The CRE Review

COMM 2013-CR11: Deutche Bank back to their old tricks ... 1.8% goes on hiatus

2017-11-15T15:05:00.000-05:00

Transaction: COMM 2013-CR11
Property: iPark Hudson Buildings 4 & 5
City/State: Yonkers, NY
Property Type: Office
Balance: $21,899,905
Percentage of Deal: 1.76%
Maturity Date: September 6, 2023
MS: Midland Loan Services
SS: Situs Holdings, LLC
Reason for Transfer: Other
On Servicer Watchlist Prior to Transfer: Yes, 06/06/17
Previously in Special Servicing: No
Previously Modified: No

MSC 2008-T29: 14.5% goes belly-up

2017-11-01T17:35:00.003-04:00

Transaction: MSC 2008-T29
Property: Shadow Lake Towne Center
City/State: Papillion, NE
Property Type: Retail
Balance: $78,647,507
Percentage of Deal: 14.51%
Maturity Date: November 1, 2017
MS: Wells Fargo
SS: C-III Asset Management
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 06/07/17
Previously in Special Servicing: No
Previously Modified: No

GCCFC 2006-GG7: 25.8% goes back into special, not modified enough, it seems

2017-10-31T13:35:00.006-04:00

The JP Morgan International Plaza I and II loan held in GCCFC 2006-GG7 ($158mn, 25.8%) was transferred to special servicing on October 20, 2017, due to the borrower expressing its inability to repay the loan at its upcoming February 6, 2018, maturity date. The loan is secured by a 757k sq. ft. office in Farmers Branch, TX—fully leased through February 28, 2018, to JP Morgan Chase, which has expressed its intent to vacate the property. There is no replacement tenant at present. The loan was previously corrected in 2016, which resulted in an extension of the loan’s original June 6, 2016, maturity date. At that time, there was uncertainty regarding JP Morgan Chase’s intention to stay at the property. (Source: S&P Global Ratings)

WFCM 2012-LC5 : 13.7% goes into special

2017-10-18T10:10:00.001-04:00

Transaction: WFCM 2012-LC5
Property: Westside Pavilion (Transferred September 1, 2017)
City/State: Los Angeles, CA
Property Type: Retail
Balance: $142,255,433
Percentage of Deal: 13.66%
Maturity Date: October 1, 2022
MS: Wells Fargo
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

MSC 2008-T29: PR Retail transfers to special. This didn't take very long

2017-10-10T16:43:00.004-04:00

Transaction: MSC 2008-TOP29
Property: 65 Infanteria Shopping Center
City/State: Rio Piedras, PR
Property Type: Retail
Balance: $21,522,288
Percentage of Deal: 3.34%
Maturity Date: January 1, 2018
MS: Wells Fargo
SS: C-III Asset Management
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes, 05/08/17
Previously in Special Servicing: No
Previously Modified: No

MSC 2006-T23: another "Other" transfer

2017-09-14T07:49:00.004-04:00

Transaction: MSC 2006-TOP23

Property: 150 Hillside Avenue

City/State: White Plains, NY

Property Type: Office

Balance: $20,775,368

Percentage of Deal: 26.06%

Maturity Date: June 1, 2018

MS: Wells Fargo

SS: C-III Asset Management

Reason for Transfer: Other

On Servicer Watchlist Prior to Transfer: Yes, 04/05/17

Previously in Special Servicing: No

Previously Modified: No

BSCMS 2007-T28: Sept. 8, 2017, isn't that tomorrow? 24.5% goes into special servicing

2017-09-06T07:46:00.004-04:00

Transaction: BSCMS 2007-TOP28
Property: Charleston Town Center
City/State: Charleston, WV
Property Type: Retail
Balance: $93,096,469
Percentage of Deal: 24.51%
Maturity Date: September 8, 2017
MS: Wells Fargo
SS: C-III Asset Management
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 06/07/17
Previously in Special Servicing: No
Previously Modified: No

MSC 2007-IQ16: Another 19% transfers to special servicing for imminent maturity and covenant defaults

2017-08-29T15:08:00.001-04:00

Transaction: MSC 2007-IQ16
Property: Bangor Mall
City/State: Bangor, ME
Property Type: Retail
Balance: $80,000,000
Percentage of Deal: 14.55%
Maturity Date: October 1, 2017
MS: Berkadia
SS: LNR Partners
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 02/08/16
Previously in Special Servicing: No
Previously Modified: No

Transaction: MSC 2007-IQ16
Property: Century XXI
City/State: Germantown, MD
Property Type: Office
Balance: $25,300,000
Percentage of Deal: 4.60%
Maturity Date: November 1, 2017
MS: Berkadia
SS: LNR Partners
Reason for Transfer: Covenant Default
On Servicer Watchlist Prior to Transfer: Yes, 09/09/13
Previously in Special Servicing: No
Previously Modified: No

BSCMS 2006-PW11: 28.4% returns to special. Where's the Mod Squad now?

