NEW YORK--(BUSINESS WIRE)--In response to a research note published by Morgan Stanley’s CMBS team on July 10, 2014, C-III Asset Management LLC would like to clarify certain information pertaining to the $60.8MM loan secured by Rock Point Corporate Center (CD 2006-CD2).
Of particular note, the $2.6MM of “other selling expenses” referenced in the Morgan Stanley note were not expenses associated with the sale but actually tenant improvement costs associated with lease renewals or extensions that were already in place when the Fair Value Purchase Option (FVPO) was exercised in May 2014. These costs are reflected in the FVPO price of $52.1MM.
C-III reported this loan in an accurate and timely manner to the Master Servicer in both the Commercial Real Estate Finance Council’s “Realized Loss Report” for the May remittance period and the May “Special Servicer Data File”. C-III is working with the Trustee to ensure that this information is properly disseminated to market participants and will continue to provide further updates as more information becomes available.
About C-III Asset Management LLC
C-III Asset Management LLC, a wholly owned subsidiary of C-III Capital Partners, is a highly rated loan servicer (primary and special) of commercial real estate loans. C-III Asset Management is the named special servicer for approximately $120 billion and the primary servicer for over $16 billion of commercial real estate loans. C-III Asset Management is rated “Strong” for special servicing and “Above Average” for primary servicing by S&P and “CSS1” and “CPS2”, respectively, by Fitch. C-III Asset Management also has the highest ranking from Morningstar for special servicers, “MOR CS1.”