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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

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2016
Investment Bank #Deals Vol$mln MktShr%
JPMorgan Securities 14.94 10,350.16 15.14
Deutsche Bank 14.21 9,926.60 14.52
Wells Fargo Securities 13.36 9,513.96 13.92
Citigroup 10.87 8,061.79 11.80
Goldman Sachs 10.05 7,563.72 11.07

 

MOODY'S/RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2016
Lender #Loans Vol$mln MktShr%
JPMorgan Chase Bank 133.67 8,670.33 13.34
Goldman Sachs 156.20 7,418.37 11.41
Deutsche Bank 178.17 6,510.75 10.02
Citigroup 184.41 5,512.20 8.48
Morgan Stanley 113.18 4,130.53 6.35

 

 

 

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