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Watch List: Ending 2012 on a Down Note

Recent Appraisal Reductions Cut Nearly 60% of 2007 Loan Values
January 2, 2013
Servicers for the CMBS deal Credit Suisse 2007-C1 completed appraisal reductions in December on 16 individual properties that make up the loan pool. Not surprisingly, appraised building values for properties included in the period of "irrational exuberance" saw some major haircuts when adjusted to current market values.


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The KPMG Building in Dallas suffered the largest single property appraisal reduction amount of $36.7 million. The loan on the property had a scheduled ending loan balance of $64 million.

At 717 N Harwood St. in Dallas, the 827,704-square-foot office building was sold in foreclosure last summer to Bank of America for $42 million.

CoStar currently shows the building as 28% vacant.

Other appraisal reductions in the CMBS deal are as follows.


Sheet1

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PropertyAddressProp. TypeEnding Scheduled Loan Bal.; Mat. DatePaid ThruAppraisal Reduction Amount

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KPMG Building717 N. Harwood St., Dallas, TXOF$64,000,000; 7/11/201112/11/2011$36,691,963

.

PGA Plaza2500 - 2690 PGA Blvd., Palm Beach Gardens, FLRT$33,450,000; 1/1/20173/1/2011$22,427,436

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1025 Old Country Road1025 Old Country Road, Westbury, NYOF$27,000,000; 1/11/20173/11/2009$26,209,861

.

Memphis International Airport CenterNEC Winchester & Prescott roads, Memphis, TNIN$24,900,000; 1/11/20121/11/2012$10,016,410

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Playtogs Plaza128 Dolson Ave., Middletown, NYRT$12,014,718; 6/1/20165/1/2011$5,834,873

.

Crowne Plaza Harrisburg23 S. 2nd St., Harrisburg, PALO$9,018,438; 1/11/201710/11/2010$5,527,852

.

The Shoppes at Twin Oaks3601 Cox Road, Richmond, VART$7,760,637; 1/11/20174/11/2012$2,862,541

.

Slater Office Building10101 Slater Ave., Fountain Valley, CAOF$7,830,708; 2/11/201711/11/2011$3,803,812

.

Kimbrook Shopping Center3590 Route 31, Baldwinsville, NYRT$6,890,264; 11/1/20161/1/2012$1,298,302

.

521 North Belt521 N. Sam Houston Parkway, Houston, TXOF$4,660,908; 10/1/201612/1/2010$3,209,486

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Denison Park Apartments2239 Forestdale Ave., Cleveland, OHMF$3,988,161; 12/11/20364/11/2011$3,302,518

.

San Dimas Retail702-762 W. Arrow Hwy, San Dimas, CART$3,180,322; 1/11/201710/11/2012$887,493

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South Hills Center700 S W Higgins Ave., Missoula, MTOF$2,842,926; 10/1/20166/1/2012$711,670

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Cades Center1401 W. Reelfoot Ave., Union City, TNRT$1,937,257; 2/11/20174/11/2010$548,876

.

U Store6100 Leon Circle, Little Rock, ARSS$1,764,067; 1/11/20179/11/2010$992,437

.

Sagemont Plaza11211- 11590 Hughes Road, Houston, TXRT$1,128,971; 11/11/20113/11/2012$617,055

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CMBS: CS 2007-C1; Special Servicer: LNR Partners; Appraisal reduction date: 12/11/2012

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