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The CIM Group Announced They Were Buying That Property, As Well As Six Others from the Auction

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The CIM Group Announced They Were Buying That Property, As Well As Six Others from the Auction 12 February 2014 Fixed Income Research http://www.credit-suisse.com/researchandanalytics FOR INSTITUTIONAL CLIENT USE ONLY CMBS Loans in the News Securitized Products Americas Research Analysts GG10 reports some of the CW liquidations Roger Lehman +1 212 325 2123 As expected, the February remittance report for GSMS 2007-GG10 showed [email protected] some of CWCapital’s planned sales flow through to the trust, while others did not. Serif Ustun, CFA +1 212 538 4582 In total, $593 million of loans were liquidated, leading to a trust loss a little over [email protected] $300 million this month (a loss severity of around 51%). Sylvain Jousseaume, CFA +1 212 325 1356 The recovery, and other principal payments, paid down Classes A3, AAB and [email protected] started to pay down the last cash flow super-senior, A4 bond. With only a partial liquidation this month, and a minor paydown of the A4 class, the GG10 A4 bond is selling off today. The bond had tightened over the past few weeks, as investors expected the premium priced tranche to pay down this month. The bond is around 12 bp wider, since yesterday, as of this writing. The losses, resulting from the liquidation, reached up to Class G (originally rated A-) and wrote down the remaining balance of the classes below it. However, many classes, including those written down this month, also received interest adjustments from the recovery of shortfalls on the liquidated loans. Many of these, as we show below, got more than 10 points of interest. Exhibit 1: Payment of interest and shortfall recovery in February Orig Bal Jan Bal Feb Bal Interest Payment Points of Class ($mn) ($mn) ($mn) ($mn) interest AJ 519.9 519.9 519.9 4.3 0.8 B 75.6 75.6 75.6 1.8 2.4 C 94.5 94.5 94.5 2.8 2.9 D 56.7 56.7 56.7 6.3 11.2 E 56.7 56.7 56.7 6.4 11.3 F 75.6 75.6 75.6 9.1 12.0 G 75.6 75.6 64.6 10.8 14.3 H 104.0 104.0 0.0 17.9 17.2 J 94.5 94.5 0.0 5.8 6.1 K 75.6 75.6 0.0 0.0 - L 37.8 15.6 0.0 0.0 - Source: Credit Suisse, remittance reports The realized loss reduced the AJ subordination to 7.3%, from 11.3% last month, while the AM subordination fell to 16.3% from 19.5%. The super-senior enhancement was also down, slightly, and now stands at 29.3% compared to 31.3% last month. DISCLOSURE APPENDIX AT THE BACK OF THIS REPORT CONTAINS IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS. CREDIT SUISSE SECURITIES RESEARCH & ANALYTICS BEYOND INFORMATION® Client-Driven Solutions, Insights, and Access 12 February 2014 Sixteen out of the 23 loans that we believed were part of the CWCapital’s broad liquidation plan flowed through in February. However, the largest loan, Two California Plaza, was not reported as liquidated. As we discuss below, the CIM Group announced they were buying that property, as well as six others from the auction. The other GG10-related asset CIM Group is purchasing, Montvale Center, also did not flow through. Given their announcement today we would expect to see the liquidations on these next month. We break the assets up into two tables: Exhibit 2 indicates the assets that sold and Exhibit 3 lists those that have not sold yet. As Exhibit 2 shows, the liquidation proceeds continue to come in higher than what is implied by the most recent appraisals and losses are lower than those indicated by appraisal reductions. For the 16 loans liquidated, the total net sales proceeds were $426 million, 20.7% higher than the appraised amount. This resulted in the $304.0 million lost to the trust, which was about 11% lower than the cumulative ARA of $341.7 million. Exhibit 2: GSMS 2007-GG10: Loans liquidated in February Net Sales Loss to Balance Proceeds Appraisal Appraisal Trust ARA Loan Name City State Status Platform ($mn) ($mn) ($mn) Date ($mn) ($mn) 119 West 40th Street New York NY FCL CBRE 160.0 171.3 134.8 Sep-13 48.9 74.5 Maguire Anaheim Portfolio various CA REO CBRE 103.5 64.0 48.7 Apr-13 56.6 66.6 Hughes Airport Center II various VR REO CBRE 44.4 22.0 13.2 Jul-13 30.0 35.1 3800 Chapman Orange CA REO CBRE 44.4 25.8 21.6 Oct-13 20.2 26.2 Hotel Burnham Chicago