2017-08-24T16:20:00.002-04:00

Transaction: BSCMS 2006-PW11
Property: Hickory Point Mall
City/State: Forsyth, IL
Property Type: Retail
Balance: $27,446,365
Percentage of Deal: 28.43%
Maturity Date: December 1, 2018*
MS: Wells Fargo
SS: C-III Asset Management
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: Yes; Returned to the Master Servicer 08/05/16
*Previously Modified: Yes; Term increased by 36 periods; maturity extended to 12/2018. IO period increased to 156 periods (full term)

MSC 2007-IQ16: 6.1% of CA office goes to special, Remember, IQ stands for Intermediate Quality.

2017-08-14T18:45:00.001-04:00

Transaction: MSC 2007-IQ16
Property: 20770-20810 Madrona Avenue
City/State: Torrance, CA
Property Type: Office
Balance: $33,453,891
Percentage of Deal: 6.09%
Maturity Date: August 8, 2017
MS: Berkadia
SS: LNR Partners
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 07/08/16
Previously in Special Servicing: Yes; Returned to Master Servicer 11/14/12
Previously Modified: No

GSMS 2006-GG8: Mods don't always help. 8.6% returns to special servicing

2017-08-08T18:29:00.000-04:00

Transaction: GSMS 2006-GG8
Property: Algonquin Center
City/State: Algonquin, IL
Property Type: Retail
Balance: $28,600,000
Percentage of Deal: 8.63%
Modified Maturity Date: October 6, 2017
MS: Wells Fargo
SS: C-III Asset Management
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 07/06/17
Previously in Special Servicing: Yes; Returned to the Master Servicer 06/09/17
Previously Modified: Yes; Term and IO period increased by 12 months

MLMT 2007-C1: 5.8% goes into special for imminent maturity default in June?

2017-08-08T18:25:00.003-04:00

Transaction: MLMT 2007-C1
Property: Columbia/Brook Park MHC Rollup
City/State: Various, OH
Property Type: Mobile Home Park
Balance: $55,000,000
Percentage of Deal: 5.77%
Maturity Date: June 1, 2017
MS: Wells Fargo
SS: C-III Asset Management
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 03/08/17
Previously in Special Servicing: No
Previously Modified: No

BSCMS 2007-PW18: Bear Stearns, we miss you! 6.9% goes into special.

2017-07-24T16:15:00.002-04:00

Transaction: BSCMS 2007-PW18
Property: Marriott Houston Westchase
City/State: Houston, TX
Property Type: Hotel
Balance: $72,658,828
Percentage of Deal: 6.91%
Maturity Date: November 1, 2017
MS: Wells Fargo
SS: C-III Asset Management
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes; 09/08/15
Previously in Special Servicing: No
Previously Modified: No

MSC 2008-T29: 2.8% term defaults. Hablas espanol?

2017-07-14T15:40:00.003-04:00

Transaction: MSC 2008-T29
Property: Reparto Metropolitano
City/State: Rio Piedras, PR
Property Type: Retail
Balance: $20,578,702
Percentage of Deal: 2.80%
Maturity Date: January 1, 2018
MS: Wells Fargo
SS: C-III Asset Management
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: No
Previously Modified: No

JPMCC 2007-LD12: 4.7% says Happy Bastille Day!

2017-07-14T15:37:00.001-04:00

Transaction: JPMCC 2007-LD12
Property: Bentley Mall
City/State: Fairbanks, AK
Property Type: Retail
Balance: $27,017,784
Percentage of Deal: 4.72%
Maturity Date: June 1, 2017
MS: Wells Fargo
SS: LNR Partners
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 11/08/16
Previously in Special Servicing: No
Previously Modified: No

WBCMT 2005-C21: 38.9% already extended for two years going to maturity default

2017-06-27T15:43:00.003-04:00

Transaction: WBCMT 2005-C21
Property: Metropolitan Square
City/State: Saint Louis, MO
Property Type: Office
Balance: $124,144,153
Percentage of Deal: 38.92%
Modified Maturity Date: August 11, 2017
MS: Wells Fargo
SS: Wells Fargo Bank, N.A
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 06/11/15
Previously in Special Servicing: Yes; Returned to Master Servicer 3/21/13
Previously Modified: Maturity increased by 24 periods until 08/2017.
IO period extended. Rate changes over time

