Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Wednesday, 13 September 2017

Large Loan Against Conn. Office Gets Hit with Big Appraisal Reduction Amount

The $265 million CMBS loan against 400 Atlantic St. in Stamford, Conn., has been hit with a $145.6 million appraisal reduction amount, reflecting a sharp reduction in the office property's appraised value. The loan is the largest of 24 remaining in the collateral pool for GS Mortgage Securities Corp. II, 2007-GG10, whose balance has shrunk to $748.7 million from an original $7.6 billion.

Commercial Real Estate Direct Staff Report

The $265 million CMBS loan against the 400 Atlantic St. office building in Stamford, Conn., has been hit with a $145.6 million appraisal reduction amount, reflecting a sharp reduction in the property's appraised value.

That means that the loan's servicer can reduce the amount it's advancing against it. The loan is the largest of 24 remaining in the collateral pool for GS Mortgage Securities Corp. II, 2007-GG10, whose balance has shrunk to $748.7 million from an original $7.6 billion.

The loan had transferred to special servicer C-III Asset Management for a second time earlier this year when it became clear that it wouldn't get refinanced by its June maturity. It previously had transferred to special servicing, then handled by CWCapital Asset Management, in 2015 because vacancy at its collateral was expected to increase sharply.

The loan encumbers a 527,454-square-foot...





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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

 

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

 

 

 

REITCafe

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