Apr
24

Pending Maturity Prompts Transfer of D.C. Hotel Loan to Special Servicing

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Commercial Real Estate Direct Staff Report

The $51.2 million CMBS loan against the 472-room Marriott Washington, D.C., hotel has been transferred to special servicing as its maturity date fast approaches.

The loan, divided into two pieces, is securitized through UBS Commercial Mortgage Trust, 2007-FL1. It is one of two remaining collateral loans and faces a May 15 final maturity.

Its transfer to special servicer CWCapital Asset Management was highlighted by Fitch Ratings in a Daily Special e-mail alert.

The loan originally matured in 2009, but had options to be extended through 2012. Those were exercised. And before its then-final maturity, it was transferred to special servicing and in early 2013, its terms were modified, in exchange for a $4.29 million principal payment. Its maturity was extended by another three years and its interest rate was increased by 300 basis points. It originally paid a rate pegged to Libor plus 60 bps…

Pending Maturity Prompts Transfer of D.C. Hotel Loan to Special Servicing

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