BSCMS 2006-PW16: 24.4% not watchlisted, not in special servicing, maturity defaults

2017-06-21T15:15:00.002-04:00

Transaction: BSCMS 2007-PW16
Property: Shops at Northern Boulevard
City/State: Long Island City, NY
Property Type: Retail
Balance: $35,961,324
Percentage of Deal: 24.36%
Maturity Date: June 1, 2017
MS: Wells Fargo
SS: C-III Asset Management LLC
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: No
Previously in Special Servicing: No
Previously Modified: No

BACM 2007-5: 7.8% heads to special

2017-06-21T15:11:00.003-04:00

Transaction: BACM 2007-5
Property: 4000 Wisconsin Avenue
City/State: Washington, DC
Property Type: Office
Balance: $53,000,000
Percentage of Deal: 7.84%
Maturity Date: April 1, 2018
MS: Berkadia
SS: C-III Asset Management LLC
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes, 05/04/17
Previously in Special Servicing: No
Previously Modified: No

CSMC 2008-C1: No wonder there's a new team of originators at CS ... 22.2% goes into special

2017-06-15T15:10:00.001-04:00

Transaction: CSMC 2008-C1
Property: Killeen Mall
City/State: Killeen, TX
Property Type: Retail
Balance: $82,000,000
Percentage of Deal: 22.23%
Maturity Date: July 11, 2017
MS: Berkadia
SS: C-III Asset Management LLC
Reason for Transfer: Potential/Imminent Default
On Servicer Watchlist Prior to Transfer: Yes, 05/11/17
Previously in Special Servicing: No
Previously Modified: No

LBUBS 2007-C6: Newark NJ office, 4.6% of pool, goes into special servicing

2017-06-14T18:45:00.001-04:00

Transaction: LBUBS 2007-C6
Property: 707 Broad Street
City/State: Newark, NJ
Property Type: Office
Balance: $42,000,000
Percentage of Deal: 4.56%
Maturity Date: September 11, 2017
MS: Wells Fargo
SS: LNR Partners
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 01/11/16
Previously in Special Servicing: No
Previously Modified: No

BSCMS 2007-PW17: Let's shortfall the AJ a little more, shall we?

2017-06-14T16:25:00.002-04:00

Transaction: BSCMS 2007-PW17
Property: City Center Englewood
City/State: Englewood, CO
Property Type: Retail
Balance: $33,000,000
Percentage of Deal: 2.92%
Maturity Date: August 1, 2017
MS: Wells Fargo
SS: C-III Asset Management LLC
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 05/08/17
Previously in Special Servicing: No
Previously Modified: No

CSMC 2007-C5: 6.8% on the watchlist for only a month before imminent maturity default. Oops!

2017-06-09T15:18:00.001-04:00

Transaction: CSMC 2007-C5
Property: Mesilla Valley Mall
City/State: Las Cruces, NM
Property Type: Retail
Balance: $54,000,000
Percentage of Deal: 6.75%
Maturity Date: July 11, 2017
MS: Berkadia
SS: KeyCorp Real Estate Capital Markets, Inc.
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 05/11/17
Previously in Special Servicing: No
Previously Modified: No

WBCMT 2007-C33: Independence Center, 17.3% of the pool, becomes less independent, goes to special

2017-06-07T14:22:00.001-04:00

https://commercialobserver.com/2017/06/200m-loan-on-simon-property-groups-missouri-mall-heads-to-special-servicing-trepp/

MSC 2007-TOP27: The hits keep on coming ... another 5.2% goes to the special servicer

2017-06-01T15:31:00.005-04:00

Transaction: MSCI 2007-TOP27
Property: Residence Inn - Herndon
City/State: Herndon, VA
Property Type: Hotel
Balance: $26,500,000
Percentage of Deal: 5.16%
Maturity Date: June 1, 2017
MS: Wells Fargo
SS: C-III Asset Management LLC
Reason for Transfer: Maturity Default
On Servicer Watchlist Prior to Transfer: Yes, 02/08/16
Previously in Special Servicing: No
Previously Modified: No

CWCI 2007-C3: Wachovia strikes again! 7% goes into special servicing

2017-05-31T19:44:00.005-04:00

Transaction: CWCI 2007-C3
Property: Sheraton Suites - Wilmington, DE
City/State: Wilmington, DE
Property Type: Hotel
Balance: $34,116,613
Percentage of Deal: 6.99%
Maturity Date: June 11, 2017
MS: Wells Fargo
SS: CWCapital Asset Management
Reason for Transfer: Imminent Maturity Default
On Servicer Watchlist Prior to Transfer: Yes; 09/11/12
Previously in Special Servicing: No
Previously Modified: No