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Watch List: 10-Property Industrial Portfolio Largest To Go into Special Servicing in Past Month

January 23, 2013
A $186 million, 10-year CMBS loan secured by a first mortgage on 10 industrial properties in Columbus, OH; Memphis and Nashville, TN; and Woodland, CA; and is the largest loan to go into special servicing in the past month.


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The sponsor of the loan and properties is a high net worth individual represented by Strategic Realty Advisors Ltd. (StratREAL), a global real estate investment advisor, based in London, England, with more than $6.2 billion in assets under management. The StratREAL industrial portfolio loan has been structured to be Shariah-compliant as the ultimate investors adhere to Shariah Law.

The StratREAL industrial portfolio consists of the fee simple interests in 10 Class A industrial warehouse/distribution properties containing a total of 5 million net rentable square feet dispersed among the four MSA’s: five in Tennessee, four in Memphis totaling 1.91 million square feet and one in Nashville totaling 770,000 square feet; three in Columbus, totaling 1.52 million square feet and two in Woodland totaling 800,000 square feet

Due to a combined occupancy of 67%, the properties are not generating enough cash flow to support the debt service. There is currently a shortfall for the November 2012 loan payment and borrower had stated it would again be short for December payment. The borrower further stated it is unable to cure the default.

The properties generated debt service coverage through the first six months of 2012 of 0.70x.

The loan transferred to CIII Asset Management as special servicer. The loan matures Jan. 11, 2017; and is paid through October 2012.

Sheet1

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PropertyCity, StateProp. TypeLoan Bal.CMBS; Special ServicerReason for Transfer

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StratREAL Industrial Portfolio IIVariousIndustrial$186,000,000JPMCC 2007-LDP10; C-IIIImminent default

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The Mall at StonecrestLithonia, GARetail$98,722,990BACM 2005-1; C-IIIImminent default

.

Rushmore MallRapid City, SDRetail$94,000,000BACM 2006-3; CWCapitalImminent default

.

Coventry MallPottstown, PARetail$68,698,697MSCI 2005-TOP17; C-IIIImminent default

.

U.S. Bank TowerLos Angeles, CAOffice$65,000,000MSCI 2004-TOP13; LNR PartnersImminent default

.

Chiquita CenterCincinnati, OHOffice$64,282,594COBALT 2006-C1; CWCapitalImminent default

.

3660 Wilshire BoulevardLos Angeles, CAOffice$40,771,744COBALT 2007-C3; CWCapitalImminent default

.

Southern CenterWest Palm Beach, FLRetail$37,500,000WBCMT 2007-C30; CWCapitalImminent default

.

Hilton AntlersColorado Springs, COHotel$36,372,662Morgan Stanley 2007-IQ16; LNR PartnersImminent default

.

Glenview Corporate CenterBensalem, PAOffice$27,435,712COBALT 2006-C1; CWCapitalMonetary default

.

Hilton Garden InnCollege Park, GAHotel$24,811,895COBALT 2007-C3; CWCapitalMonetary default

.

Continental CentreColumbus, OHOffice$23,846,968GECMC 2004-C2; LNR PartnersImminent default

.

Martin VillageLacey, WARetail$21,542,320CGCMT 2007-C6; CWCapitalImminent default

.

Reflections IReston, VAOffice$20,484,113JPMCC 2005-LDP2; LNR PartnersImminent default

.

La Place Fashion CentreBeachwood, OHRetail$20,458,034JPMCC 2005-LDP2; LNR PartnersMonetary default



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