Print this page
Friday, 28 December 2018

CMBS Loan Against GSA-Leased Portfolio Again Lands In Special Servicing, But Full Payoff Expected

The $91.9 million CMBS loan against a portfolio of office buildings leased to various federal agencies once again has transferred to special servicer C-III Asset Management. It's the fourth time the loan has been transferred, with the last being in 2016. That resulted in the loan, then with a balance of $259 million, being split into a $225 million A-note and $34 million B-note.

Commercial Real Estate Direct Staff Report

The $91.9 million CMBS loan against a portfolio of office buildings leased to various federal agencies has once again transferred to special servicer C-III Asset Management. But the loan is expected to be resolved through a full payoff.

The transfer, highlighted this morning in a TreppWire report, marks the fourth time the loan, which is securitized through JPMorgan Chase Commercial Mortgage Securities Trust, 2007-LDP11, has been in special servicing. It last transferred in 2016. That resulted in the loan, then with a balance of $259 million, being split into a $225 million A-note and $34 million B-note.

In addition, its term was extended through May 2020. It originally had matured in 2012, but was extended at least once before.

The loan originally had a balance of $284 million and was backed by nine office buildings with 1.1 million square feet. The A-note's balance is now $57.9 million.

But it has been paid down, partly with proceeds from the sale of certain collateral properties. Those sales included a sizable deal with Easterly Government Properties Inc.,...


Log In or



weekly-call-to-action

“The Weekly”

“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

  • Breaking mortgage, CMBS, and REIT news

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

  • Industry moves and changes in “The Insider“