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10 Jan 2008
Moody's Affirms Bear Stearns Commercial Mortgage Securities Trust 2004-TOP 14
Approximately $755.1 Million of Structured Securities Affected
New York, January 10, 2008 -- Moody's Investors Service affirmed the ratings of 18 classes of Bear Stearns
Commercial Mortgage Securities Trust 2004-TOP 14, Commercial
Mortgage Pass-Through Certificates, Series 2004-TOP14
-Class A-2, $91,545,626,
affirmed at Aaa
-Class A-3, $122,000,000,
affirmed at Aaa
-Class A-4, $442,061,000,
affirmed at Aaa
-Class X-1, Notional, affirmed at Aaa
-Class X-2, Notional, affirmed at Aaa
-Class B, $23,482,000, affirmed
-Class C, $7,827,000, affirmed at
-Class D, $17,890,000, affirmed
-Class E, $8,945,000, affirmed at
-Class F, $10,064,000, affirmed
-Class G, $5,591,000, affirmed at
-Class H, $7,827,000, affirmed at
-Class J, $4,472,000, affirmed at
-Class K, $4,473,000, affirmed at
-Class L, $2,236,000, affirmed at
-Class M, $2,236,000, affirmed at
-Class N, $2,237,000, affirmed at
-Class O, $2,236,000, affirmed at
As of the December 12, 2007 distribution date, the transaction's
aggregate certificate balance has decreased by approximately 14.6%
to $764.1 million from $894.5 million at securitization.
The Certificates are collateralized by 103 mortgage loans ranging in size
from less than 1.0% of the pool to 9.8% of
the pool, with the top 10 loans representing 45.8%
of the pool. The pool includes four shadow rated loans comprising
15.8% of the pool. Three loans, representing
6.9% 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.
Five loans, representing 6.7% of the pool, are
on the master servicer's watchlist.
Moody's was provided with year-end 2006 operating results for approximately
96.1% of the pool. Moody's loan to value ratio ("LTV")
for the conduit component is 78.6% compared to 77.1%
at Moody's last full review in November 2006 and compared to 80.8%
The largest shadow rated loan is the One & Three Christine Centre
Loan ($74.5 million - 9.8%),
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 Aaa -
stable outlook). Chase leases approximately 91.0%
of the premises under a lease expiring in December 2015. 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 largest shadow rated loan is the Greenville Place Apartments
Loan ($19.5 million -- 2.5%), which
is secured by a 519 unit, 10 story apartment building, located
in Greenville, DE. The loan is interest only for the first
60 months and then converts to a 360 month amortization schedule.
Moody's current shadow rating is Baa2, the same as at securitization.
The third largest shadow rated loan is the 12 E 22nd Street Loan ($13.4
million -- 1.8%), which is secured by an 89 unit
apartment building with retail on the ground floor located in New York
City. Loan performance has improved due to higher NOI and amortization.
Moody's shadow rating is Aa1, compared to Aa2 at last review and
The fourth largest shadow rated loan is Lincoln Tower Cooperative Loan
($12.5 million -- 1.6%), which
is secured by a 387-unit co-op property located in the upper
west side submarket of Manhattan, New York City. Moody's
shadow rating is Aaa, the same as at securitization.
The top three non-defeased conduit loans represent 18.5%
of the outstanding pool balance. The largest conduit loan is the
U.S. Bank Tower Loan ($64.7 million --
8.5%), which is secured by a 1.4 million square
foot 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. As of June
2007 the building was 83.8% leased compared to 87.0%
at last review and 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). Net operating income has
decreased since securitization as some leases have rolled to market.
The loan is interest only for the entire term and matures in July 2013.
Moody's LTV is 76.2% compared to 74.7% at
last review and compared to 73.2% at securitization.
The second largest conduit loan is the 840 Memorial Drive Loan ($40.9
million -- 5.4%), 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 40.4%
of the premises under a lease expiring in June 2009. UCB Research
is paying approximately $60.00 per square foot which is
well above market levels. As of Dec. 2007 occupancy was
53.2% (as the result of Schering Plough vacating) compared
to 89.0% at last review and at securitization. The
balance of the space will expire in 2009 (40.4%) and 2010
(12.8%). Moody's LTV is in excess of 100.0%
compared to 97.6% at last review and compared to 85.8%
The third largest conduit loan is the San Antonio Office Portfolio Loan
($35.2 million - 4.6%), which
is secured by three office properties located in San Antonio, Texas.
The loan is interest only for the entire term and matures in January 2009.
Moody's LTV is 78.5%, the same as at last review and
compared to 85.9% at securitization.
Michael M. Gerdes
Senior Vice President
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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