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01 Mar 2007
Moody's Affirms J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2004-CIBC10
Approximately $1.9 Billion of Structured Securities Affected
New York, March 01, 2007 -- Moody's Investors Service affirmed the ratings of 23 classes of J.P.
Morgan Chase Commercial Mortgage Securities Corp., Commercial
Mortgage Pass-Through Certificates, Series 2004-CIBC10
-Class A-1A, $440,758,289,
Fixed, affirmed at Aaa
-Class A-2, $88,686,875,
Fixed, affirmed at Aaa
-Class A-3, $250,536,000 Fixed,
affirmed at Aaa
-Class A-4, $180,896,000,
Fixed, affirmed at Aaa
-Class A-5, $174,874,000,
Fixed, affirmed at Aaa
-Class A-6, $384,868,000,
Fixed, affirmed at Aaa
-Class A-J, $117,739,000,
WAC Cap, affirmed at Aaa
-Class X-1, Notional, affirmed at Aaa
-Class X-2, Notional, affirmed at Aaa
-Class B, $61,323,000, WAC Cap,
affirmed at Aa2
-Class C, $17,170,000, WAC Cap,
affirmed at Aa3
-Class D, $14,717,000, WAC Cap,
affirmed at A1
-Class E, $17,171,000, WAC Cap,
affirmed at A2
-Class F, $22,076,000, WAC Cap,
affirmed at A3
-Class G, $26,982,000, WAC,
affirmed at Baa1
-Class H, $22,076,000, WAC,
affirmed at Baa2
-Class J, $26,982,000, WAC,
affirmed at Baa3
-Class K, $4,905,000, WAC Cap,
affirmed at Ba1
-Class L, $7,359,000, WAC Cap,
affirmed at Ba2
-Class M, $12,265,000, WAC Cap,
affirmed at Ba3
-Class N, $4,905,000, WAC Cap,
affirmed at B1
-Class P, $7,359,000, WAC Cap,
affirmed at B2
-Class Q, $2,453,000, WAC Cap,
affirmed at B3
As of the February 12, 2007 distribution date, the transaction's
aggregate certificate balance has decreased by approximately 2.5%
to $1.9 billion from $2.0 billion at securitization.
The Certificates are collateralized by 202 mortgage loans ranging in size
from less than 1.0% to 5.3% of the pool,
with the top 10 loans representing 25.3% of the pool.
The largest loan in the pool is shadow rated investment grade.
Three loans, representing 3.3% of the pool balance,
have defeased and are collateralized by U.S. Government
securities. The largest defeased loan is the Meadows Business Park
Loan ($38.0 million -- 2.0%) which at
securitization was shadow rated Baa2.
The pool has not experienced any losses since securitization and currently
there are no loans in special servicing. Thirty five loans,
representing 13.2% of the pool, are on the master
Moody's was provided with year-end 2005 and partial-year
2006 operating results for approximately 100.0% and 93.4%,
respectively, of the pool. Moody's loan to value ratio ("LTV")
for the conduit component is 93.0%, compared to 93.5%
at securitization. Although the overall performance of the pool
has been stable since securitization, the pool has experienced increased
LTV dispersion. Based on Moody's analysis, 32.4%
of the pool has an LTV greater than 100.0%, compared
to 19.4% at securitization.
The shadow rated loan is the Highland Hotel Portfolio Loan ($102.2
million -- 5.3%), which is secured by four full
service hotels located in Boston (Courtyard by Marriott), Northern
New Jersey (Hilton), Long Island (Hyatt Regency) and Atlanta (Crowne
Plaza). The hotels total 1,687 guestrooms. The performance
of each of the hotels has improved since securitization. RevPAR
for calendar year 2006 was $89.92, compared to $75.76
at securitization. The Hilton Hotel in New Jersey has recently
been renovated and one wing, consisting of 148 rooms, is being
converted to a Hampton Inn. The conversion will diversify the customer
base and also reduce overall operating costs at the property. The
loan sponsor is Highland Hospitality, a self advised hotel REIT.
The loan benefits from a 25-year amortization schedule and has
amortized by approximately 3.8% since securitization.
Moody's current shadow rating is Baa2, compared to Baa3 at securitization.
The top three conduit loans represent 9.2% of the outstanding
pool balance. The largest conduit loan is the Continental Plaza
Loan ($88.0 million -- 4.6%), which
is secured by three office buildings and a retail center located along
Route 4 in Hackensack, New Jersey. The property totals 639,000
square feet. Occupancy has dropped to 81.0% as of
December 2006 from 90.5% at securitization. The current
occupancy is in-line with the market's overall occupancy.
The loan matures in September 2009 and is interest only for its entire
term. The loan sponsors include Morgan Stanley Real Estate Funds
and Wafra Investments. Moody's LTV is in excess of 100.0%,
compared to 99.9% at securitization.
The second largest conduit loan is the ABB Building Loan ($50.0
million -- 2.6%), which is secured by a 469,000
square foot Class A suburban office building located in Houston,
Texas. The property is 100.0% leased to ABB Inc.,
a subsidiary of ABB, Ltd. (Moody's long term issuer
rating Baa1; stable outlook), which guarantees the lease.
The lease expiration is coterminous with the loan maturity, which
is November 2009. The loan is interest only for its entire term.
Moody's LTV is 94.5%, the same as at securitization.
The third largest conduit loan is the Sherman Town Center Loan ($38.1
million -- 2.0%), which is secured by the borrower's
interest in a 678,000 square foot retail center located approximately
65 miles north of the Dallas CBD in Sherman, Texas. The center
is anchored by Target, Home Depot, Wal-Mart Supercenter
and Belk's. None of the anchors are part of the collateral.
The center is 99.0% occupied, the same as at securitization.
The largest tenant is Hobby Lobby which occupies 22.8% of
the property under a lease that expires in April 2019. Performance
has declined slightly due to increased expenses. Moody's LTV is
in excess of 100.0%, compared to 99.0%
The pool's collateral is a mix of office and mixed use (29.6%),
retail (26.1%), multifamily (24.5%),
industrial and self storage (8.8%), lodging (7.7%)
and U.S. Government securities (3.3%).
The collateral properties are located in 39 states. The highest
concentrations are Texas (10.3%), New York (10.2%),
New Jersey (8.2%), Florida (7.8%) and
California (6.0%). All of the loans are fixed rate.
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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