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 | | | | | | |
. | Property | Address | Prop. Type | Ending Scheduled Loan Bal.; Mat. Date | Paid Thru | Appraisal Reduction Amount |
. | KPMG Building | 717 N. Harwood St., Dallas, TX | OF | $64,000,000; 7/11/2011 | 12/11/2011 | $36,691,963 |
. | PGA Plaza | 2500 - 2690 PGA Blvd., Palm Beach Gardens, FL | RT | $33,450,000; 1/1/2017 | 3/1/2011 | $22,427,436 |
. | 1025 Old Country Road | 1025 Old Country Road, Westbury, NY | OF | $27,000,000; 1/11/2017 | 3/11/2009 | $26,209,861 |
. | Memphis International Airport Center | NEC Winchester & Prescott roads, Memphis, TN | IN | $24,900,000; 1/11/2012 | 1/11/2012 | $10,016,410 |
. | Playtogs Plaza | 128 Dolson Ave., Middletown, NY | RT | $12,014,718; 6/1/2016 | 5/1/2011 | $5,834,873 |
. | Crowne Plaza Harrisburg | 23 S. 2nd St., Harrisburg, PA | LO | $9,018,438; 1/11/2017 | 10/11/2010 | $5,527,852 |
. | The Shoppes at Twin Oaks | 3601 Cox Road, Richmond, VA | RT | $7,760,637; 1/11/2017 | 4/11/2012 | $2,862,541 |
. | Slater Office Building | 10101 Slater Ave., Fountain Valley, CA | OF | $7,830,708; 2/11/2017 | 11/11/2011 | $3,803,812 |
. | Kimbrook Shopping Center | 3590 Route 31, Baldwinsville, NY | RT | $6,890,264; 11/1/2016 | 1/1/2012 | $1,298,302 |
. | 521 North Belt | 521 N. Sam Houston Parkway, Houston, TX | OF | $4,660,908; 10/1/2016 | 12/1/2010 | $3,209,486 |
. | Denison Park Apartments | 2239 Forestdale Ave., Cleveland, OH | MF | $3,988,161; 12/11/2036 | 4/11/2011 | $3,302,518 |
. | San Dimas Retail | 702-762 W. Arrow Hwy, San Dimas, CA | RT | $3,180,322; 1/11/2017 | 10/11/2012 | $887,493 |
. | South Hills Center | 700 S W Higgins Ave., Missoula, MT | OF | $2,842,926; 10/1/2016 | 6/1/2012 | $711,670 |
. | Cades Center | 1401 W. Reelfoot Ave., Union City, TN | RT | $1,937,257; 2/11/2017 | 4/11/2010 | $548,876 |
. | U Store | 6100 Leon Circle, Little Rock, AR | SS | $1,764,067; 1/11/2017 | 9/11/2010 | $992,437 |
. | Sagemont Plaza | 11211- 11590 Hughes Road, Houston, TX | RT | $1,128,971; 11/11/2011 | 3/11/2012 | $617,055 |
. | CMBS: CS 2007-C1; Special Servicer: LNR Partners; Appraisal reduction date: 12/11/2012 | | | | | |
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