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17 Nov 2005
MOODY'S UPGRADES SIX CLASSES OF CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP., SERIES 2003-TFL2
Approximately $178.0 Million of Structured Securities Affected
New York, November 17, 2005 -- Moody's Investors Service upgraded the ratings of six classes and
affirmed the ratings of four classes of Credit Suisse First Boston Mortgage
Securities Corp., Commercial Mortgage Pass-Through
Certificates, Series 2003-TFL2 as follows:
-Class F, $4,390,000, Floating,
upgraded to Aaa from A1
-Class G, $17,500,000. Floating,
upgraded to Aaa from A2
-Class H, $15,500,000, Floating,
upgraded to Aaa from Baa1
-Class J, $17,500,000, Floating,
upgraded to Aa2 from Baa2
-Class K, $11,000,000, Floating,
upgraded to A3 from Baa3
-Class L, $15,610,000, Floating,
upgraded to Baa3 from Ba1
-Class WB-A, $83,187,735,
Floating, affirmed at Aa1
-Class WB-IO, Notional, affirmed at Aa1
-Class WB-B, $6,000,000,
Floating, affirmed at Aa3
-Class WB-C, $7,360,697,
Floating, affirmed at A1
The Certificates are collateralized by one whole mortgage loan and one
participation interest. The loans are segregated into two loan
groups. The Chicago Portfolio Loan participation interest is the
only loan remaining of the original eight pooled assets in Loan Group
I. The Shops at Willow Bend Loan comprises Loan Group II.
As of the November 15, 2005 distribution date, the transaction's
aggregate certificate balance has decreased by approximately 81.8%
to $178.0 million from $981.2 million at closing
as a result of the payoff of seven loans initially in the pool as well
as amortization associated with the Willow Bend Loan. Classes F,
G, H, J, K, and L have been upgraded due to loan
The Chicago Portfolio Loan ($81.5 million) is secured by
cross-collateralized and cross-defaulted first priority
mortgages on three Class B+ Chicago CBD office properties.
The properties include One North Dearborn, One North LaSalle,
and 360 North Michigan Avenue. The portfolio contains a total of
approximately 1.6 million square feet. The August 2005 rent
rolls indicate portfolio occupancy of 74.1%, compared
to 69.8% at securitization. Bank One, N.A.
(Moody's senior unsecured rating Aa2; stable outlook),
the largest office tenant at One North Dearborn, currently occupying
6.0% of total portfolio net rentable area, vacated
one-half of its space upon lease expiration in May 2005.
The remaining space was renewed short-term through December 31,
2005, at which time it will vacate entirely. Sears (Moody's
senior unsecured shelf rating (P)Ba1; stable outlook) occupies the
lower level and floors one to six (14.8% of portfolio NRA)
through 2016. Sears has an entrance on North State Street,
one of Chicago's traditional retail corridors. One North
Dearborn and One North LaSalle are located in the Central Loop submarket.
According to Torto-Wheaton Research, the Class B/C office
vacancy rate in the Central Loop was 17.8% as of the 3rd
Quarter of 2005, virtually the same as at securitization.
Although market vacancy has remained constant, gross asking rents
have fallen 9.1% to $21.82 PSF from $24.01
PSF at securitization. 360 North Michigan Avenue is located in
the East Loop submarket. Submarket vacancy has increased to 17.9%
as of the 3rd quarter of 2005 from 13.4% at securitization
and gross asking rents have fallen 9.2% to $19.69
PSF from $21.69 PSF.
This floating rate, interest only whole loan matured on January
9, 2005 and it has two remaining one-year extension options.
The loan has a junior participation in the amount of $37.2
million and mezzanine debt in the original amount of $25.0
million. The loan sponsor is Meyer Chetrit. Moody's
current shadow rating is Baa3, compared to Baa1 at Moody's
last review in August 2005 and compared to A2 at securitization.
The sole Group II loan is The Willow Bend Loan ($96.7 million),
which is secured by a first priority deed of trust in an anchored regional
shopping center located in Plano, Texas. The center was built
in 2001 and currently has four anchors - Dillard's (Moody's
senior unsecured B2; stable outlook), Foley's (parent
May Department Stores Company - Moody's senior unsecured
shelf rating (P)Baa1; negative outlook), Neiman Marcus (Moody's
senior unsecured rating B1; on review for possible downgrade) and
Saks Fifth Avenue (Moody's senior unsecured rating B2; on review
for possible upgrade). A fifth anchor, Lord & Taylor,
was closed as part of the divestiture of 32 Lord & Taylor stores.
Total mall area is 1.5 million square feet of which approximately
543,406 square feet of non-anchor space is collateral for
the loan. As of October 2005 the borrower owned space was 81.6%
occupied, compared to 70.0% at securitization.
Although in-line comparable store sales have shown improvement
since securitization, increasing from $225 PSF to $329
PSF, the mall has been slow in stabilizing. Expectations
are that leasing will improve once Saks Fifth Avenue is better established
in this location (September 2004 opening). A significant number
of tenants currently receive some form of rent relief. The loan
sponsor is The Taubman Realty Group Limited Partnership, which has
provided a loan guarantee in the amount of $100.0 million.
This floating rate interest only loan matures in July 2006 and has two
one-year extension options or one two-year extension option
at the borrower's election. There is additional debt in the
form of a mezzanine loan in the original amount of $49.8
million. Moody's LTV is 57.5%, compared
to 58.5% at Moody's last review and compared to 52.7%
Structured Finance Group
Moody's Investors Service
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.
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