A total of 15 large distressed loans totaling $324 million in unpaid principal balance transferred to special servicing in the past month; including seven office properties, five retail, two industrial and one multifamily.
The largest loan is backed by seven office buildings in Carrollton and Plano, TX.
| | | | | | |
. | Property Name | Address | Prop. Type; NRSqFt | Cur. Loan Bal. | CMBS; Special Servicer | Comment |
. | IBP | 6400, 6404, 6500, 6504 and 4000, 4100, 4120 International Pkwy, Plano; Carrollton, TX | OF; 813,450 | $74,760,292 | BofA 2008-1; CWCapital | File being reviewed to determine workout strategy going forward. |
. | Brown Deer Business Park | 9019-9041 N. Deerwood Drive; 9000-9151 N. Deerbrook Trail, Brown Deer, WI | IN; 593,479 | $21,789,974 | BS 2006-PWR12; C-III | DSCR NCF = 0.92x. 9.30.12 occupancy was 62.84%. |
. | Ford - Princeton Park | 100 County Road West, Princeton, NJ | IN; 368,450 | $9,952,828 | BofA 2006-2; Helios AMC | Loan Maturity (< 90 days). |
. | Palomar Centre | 2051 Palomar Airport Road, Carlsbad, CA | OF; 195,942 | $17,899,885 | GCC 2005-GG5; LNR | Loan transferred to SS due to material impairment. |
. | Willow Creek Shopping Center | 8100, 8150, 8200, 8210, 8220 & 8260 S. Quebec St., Centennial, CO | RT; 166,372 | $20,471,354 | Wach 2006-C23; CWCapital | Occupancy 73% at 9/30/12. |
. | Rubloff Center | 4949 and 4751 Harrison Ave., Rockford, IL | OF; 161,111 | $13,210,361 | GS 2006-GG8; CWCapital | File being reviewed to determine workout strategy going forward. |
. | Oxford Court Business Center | Town Center Drive & Middletown Boulevard, Middletown Township, PA | OF; 152,793 | $18,852,632 | LB-UBS 2006-C4; CWCapital | File being reviewed to determine workout strategy going forward. |
. | Palladium at Birmingham | 250 N. Old Woodward Ave., Birmingham, AL | RT; 149,873 | $33,125,706 | COMM 2003-LNB1; CWCapital | File being reviewed to determine workout strategy going forward. |
. | 791 Park of Commerce | 791 Park of Commerce Blvd., Boca Raton, FL | OF; 138,132 | $28,371,838 | MS 2007-T27; C-III | |
. | Skillman Abrams Shopping Center | 6570-6780 Skillman St., Dallas, TX | RT; 133,088 | $13,109,167 | GCC 2004-GG1; CWCapital | Loan transferred to special servicing effective 2/27/13 for imminent monetary default. |
. | Energy Park Corporate Center | 1260 Energy Lane, St. Paul, MN | OF; 100,364 | $8,388,669 | GCC 2006-GG7; LNR | Borrower reportedly is in default with one of the tenants due to its failure to reimburse the tenant for TI. Special Servicer will engage local counsel to begin the foreclosure process. |
. | Manhattan Gateway Shopping Center | 1800 Rosecrans Ave., Manhattan Beach, CA | RT; 82,000 | $21,151,772 | BS 2005-TOP20; C-III | |
. | Lansdowne Medical Office Pavilion | 19450 Deerfield Ave., Lansdowne, VA | OF; 66,875 | $13,446,855 | MS 2006-IQ12; C-III | Borrower sent hardship letter on 02/13/2013 stating the Borrower is no longer in the position to fund shortfalls. |
. | Grand Mart-Little River | 6229-6259 Little River Turnpike, Alexandria, VA | RT; 65,330 | $17,611,923 | MLMT 2007-C1; C-III | File is under review. |
. | Parkway Manor Apartments | 603-697 E. College Parkway, Carson City, NV | MF; - | $11,881,175 | GMAC 2002-C3; CWCapital | File being reviewed to determine workout strategy going forward. |
a weekly pdf that includes other news and leads not found on the CoStar Group web news pages.
. A new issue is published late each Wednesday.