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23 Mar 2005
MOODY'S UPGRADES EIGHT CLASSES OF LEHMAN BROTHERS FLOATING RATE COMMERCIAL MORTGAGE TRUST, SERIES 2003-LLF C2
Approximately $585.1 Million of Structured Securities Affected
New York, March 23, 2005 -- Moody's Investors Service upgraded eight classes and affirmed seven
classes of Lehman Brothers Floating Rate Commercial Mortgage Trust,
Multiclass Pass-Through Certificates, Series 2003-LLF
C2 as follows:
-Class A-1, $112,045,635,
Floating, affirmed at Aaa
-Class A-2, $215,446,000,
Floating, affirmed at Aaa
-Class X-1, Notional, affirmed at Aaa
-Class X-2, Notional, affirmed at Aaa
-Class X-FLP, Notional, affirmed at Aaa
-Class B, $27,281,000, Floating,
upgraded to Aaa from Aa1
-Class C, $30,312,000, Floating,
upgraded to Aaa from Aa2
-Class D, $24,250,000, Floating,
upgraded to Aaa from Aa3
-Class E, $21,218,000, Floating,
upgraded to Aa1 from A1
-Class F, $27,281,000, Floating,
upgraded to Aa2 from A2
-Class G, $30,312,000, Floating,
upgraded to Aa3 from A3
-Class H, $27,281,000, Floating,
upgraded to A2 from Baa1
-Class J, $33,344,000, Floating,
upgraded to Baa1 from Baa2
-Class K-1, $21,375,000,
Floating, affirmed at Baa3
-Class K-2, $15,000,000,
Floating, affirmed at Baa3
The Certificates are collateralized by four whole loans and four senior
participation interests, which range in size from 0.9%
to 47.2% of the transaction based on current principal balances.
As of the March 16, 2005 distribution date, the transaction's
aggregate certificate balance has decreased by approximately 48.5%
to $624.5 million from $1,212.5 billion
at securitization due to the payoff of ten loans originally in the pool.
There are no loans in special servicing and there have been no losses
Since Moody's last full review on February 9, 2005 four loans
have paid off -- Meristar Investment Partners Portfolio ($95.2
million -- 10.9%), Genessee Valley Center ($76.0
million -- 8.7%), Southridge Mall ($69.4
million -- 8.0%) and Franklin Park Commons ($5.8
million -- 0.7%). Moody's current weighted
average loan to value ratio ("LTV") for the pool is 67.6%,
compared to 64.4% at securitization. Moody's
is upgrading Classes B, C, D, E, F, G and
H as a result of increased credit support related to the recent loan payoffs.
The top two loans represent 68.0% of the outstanding pool
balance. The largest loan is the Walt Disney World Swan & Dolphin
Loan ($294.5 million -- 47.2%).
The loan is secured by a first mortgage on the leasehold interest of the
Walt Disney World Swan Hotel and the Walt Disney World Dolphin Hotel,
which together comprise a total 2,267 rooms and over 329,000
square feet of interior meeting, banquet and convention space.
The hotels, which are adjacent, are located within the gates
of Walt Disney World, in Orlando, Florida. For the
period ending December 2004 the hotels had a combined RevPAR of $123.31
based on an average occupancy rate of 73.4%, compared
to a RevPAR of $130.96 at securitization. Additionally,
expense ratios have increased, decreasing the overall operating
margin. The loan sponsors are Metropolitan Life Insurance Company
(Moody's senior unsecured rating A2) and Tishman Hotel Corporation,
Inc. Moody's LTV is 70.9%, compared to
62.4% at securitization. The loan is shadow rated
Baa3, compared to A3 at securitization.
The second largest loan is the One IBM Plaza Loan ($130.2
million - 20.8%), which is secured by a first
priority mortgage on One IBM Plaza, a 1.3 million square
foot office building located on North Wabash Avenue within Chicago's
CBD and a leasehold interest in an adjacent 902-space parking garage.
As of October 2004 the property was 88.2% occupied.
The three largest tenants are Jenner & Block, LLC (24.9%),
IBM (20.7%; Moody's senior unsecured rating A1),
and Trizec Hahn (12.0%). Moody's LTV is 65.4%,
the same as at securitization. The loan is shadow rated Baa3,
the same as at securitization.
The third largest loan is the 222 North LaSalle Loan ($76.0
million -- 12.2), which is secured by a first priority
mortgage on a 970,614 square foot office building located in the
West Loop submarket of Chicago's CBD. As of September 2004
the property was 93.9% occupied. The three largest
tenants are Vedder, Price Kaufman & Kammholz (19.1%),
Henry Crown & Co. and related entities (17.6%),
and Hinshaw & Culbertson (13.9%). The loan sponsors
are subsidiaries of Folksam Mutual Life Insurance Company and Folksam
Mutual General Insurance. Moody's LTV is 60.8%,
essentially the same as at securitization. The loan is shadow rated
Baa1, the same as at securitization.
The fourth largest loan is the Paseo Colorado Loan ($70.4
million - 11.3%), which is secured by a first
priority mortgage on a 556,872 square foot anchored regional mall
located in Pasadena, California. Originally constructed in
1980 as an enclosed mall, Paseo Colorado was redeveloped between
2000 and 2001 into an open-air format. Anchors include Macy's
(parent Federated Department Stores, Inc.; Moody's
senior unsecured rating Baa1 - on review for possible downgrade),
Gelson's Market, and Pacific Theatres (14-screens).
In-line mall space, which accounts for 54.0%
of gross leaseable area, was 88.3% occupied as of
December 2004, compared to 93.4% at securitization.
The loan sponsors are an affiliate of Lehman Brothers Holdings Inc.
(75.0%) and Developers Diversified Realty Corporation (25.0%;
Moody's senior unsecured rating Baa3). Moody's LTV
is 68.2%, compared to 66.3% at securitization.
The loan is shadow rated Ba1, the same as at securitization.
The fifth largest loan is the Bingham Office Center Loan ($24.4
million - 3.9%), which is secured by a senior
interest in a first priority mortgage on a five-building office
park containing 522,346 square feet, located in Bingham Farms
(Detroit), Michigan. The property was built in 1989 and renovated
between 1998 and 2000. Occupancy as of February 2005 was 79.4%,
compared to 87.2% at securitization. Occupancy dipped
in the third quarter of 2004 due to tenant rollovers, including
65,199 square feet that was vacated by the property's two
largest tenants - Blue Cross/Blue Shield (34,234 SF) and
Holland Group, LLC (30,965 SF). In March 2005 an additional
20,391 square feet was leased to LaFarge North America Inc.,
a building materials company. The loan sponsor is Colonnade Properties
LLC. Moody's LTV is 69.3%, compared to
63.7% at securitization. The loan is shadow rated
Ba2, compared to Baa3 at securitization.
Structured Finance Group
Moody's Investors Service
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
No Related Data.
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