IL REO CBRE 35.3 36.7 30.6 Aug-13 3.6 10.8 Whitehorse Road Voorhees Township NJ REO CBRE 31.1 7.5 11.0 Nov-13 29.9 24.2 Green Road Ann Arbor MI REO CBRE 29.6 21.9 18.5 Feb-13 17.7 16.2 Shoppes at Centre Pointe North Charleston SC REO CBRE 23.0 14.9 12.6 Apr-13 10.6 12.8 Avion Lakeside Chantilly VA REO CBRE 22.3 16.7 17.2 Sep-13 9.9 9.1 Crown Pointe/Victor Park various VR REO CBRE 20.8 8.0 10.1 Feb-13 19.7 14.1 1051 Perimeter Drive Schaumberg IL REO CBRE 16.7 8.8 7.5 Jan-13 14.6 11.1 Energy Park Place & Energy Park Drive St. Paul MN REO CBRE 16.3 5.1 5.4 Mar-13 14.4 12.8 840 Grier Las Vegas NV REO CBRE 15.3 5.8 5.3 Apr-13 11.6 11.2 Arrowhead Creekside Glendale AZ REO CBRE 14.5 9.9 5.1 Jan-13 6.8 10.8 The Pennsylvania Business Center various PA 90+-days Auction.com 11.4 3.9 6.9 May-13 8.5 5.9 Mini U Storage - Forestville District Heights MD REO Auction.com 3.9 3.5 4.4 Nov-12 1.0 0.4 Total 592.6 426.0 352.9 304.0 341.7 Source: Credit Suisse, Trepp, remittance reports This leaves seven more loans that may be liquidated next month or thereafter. Three of these were up on the auction.com platform but, as we indicated in December, we thought given the bids they would likely transact and the servicing notes seem to confirm this. We show the remaining seven assets that we pegged as part of the wide-scale auction in Exhibit 3. CMBS Loans in the News 2 12 February 2014 Exhibit 3: Remaining assets to be liquidated as part of CWCapital’s sale in GSMS 2007-GG10 Bal. Deal ARA ASER Loan Name City State Status Offer ($mn) (%) ($mn) ($mn) Servicing Notes Two California Plaza Los Angeles CA REO CBRE 468 7.1% 177.6 8.9 Asset is currently under contract National Plaza I, II, III Schaumburg IL REO CBRE 40.1 0.6% 29.9 2 Expected resolution is 02/11/2014 Montvale Center Gaithersburg MD REO CBRE 25 0.4% 14.5 1.4 Asset is currently under contract for sale Berry Town Center Davenport FL REO CBRE 21 0.3% 12.7 1.4 An expected disposition date of 2/28/2014 ANC Corporate Center II Henderson NV REO Auction.com 11.1 0.2% 7.7 0.6 Asset is currently under contract Vista Palomar Park Vista CA REO Auction.com 10.4 0.2% 2.4 0.2 Under contract with an expected disposition date of 2/28/2014 Barker Cypress Market Place Houston TX 90+-days Auction.com 7.8 0.1% 4.1 0.1 Under contract Total 583.3 8.9% 248.8 14.6 Source: Credit Suisse, Trepp, remittance reports CIM Group announces seven asset purchase from CW The CIM Group announced today that it was purchasing seven assets from the CWCapital sale. No purchase price, individual or aggregate, has yet to be provided. We list the seven assets in Exhibit 4. We previously discussed that Montclair Plaza ($190 million and 6.4% of WBCMT 2006- C28) was under contract for a reported purchase price of $170 million. We estimated from this a loss in the $24- $30 million range compared to a most recent appraisal reduction amount of $56.6 million. Exhibit 4: CIM Group purchases from CWCapital sale Selling Original Curr Balance Deal Loan Name City State Status Platform Balance ($mn) ($mn) Deal (%) ARA ($mn) CGCMT 2005-C3 270 Technology Park Frederick MD 90+-days CBRE 51.0 46.9 5.3% 26.1 GSMS 2007-GG10 Two California Plaza Los Angeles CA REO CBRE 470.0 468.0 7.3% 176.1 GSMS 2007-GG10 Montvale Center Gaithersburg MD REO CBRE 25.0 25.0 0.4% 14.5 JPMCC 2007-LD11 Stadium Towers Anaheim CA REO CBRE 83.2 83.2 1.9% 52.8 JPMCC 2007-LD11 Doubletree Bakersfield Bakersfield CA REO CBRE 35.0 33.5 0.8% 24.4 JPMCC 2007-LD11 Comfort Suites - San Diego, CA San Diego CA REO CBRE 21.8 21.4 0.5% 12.8 WBCMT 2006-C28 Montclair Plaza Montclair CA REO CBRE 190.0 190.0 6.4% 56.6 Source: Credit Suisse, Trepp, CIM Group CMBS Loans in the News 3 12 February 2014 Recent publications We provide below a link to some of our recent CMBS publications. Date published Loans in the News Feb-10 • Three more deals report with little CW news (GMACC 2004-C3, GMACC 2006-C1 and COMM 2006-C7) Feb-10 • More on the CW auctions: BACM 2008-1 reports the Pecos I-215 loss (BACM 2008-1) North Charlotte Office sale and prices confirmed (COMM 2006-C7) • Arundel Mills loan pays off early (BACM 2007-4, BACM 2007-5, BACM 2008-1 & MLMT 2008-C1) Feb-06 • CWCapital auction update: 119 West 40th loan selling for around $165 million (GSMS 2007-GG10); Some details on Starwood’s purchases emerge.
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