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Watch List: Large Balance Troubled Loans

November 14, 2012
The following loans were transferred to special servicing in October 2012.


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PropertyAddressCur. $ Bal.Property TypeCMBS; Special ServicerComment

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One & Two Prudential Plaza130 E. Randolph St.; 180 N. Stetson Ave., Chicago, IL$205,000,000OfficeJPM 2006-CIBC16; C-IIIThe largest tenant, Baker & McKenzie, which occupies 21% of the GLA in Prudential One, has announced it will be vacating upon its lease expiration date of 11/30/12. The second largest tenant in the building, Integrys Energy Group, which occupies 17% of the GLA, has also announced it will be vacating upon their lease expiration date of 05/31/14.

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One Newark Center1085 Raymond Blvd., Newark, NJ$96,700,000OfficeBS 2006-PWR14; C-IIIBorrower is seeking a loan maturity extension while it pursues take-out financing.

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Overlook III2859 Paces Ferry Road SE, Atlanta, GA$66,700,000OfficeJPM 2007-LDP12; C-IIITransferred due to imminent payment default. File is under review.

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Eastland Mall2740 B Eastland Mall, Columbus, OH$40,892,688RetailLB-UBS 2007-C1; LNR PartnersThe NCF DSCR for the 12-month period ended 06/30/2012 was 0.73

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Sofitel Miami5800 Blue Lagoon Drive, Miami, FL$23,500,000LodgingJPM 2007-FL1; Berkadia

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Kukui Mall1819 S. Kihei Road, Kihei, HI$12,550,000RetailCS 2007-C5; C-IIIThe loan matured on 7/1/12, but a short term extension was given to allow the borrower time to complete a sale of the property which was expected to result in a full payoff of the loan. At the end of the due diligence period, the buyer attempted to re-trade the purchase price which would have resulted in proceeds insufficient for a full payoff of the loan. The loan was transferred to the special servicer once it was determined that a closing was no longer imminent.

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21800 Burbank21800 Burbank Blvd., Woodland Hills, NJ$11,236,704OfficeJPM 2006-CIBC17; CWCapitalTransferred due to imminent payment default. File is under review.

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Paoli Office Park2 and 4 Industrial Blvd., Willistown, PA$10,704,998OfficeLB-UBS 2003-C1; CWCapitalFile being reviewed to determine workout strategy going forward.

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Eagles Landing Apartments11700 Fuqua St., Houston, TX$10,492,768MultifamilyML-CFC 2007-8; LNR PartnersFile being reviewed to determine workout strategy going forward.

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Marshall & Isley Bldg800 Laurel Oak Drive, Naples, FL$9,232,301OfficeCOMM - 2005-C6; Helios AMCLoan was being monitored for delinquency.

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Las Palmas Apartments4200 Las Palmas Circle, Brownsville, TX$5,827,084MultifamilyCiti 2004-C1; LNR PartnersTransferred to special servicer 10/03/2012.

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Basswood Manor Apartments1020 Fox Ave., Lewisville, TX$5,483,337MultifamilyCSFB 2002-CKS4; LNR PartnersCollections in process

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Sunnyside Plaza Shopping Center269 Sunnyside Plaza Circle, Winchester, VA$5,102,508RetailBS 2005-PWR8; C-IIIBorrower was unable to pay off the loan at maturity (9/1/2012).

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