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Thursday, 20 April 2017

Distressed Loan on Delaware Office Property Placed on Sales Block

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Commercial Real Estate Direct Staff Report

The $65.1 million CMBS loan against Hercules Plaza in Wilmington, Del., is being put on the sales block.

The loan, securitized through Wachovia Bank Commercial Mortgage Trust, 2006-C25, has been with special servicer CWCapital Asset Management since last July, when it transferred because its then-main tenant, Hercules Inc., slashed the amount of space it had been occupying.

That was the second time the loan was in special servicing. In 2014, it had transferred when cash flow slipped to break even.

Hercules, a chemical company that was acquired by Ashland Inc. in 2008, had initially master leased the entire 518,409-square-foot building, at 1313 North Market St. But it had occupied only 155,000 sf and subleased 290,000 sf. When its master lease matured in 2013, it renewed only 125,589 sf. That agreement matured last year. Hercules is no longer a tenant.

The loan was modified in December 2014, with its term being extended by two years and its...


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Additional Info

  • Syndicate to Realpoint: No
  • States: Delaware
  • Sector: Office
  • Subject: Loan Offerings (LOAN)
  • Deal Name: Wachovia Bank Commercial Mortgage Trust, 2006-C25
  • Private: Yes
  • bloombergDealName: WBCMT 2006-C25
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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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