holding up in bankruptcy court got us to thinking what other troubled loans are out there in paradise getaways.
Following a cancellation of bankruptcy scheduled auction last week, the Government of Singapore Investment Corp., known as GIC, appears headed to be the new owner of four luxury hotel resorts including the Grand Wailea on the island of Maui, HI; The La Quinta at the base of the Santa Rosa Mountains in the Palm Springs, CA; The Arizona Biltmore in Phoenix, AZ; and The Claremont in Berkeley, CA, overlooking the San Francisco Bay. The collateral support an $851 million CMBS loan in COMM 2006-CNL2 in special servicing.
Here are some other specially serviced loans on lodging and multifamily properties in Puerto Rico, Hawaii and Alaska.
| | | | | |
. | Property Name | Address | Property Type; Cur. Bal. | CMBS; Special Servicer | Comment |
. | El Conquistador Golf Resort & Casino | 1000 El Conquistador Ave., Fajardo, PR | Lodging; $1,154,000,000 | Wach 2007-WHALE8; Wells Fargo | Currently, 12 properties remain in the collateral pool - 9 within the 48 contiguous states. Awaiting borrower's intentions in regards to upcoming 12/15/2012 maturity. |
. | El San Juan Hotel & Casino | 6063 Isla Verde Ave., San Juan, PR | See above | See above | See above |
. | Condado Plaza Hotel & Casino | 999 Ashford Ave., San Juan, PR | See above | See above | See above |
. | Four Seasons Hualalai 1 | 100 Ka`upulehu Drive, Ka`upulehu-Kona, HI | Lodging; $302,957,324 | COMM 2006-FL12; LNR Partners | Loan maturity 12/15/2012 |
. | Marriott Waikiki | 2552 Kalakaua Ave., Honolulu, HI | Lodging; $299,109,454 | JPM 2007-FL1; Berkadia | Loan defaulted on May 9. Anticipate the Borrower will deed the property to the mezz lender and mezz lender. |
. | Four Seasons Resort Maui - A note | 3900 Wailea Alanui Drive, Wailea, HI | Lodging; $205,882,353 | Citi 2007-CD4; CWCapital | Loan modification signed 6/1/11, so it may eventually returned Master. |
. | Four Seasons Resort Maui - B note | 3900 Wailea Alanui Drive, Wailea, HI | see above; $44,117,647 | Citi 2007-CD4; see above | See above |
. | Ko'olau Golf Club(9) | 45-550 Kionaole Road, Kaneohe, HI | Golf Club; $199,420,213 | COMM 2005-FL11; LNR Partners | Borrower, Mezz Lender, and Special Servicer have reached agreement to extend Forbearance through 12/14/12. Further Forbearance into 2'013 will be necessary. |
. | Radisson Ambassador Plaza Hotel & Casino | 1369 Ashford Ave., San Juan, PR | Lodging; $54,400,000 | Citi 2006-FL2; Wells Fargo | Forbearance Agreement will terminate upon the earlier of another default or July 2013. |
. | ResortQuest Kauai | 484 Kuhio Highway, Kapa'a, HI | Lodging; $38,000,000 | MS 2006-XLF; Midland | Loan is paying but property received significant damage just prior to returning this loan to the master servicer. Repairs are underway. |
. | Sheraton Old Juan | 100 Brumbaugh St., San Juan, PR | Lodging; $24,500,000 | LB 2007-LLFC5; TriMont Real Estate Advisors | Trimont is currently negotiating a loan modification term sheet with the borrower. |
. | Guinea Grove Apartments (Westin St. John Resort and Villas) | 481 Remainder Estate Chocolate Hole, No. 11 Cruz Bay Quarter, VI | Multifamily; $4,890,104 | BS 2006-PWR12; C-III | Special servicer continues to negotiate with the borrower for a possible Deed-in-Lieu. |
. | 8630 Molanary Drive | 8630 Molanary Drive, Anchorage, AK | Multifamily; $563,562 | Lasalle 2006-MF4; Midland | The borrower has broken promises to pay and continually falls past due (fourth payment default and transfer to SS in four years). |
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