Banc of America Commercial Mortgage Trust 2007-3 as of 09/2009: SS DSCR 0.70- 0.80
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Id | Name/ | Type/ | Bal | GLA/Units | LTV | WAC | |
---|---|---|---|---|---|---|---|
Address | Subtype | % Pool | Occ. % | DSCR | Originator | ||
25 | Philly Self Storage Portfolio (Rollup) | SS | $25,620,000 | 2,917 | 77.7 | 5.737000 % | |
90+ | 2990 South 20th Street, Philadelphia PA 19145 | ||||||
90+ | 5134 Lancaster Avenue, Philadelphia PA 19131 | ||||||
90+ | 335 East Price Street, Philadelphia PA 19144 | ||||||
90+ | 3100 C Street, Philadelphia PA 19134 | 0.7% | 52% | 0.71x (UW) | Bank of America | ||
09/01/09: Loan transferred to Special Servicer on 2/13/09 due to written notice of inability to pay. The subject is four separate self storage facilities in Philadelphia, PA. The properties total 2,957 units that are currently averaging for all four deals a 54.82% occupancy level. The deal was originated 4/13/07 with a ten-year interest only structure at a rate of 5.73%. The Borrower is requesting a loan modification in order to bring the occupancy level back to the original underwritten amount of the 80-85% range, and to stabilize the project expenses. The Special Servicer has issued a notice of default, and requested updated financial information on the property and the borrowers. The Special Servicer inspected the properties on April 1, 2009 and found them to be in fair condition. The Special Servicer has completed the loan modification that was approved by the directing certificateholder. The Borrower is currently reviewing the loan modification. The Borrower is paying to the lender all of the available cash flow. |