We couldn’t let the onset of sequestration go by without taking some note of it. The self-inflicted law that kicked in March 1 has activated 10 years of $1.2 trillion of across-the-board federal spending cuts. While the defense and health care industries have been fretting the cuts, no doubt federal agencies themselves could get hit hardest.
The following CMBS loans are all backed by office properties in which the largest tenant is a federal agency. All are currently delinquent.
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. | Property | Address | Size SF | Cur. Bal.; Cur. LTV | Pay Status; Mat. Date | CMBS; Special Servicer |
. | 320 Avery Street | 320 Avery St., Parkersburg, WV | 182,500 | $284,000,000; 131.03 | Non perf. Mat. balloon; 03/15/2013 | JPM 2007-LDP11; CWCapital |
. | 145 Murall Drive | 145 Murall Drive, Martinsburg, WV | 122,475 | see above | see above | see above |
. | 500 Quarrier Street | 500 Quarrier St., Charleston, WV | 90,050 | see above | see above | see above |
. | 457 Pettyville Road | 457 Pettyville Road, Mineral Wells, WV | 38,324 | see above | see above | see above |
. | 3000 Sidney Street | 3000 Sidney S., Pittsburgh, PA | 36,153 | see above | see above | see above |
. | 186 Exchange Street | 186 Exchange St., Buffalo, NY | 32,223 | see above | see above | see above |
. | One Newark Center | 1085 Raymond Blvd., Newark, NJ | 418,026 | $96,700,000; 79.30 | Non perf. Mat. balloon; 03/11/2013 | BS 2006-PWR14; C-III |
. | 5210 Perry Robinson Circle | 5210 Perry Robinson Circle, Lansing, MI | 19,160 | $94,486,120; 97.86 | Non perf. Mat. balloon; 03/15/2013 | LB-UBS 2006-C7; CWCapital |
. | 3400 Conner Street | 3400 Conner St., Detroit, MI | 14,000 | see above | see above | see above |
. | Rivergate Plaza | 444 Brickell Ave. & 77-99 SE 5th St., Miami, FL | 302,058 | $58,500,000; 132.65 | 90+ days delinq.; 06/15/2016 | LB-UBS 2006-C4; CWCapital |
. | Everest - Southborough Office Park | 118 Turnpike Road, Southborough, MA | 81,893 | $56,280,895; 199.64 | Non perf. Mat. balloon; 03/15/2013 | JPM 2004-C3; J.E. Robert |
. | 717 14th Street Office Building | 717 14th St. NW, Washington, DC | 124,368 | $26,304,460; 78.02 | 30-59 days delinq.; 11/12/2017 | JPM 2008-C2; CWCapital |
. | Doral Court | 8600 NW 36th St., Doral, FL | 218,315 | $18,508,494; 124.31 | 30-59 days delinq.; 12/12/2015 | MLMT 2006-C1; CWCapital |
. | Colwick Executive Center | 53, 55 & 57 Haddonfield Road, Cherry Hill, NJ | 170,950 | $17,263,744; 160.00 | 90+ days delinq.; 08/12/2016 | JPM 2006-CIBC16; C-III |
. | FBI Headquarters-Richmond, VA | 1970 East Parham Road, Richmond, VA | 96,607 | $15,861,263; 111.11 | 90+ days delinq.; 03/15/2013 | Wach 2003-C8; Torchlight |
. | URS Office Tower | 36 E. 7th St., Cincinnati, OH | 191,611 | $14,976,777; 206.25 | 90+ days delinq.; 12/12/2014 | JPM 2004-CIBC10; LNR |
. | Somerset Center & Somerset Place (1) | 4505 & 4515 Falls of Neuse, Raleigh, NC | 166,594 | $13,958,779; 125.66 | Non perf. Mat. balloon; 03/15/2013 | CSFB 2001-CP4; LNR |
. | Somerset Park (1) | 4401-4407 Bland Road, Raleigh, NC | 205,287 | $13,336,108; 104.07 | Non perf. Mat. balloon; 03/15/2013 | CSFB 2001-CP4; LNR |
. | Executive Tower | 2101 Executive Drive, Hampton, VA | 134,179 | $12,800,000; 156.10 | 90+ days delinq.; 10/15/2016 | JPM 2006-LDP8; C-III |
. | Academy Point Atrium II | 1150 Academy Park Loop, Colorado Springs, CO | 90,766 | $5,743,945; 122.62 | 90+ days delinq.; 07/12/2016 | JPM 2006-CIBC16; C-III |
. | Office Court Technical Center | 4001 Office Court Drive, Santa Fe, NM | 45,000 | $4,163,457; 72.80 | Non perf. Mat. balloon; 03/15/2013 | LB-UBS 2003-C1; CWCapital |
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