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Friday, 13 March 2020

Oracle Vacating Boston-Area Offices; Prompts Move of CMBS Loan to Special Servicing

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Commercial Real Estate Direct Staff Report

The $32.3 million CMBS loan against the 261,961-square-foot office building at 50 Crosby Drive in Boston suburb of Bedford, Mass., has transferred to special servicer LNR Partners because it's expected to default.

The loan, securitized through COMM, 2014-LC17, remains current with its monthly payments. But that's likely to change soon as the collateral property's sole tenant, a unit of Oracle Corp., has decided to terminate its lease, effective at the end of this month. It's already paid a $2 million early termination fee.

The four-story building is owned by an investor group that includes Jumbo Capital Management of Quincy, Mass., and Sound Mark Partners of Greenwich, Conn., which had purchased it in 2014 from DivcoWest for $48.2 million.

Acme Packet Inc., which Oracle had acquired in 2013, had leased space in the...





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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Boston
  • States: Massachusetts
  • Sector: Office
  • Subject: Leases (LSE)
  • Deal Name: COMM, 2014-LC17
  • Private: Yes
  • bloombergDealName: COMM 2014-LC17
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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 - 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

 

RCA CPPI

 

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CMBS 2.0 Spreads

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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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