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Fitch Affirms COMM Mortgage Trust 2005-FL10

Tuesday, November 27, 2012 12:44 PM


Fitch Ratings has affirmed four classes of COMM Mortgage Trust 2005-FL10. The affirmations of the distressed ratings are due to continued high credit risk associated with the remaining loan.

As of the November 2012 remittance, the pool has paid down by 98% since issuance, with only one loan remaining. Since Fitch's last rating action, the 10 MetroTech Center loan was disposed of for a $7.9 million loss.

The remaining loan, Berkshire Mall (100%), is secured by 589,146 square feet (sf) of a 715,146-sf regional mall located in Lanesboro, MA, about 30 miles east of Albany, NY. The collateral consists of 192,793 sf of in-line space and 396,353 sf of anchor/major tenant space. The non-collateral anchor space (Target) totals approximately 126,000 sf. The property has suffered from a tertiary location and weak in-line / junior anchor occupancy.

In March 2012, a two-year forbearance through March 2014 was executed after the borrower was unable to refinance the loan at its extended maturity. Per the forbearance agreement, the borrower contributed $250,000 in new equity to a rollover reserve. In addition, the loan is subject to hard cash management requiring excess cash flow be applied to an excess cash flow reserve (up to $300,000), then to a rollover reserve (up to $4 million), and then to amortize the loan. As of Nov. 9, 2012, the loan had approximately $4.2 million in total reserves. After being in special servicing since February 2010, the loan was returned to the master servicer in September 2012 and was current as of the November remittance.

Fitch has affirmed the following classes:

--$6.4 million class J at 'CCCsf'; RE 100%;

--$19.8 million class K at 'Csf'; RE 95%;

--$6.5 million class L at 'Csf'; RE 0%;

--$4.3 million class M at 'Dsf'; RE 0%.

The following classes originally rated by Fitch have paid in full: A-1, A-J1, A-J2, X-1, MOAX-1, MOAX-2, MOAX-3, B, C, D, E, F, MOA-1, MOA-2, N-PC, O-PC, P-PC, Q-PC, N-DEL and O-DEL.

Fitch does not rate the class A-J3, G, H and MOA-3 certificates.

In addition, Fitch previously withdrew the ratings on the interest-only classes X-2-DB, X-2-NOM, X-2-SG, X-3-DB, X-3-NOM and X-3-SG.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (June 6, 2012);

--'Surveillance Criteria for U.S. CREL CDOs and CMBS Large Loan Floating-Rate Transactions' (Dec. 1, 2011).

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

(Source: Business Wire )
(Source: Quotemedia)

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