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16 Nov 2006
Moody's Affirms Bear Stearns Commercial Mortgage Securities Trust 2004-TOP 14
Approximately $846.7 Million of Structured Securities Affected
New York, November 16, 2006 -- Moody's Investors Service affirmed the ratings of Bear Stearns Commercial
Mortgage Securities Trust 2004-TOP 14, Commercial Mortgage
Pass-Through Certificates, Series 2004-TOP14 as follows:
-Class A-1, $35,121,707,
Fixed, affirmed at Aaa
-Class A-2, $152,000,000,
Fixed, affirmed at Aaa
-Class A-3, $122,000,000 Fixed,
affirmed at Aaa
-Class A-4, $442,061,000,
Fixed, affirmed at Aaa
-Class X-1, Notional, affirmed at Aaa
-Class X-2, Notional, affirmed at Aaa
-Class B, $23,482,000, Fixed,
affirmed at Aa2
-Class C, $7,827,000, Fixed,
affirmed at Aa3
-Class D, $17,890,000, affirmed
-Class E, $8,945,000, Fixed,
affirmed at A3
-Class F, $10,064,000, Fixed,
affirmed at Baa1
-Class G, $5,591,000, Fixed,
affirmed at Baa2
-Class H, $7,827,000, Fixed,
affirmed at Baa3
-Class J, $4,472,000, Fixed,
affirmed at Ba1
-Class K, $4,473,000, Fixed,
affirmed at Ba2
-Class L, $2,236,000, Fixed,
affirmed at Ba3
-Class M, $2,236,000, Fixed,
affirmed at B1
-Class N, $2,237,000, Fixed,
affirmed at B2
-Class O, $8,945,781, Fixed,
affirmed at B3
As of the November 13, 2006 distribution date, the transaction's
aggregate certificate balance has decreased by approximately 4.3%
to $855.6 million from $894.5 million at securitization.
The Certificates are collateralized by 108 mortgage loans ranging in size
from less than 1.0% of the pool to 8.7% of
the pool, with the top 10 loans representing 45.2%
of the pool. The pool includes six shadow rated investment grade
loans comprising 21.3% of the pool. Two loans,
representing 6.0% of the pool balance, have defeased
and are collateralized by U.S. Government securities.
The pool has not sustained any losses to date and currently there are
no loans in special servicing. Eight loans, representing
4.0% of the pool, are on the master servicer's
Moody's was provided with year-end 2005 operating results for approximately
98.4% of the pool. Moody's loan to value ratio ("LTV")
for the conduit component is 77.1%, compared to 80.8%
The largest shadow rated loan is the One & Three Christine Centre
Loan ($74.5 million - 8.7%),
which is secured by two adjacent office buildings located in downtown
Wilmington, Delaware. The two buildings total 633,000
square feet and are 100.0% occupied, the same as at
securitization. The anchor tenant is Chase Card Services (parent
JP Morgan Chase Bank NA; Moody's senior unsecured rating Aa2
- stable outlook). Chase leases approximately 91.0%
of the premises under a lease expiring in December 2015. The sponsor
is Macquarie Office Fund (80.0%) and Brandywine Realty (20.0%).
The loan is interest only for its entire term and matures in January 2009.
Moody's current shadow rating is Baa3, the same as at securitization.
The second shadow rated loan is the Great Hall East Portfolio Loan ($42.7
million - 5.0%), which is secured by seven
retail properties located in Ohio (4), South Carolina, Massachusetts
and Alabama. The portfolio totals 853,000 square feet and
each property is leased to a single tenant under a long-term lease
that extends beyond the loan maturity date. The tenants include
Wal-Mart (2), Lowe's (2), Kroger (2) and Sam's
Club. The loan sponsor is Inland Retail Real Estate Trust,
Inc. The loan is interest only for its entire term and matures
in October 2008. Moody's current shadow rating is A2, the
same as at securitization.
The remaining four shadow rated loans comprise 7.7% of the
pool. The Greenville Place Apartment Loan ($19.5%
- 2.3%), secured by a 519-unit apartment
complex located in suburban Wilmington, Delaware, is shadow
rated Baa2. The Hiram Pavilion Loan ($19.4 million
- 2.3%), secured by a 362,000 square
foot power center located in suburban Atlanta, is shadow rated Baa1.
The 12 E 22nd Street Loan ($13.8 million -- 1.6%),
secured by an 89-unit multifamily property located in New York
City, is shadow rated Aa2. The Lincoln Tower Cooperative
Loan ($12.7 million - 1.5%),
secured by a residential cooperative building located in New York City,
is shadow rated Aaa.
The top three non-defeased conduit loans represent 16.6%
of the outstanding pool balance. The largest conduit loan is the
U.S. Bank Tower Loan ($64.7 million -
7.6%), which is secured by a 1.4 million square
foot landmark Class A office building located in downtown Los Angeles,
California. The loan represents a 25.0% pari passu
interest in a first mortgage loan totaling $260.0 million.
The building is 87.0% occupied, compared to 90.0%
at securitization. The largest tenants are Latham & Watkins
(21.0% NRA; lease expiration December 2009) and Pacific
Enterprises (17.0% NRA; lease expiration June 2010).
The loan sponsor is Maguire Properties. The loan is interest only
for the entire term and matures in July 2013. Moody's LTV is 74.7%,
compared to 73.2% at securitization.
The second largest conduit loan is the 840 Memorial Drive Loan ($41.6
million - 4.9%), which is secured by a 129,000
square foot biotech lab/office building located in Cambridge, Massachusetts.
The largest tenant is UCB Research which occupies 40.0%
of the premises under a lease expiring in June 2009. The property
has been 89.0% leased since securitization. However,
we do expect near-term disruption in the property's performance
because two tenants that lease approximately 44.0% of the
premises have indicated their intent to vacate at the expiration of their
leases in April and June of 2007. The Cambridge biotech market
has declined since securitization, with market rents declining more
than 30.0%. Moody's LTV is 97.6%,
compared to 85.8% at securitization.
The third largest conduit loan is the San Antonio Office Portfolio Loan
($35.2 million - 4.1%), which
is secured by three office properties located in San Antonio, Texas.
The portfolio is 95.0% occupied, compared to 82.0%
at securitization. The loan is interest only for the entire term
and matures in January 2009. Moody's LTV is 78.5%,
compared to 85.9% at securitization.
The pool's collateral is a mix of retail (42.5%),
office and mixed use (36.4%), multifamily (8.1%),
industrial and self storage (7.0%) and U.S.
Government securities (6.0%). The collateral properties
are located in 37 states. The highest state concentrations are
California (23.1%), Delaware (13.7%),
Texas (10.9%), Massachusetts (8.7%)
and New Jersey (4.2%). All of the loans are fixed
Structured Finance Group
Moody's Investors Service
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
No Related Data.
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