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Watch List: Troubled Loans in Paradise

December 12, 2012
Our story this week on the Government of Singapore Investment Corp.’s $1.5 billion bid for four U.S. resorts 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.


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Here are some other specially serviced loans on lodging and multifamily properties in Puerto Rico, Hawaii and Alaska.

Sheet1

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Property NameAddressProperty Type; Cur. Bal.CMBS; Special ServicerComment

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El Conquistador Golf Resort & Casino1000 El Conquistador Ave., Fajardo, PRLodging; $1,154,000,000Wach 2007-WHALE8; Wells FargoCurrently, 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.

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El San Juan Hotel & Casino6063 Isla Verde Ave., San Juan, PRSee aboveSee aboveSee above

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Condado Plaza Hotel & Casino999 Ashford Ave., San Juan, PRSee aboveSee aboveSee above

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Four Seasons Hualalai 1100 Ka`upulehu Drive, Ka`upulehu-Kona, HILodging; $302,957,324COMM 2006-FL12; LNR PartnersLoan maturity 12/15/2012

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Marriott Waikiki2552 Kalakaua Ave., Honolulu, HILodging; $299,109,454JPM 2007-FL1; BerkadiaLoan defaulted on May 9. Anticipate the Borrower will deed the property to the mezz lender and mezz lender.

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Four Seasons Resort Maui - A note3900 Wailea Alanui Drive, Wailea, HILodging; $205,882,353Citi 2007-CD4; CWCapitalLoan modification signed 6/1/11, so it may eventually returned Master.

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Four Seasons Resort Maui - B note3900 Wailea Alanui Drive, Wailea, HIsee above; $44,117,647Citi 2007-CD4; see aboveSee above

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Ko'olau Golf Club(9)45-550 Kionaole Road, Kaneohe, HIGolf Club; $199,420,213COMM 2005-FL11; LNR PartnersBorrower, Mezz Lender, and Special Servicer have reached agreement to extend Forbearance through 12/14/12. Further Forbearance into 2'013 will be necessary.

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Radisson Ambassador Plaza Hotel & Casino1369 Ashford Ave., San Juan, PRLodging; $54,400,000Citi 2006-FL2; Wells FargoForbearance Agreement will terminate upon the earlier of another default or July 2013.

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ResortQuest Kauai484 Kuhio Highway, Kapa'a, HILodging; $38,000,000MS 2006-XLF; MidlandLoan is paying but property received significant damage just prior to returning this loan to the master servicer. Repairs are underway.

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Sheraton Old Juan100 Brumbaugh St., San Juan, PRLodging; $24,500,000LB 2007-LLFC5; TriMont Real Estate AdvisorsTrimont is currently negotiating a loan modification term sheet with the borrower.

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Guinea Grove Apartments (Westin St. John Resort and Villas)481 Remainder Estate Chocolate Hole, No. 11 Cruz Bay Quarter, VIMultifamily; $4,890,104BS 2006-PWR12; C-IIISpecial servicer continues to negotiate with the borrower for a possible Deed-in-Lieu.

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8630 Molanary Drive8630 Molanary Drive, Anchorage, AKMultifamily; $563,562Lasalle 2006-MF4; MidlandThe 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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