| 79 |
Park Row East Apartments |
MF |
$4,334,746 |
205 |
78.2 |
5.110000 % |
| | 3201 East Park Row Drive, Arlington TX 76010 | | 0.3% | 64% | 1.20x (UW) | Bank of America |
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| 1E - DSCR < 1.10, 1F - U/W DSCR drop, 4A- Occupancy < 80% U/W Occ. The loan is secured by a 205 unit multifamily in Arlington, TX built in 1970. The property was inspected on 05/27/09; rated in Fair condition. Q1-2009 NCF DSCR is .39 with an occ of 69.76%. The decline in NCF is a result of an EGI decline. Annualized 2009 EGI has declined 25% from YE 2008 due to a drop in occupancy. The occupancy decline first occurred during Q4-2008 where it dropped from 88.29% to 64.39%. As of Q1-2009, occupancy has slightly increased by 8%. Borrower indicated to primary servicer that the drop in occupancy was a result of the eviction of several delinquent tenants combined with current mkt conditions. Per Bwr, with the combination of the current submarket being saturated with rental concessions, no new construction in the mkt and rising unemployment occupancy has declined at the property. Current asking rates range from $399 to $610 depending on unit size. On lease renewals, Bwr plans to increase rents by $10 for 12 month lease renewals and $20 on 6 month lease renewals. Current concessions include Move In specials- ½ month free, renewal specials $100 off, and resident referrals $200 per referral. Property is marketed/advertised on Craig\''s List and flyers. Current occupancy at the property as of June 2009 was 65.4% and sub-market occupancy is at 85%. Bwr stated that the plan to increase occupancy at the property includes upgrading of property combined with retaining current residents and implementing agressive outreach marketing. Bank of America will continue to monitor the loan.
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| 114 |
Parkview Apts |
MF |
$2,265,011 |
53 |
75.5 |
5.736000 % |
| 90+ | 210 N. Easterling St., Dalton GA 30721 | | 0.1% | 62% | 0.41x (9 mths) | Bridger |
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| ML transferred to SS on 4/6/09 due to monetary default. Next due date is 2/1/09. Collateral is a multifamily property in northwestern GA, close to the TN border. Borrower claims Principals have been funding shortfalls due to high vacancy, but can no longer do so. Borrower claims high vacancy is due to weak local economy, caused in large part by local factories shutting down, at which a large portion of the tenants worked. The Trust has filed for FC. Borrower has been cooperative.
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