Maturity Date: November 1, 2016
MS: Berkadia Commercial Mortgage LLC
SS: C-III Asset Management LLC
Reason for Transfer: Imminent Monetary Default 
On Servicer Watchlist Prior to Transfer: Yes, 02/11/16
Previously in Special Servicing: Yes; Returned to the Master Servicer 5/24/11
Previously Modified: No
 

CD 2007-CD5: 1.9% goes to the special. Norman, OK = the desert

Transaction: CD 2007-CD5
Property: Parkway Plaza
City/State: Norman, OK
Property Type: Retail
Balance: $26,033,403
Percentage of Deal: 1.89%
Maturity Date: July 6, 2017
MS: Berkadia Commercial Mortgage LLC
SS: LNR Partners, Inc.
Reason for Transfer: Imminent Monetary Default 
On Servicer Watchlist Prior to Transfer: Yes, 11/10/14
Previously in Special Servicing: No
Previously Modified: No

CSMC 2006-C4: Credit Suisse never lost their talent for writing bad MF loans ... 2.3% goes into special servicing

Transaction: CSMC 2006-C4
Property: The Edge at Avenue North 
City/State: Philadelphia, PA
Property Type: Multifamily 
Balance: $52,695,682
Percentage of Deal: 2.32%
Maturity Date: October 1, 2016
MS: KeyBank Real Estate Capital
SS: C-III Asset Management LLC
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 1/13/14
Previously in Special Servicing: No
Previously Modified: No

JPMCC 2006-LDP7: LDP supposedly meant Large Diversified Pool. But it really means Lots of Defaulting Poopie!

Transaction: JPMCC 2006-LDP7 & CD 2007-CD4
Property: JQH Hotel Portfolio
City/State: Multiple cities
Property Type: Hotel
Balance: $ 136,328,453
Percentage of Deal: JPMCC 2006-LDP7: 10.28% & CD 2007-CD4: 0.27%
Maturity Date: April 11, 2016
MS: Berkadia
SS: LNR Partners, Inc.
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 02/09/16
Previously in Special Servicing: No
Previously Modified: No
 

GSMS 2007-GG10: 1.8% transfers to special

Transaction: GSMS 2007-GG10
Property: State House Square
City/State: Hartford, CT
Property Type: Office
Balance: $87,550,000
Percentage of Deal: 1.77%
Maturity Date: February 6, 2017
MS: Wells Fargo
SS: C-III Asset Management
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes; 01/06/16
Previously in Special Servicing: No
Previously Modified: No 

This is the benchmark legacy deal.  Class AJ is already being shortfalled interest.  2017 should be a very interesting year for holders of this class. 
 

MLMT 2007-C1: Ezra Beyman sends 23.5% of the pool back for more modification

Transaction: MLMT 2007-C1
Property: Empirian Multifamily Portfolio Pool 1 & Pool 3
City/State: Various
Property Type: Multifamily
Balance: $293,150,433 (Pool 1); $239,968,917 (Pool 3)
Percentage of Deal: 12.9% (Pool 1); 10.6% (Pool 3)
Maturity Date: June 12, 2017
MS: KeyBank Real Estate Capital
SS: C-III Asset Management LLC 
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: Yes; Returned to Master Servicer 2/28/2013
Previously Modified: Yes; IO period increased by 60 months, A & B Note created for pool 1 & 3, Rate changed.

A crap deal gets even worse.  These 2 loans were modified to create $215MM of B-notes which will almost surely lead to AJFX and AJFL writedowns.  Now, here's a question for all of you CMBS experts out there: does anyone understand why AJFX is receiving interest yet AJFL is not?  Answer in the comments section.