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Tuesday, 21 October 2014

Norwalk, Conn., Office Faces Big Vacancy, Putting CMBS Loan at Risk

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Commercial Real Estate Direct Staff Report

Northrop Grumman, which leases 52 percent of the Norden Park office property in Norwalk, Conn., will be completely vacating the 615,357-square-foot building at the end of the year, prompting a $72.9 million loan against it to be transferred to special servicing.

The loan is the third largest in the collateral pool for Credit Suisse Commercial Mortgage Trust, 2006-C3. Its transfer was highlighted yesterday in a research brief by Barclays Capital, which projected that the loan would likely default in the coming months.

The collateral property is owned by Fortis Property Group, which had acquired it in 2005 for $87 million. The property previously was owned by a venture that included Spinnaker...

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Additional Info

  • Syndicate to Realpoint: No
  • States: Connecticut
  • Sector: Office
  • Subject: Commercial MBS (CMBS)
  • Deal Name: Credit Suisse Mortgage Securities Corp. 2006-C3
  • Private: Yes
  • bloombergDealName: CSMC 2006-C3
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Dan Moynihan

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