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Wednesday, 10 October 2018

$110.5Mln CMBS Loan on San Francisco-Area Office Moves to Special Servicing

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Commercial Real Estate Direct Staff Report

The $110.5 million CMBS loan against the 710,330-square-foot office property at 775-779 San Marin Drive in the northern California city of Novato has transferred to special servicing as its sole tenant hasn't renewed its matured lease.

The loan, commonly referred to as Fireman's Fund, is securitized through two transactions. Banc of America Mortgage Inc., 2005-5, holds a $57.8 million piece, while GE Commercial Mortgage Corp., 2005-C4, holds a $52.7 million piece. The loan piece in the GE deal has transferred to special servicer Midland Loan Services, and the companion loan likely will follow suit.

When the loan pieces were securitized, the three-building complex was fully occupied by Fireman's Fund Insurance Co., then a unit of Allianz AG, under a lease with a November 2018 maturity. It had occupied the property since its development in 1982.

Three years ago, Allianz, which by then had rebranded Fireman's as Allianz Global Corporate and Specialty, had leased...


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Additional Info

  • Syndicate to Realpoint: No
  • Cities: San Francisco
  • States: California
  • Sector: Office
  • Subject: Commercial MBS (CMBS)
  • Deal Name: Banc of America Commercial Mortgage Inc. 2005-5, GE Commercial Mortgage Corp., 2005-C4
  • Valuation: Between $100 million and $150 million
  • Private: Yes
  • bloombergDealName: BACM 2005-5, GECMC 2005-C4
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Data Digest







Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44




cppichart FP



CMBS 2.0 Spreads


Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41





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