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17 Nov 2010
Approximately $185 Million of Structured Securities Affected
New York, November 17, 2010 -- Moody's Investors Service (Moody's) affirmed the rating of one pooled
class of COMM 2005-FL10 Commercial Mortgage Pass-Through
Certificates as follows:
Cl. A-J1, Affirmed at Aaa (sf); previously on
Mar 31, 2005 Definitive Rating Assigned Aaa (sf)
The affirmation is due to key parameters, including Moody's loan
to value (LTV) ratio and Moody's stressed debt service coverage ratio
(DSCR) remaining within acceptable ranges.
Moody's analysis reflects a forward-looking view of the likely
range of collateral performance over the medium term. From time
to time, Moody's may, if warranted change these expectations.
Performance that falls outside an acceptable range of the key parameters
may indicate that the collateral's credit quality is stronger or weaker
than Moody's had anticipated during the previous review. Even so,
deviation from the expected range will not necessarily result in a rating
action. There may be mitigating or offsetting factors to an improvement
or decline in collateral performance, such as increased subordination
levels due to amortization and loan payoffs or a decline in subordination
due to realized losses.
Primary sources of assumption uncertainty are the current stressed macroeconomic
environment and continuing weakness in the commercial real estate and
lending markets. Moody's currently views the commercial real estate
market as stressed with further performance declines expected in the industrial,
office, and retail sectors. Hotel performance has begun to
rebound, albeit off a very weak base. Multifamily has also
begun to rebound reflecting an improved supply / demand relationship.
The availability of debt capital is improving with terms returning towards
market norms. Job growth and housing price stability will be necessary
precursors to commercial real estate recovery. Overall, Moody's
central global scenario remains "Hook-shaped" for 2010 and 2011;
we expect overall a sluggish recovery in most of the world's largest economies,
returning to trend growth rate with elevated fiscal deficits and persistent
The principal methodology used in these ratings was "Moody's Approach
to Rating Large Loan/Single Borrower Transactions" published in July 2000.
In addition, Moody's publishes a weekly summary of structured finance
credit, ratings and methodologies, available to all registered
users of our website, at www.moodys.com/SFQuickCheck.
Moody's review incorporated the use of the excel-based Large Loan
Model v 8.0. The large loan model derives credit enhancement
levels based on an aggregation of adjusted loan level proceeds derived
from Moody's loan level LTV ratios. Major adjustments to determining
proceeds include leverage, loan structure, property type,
and sponsorship. These aggregated proceeds are then further adjusted
for any pooling benefits associated with loan level diversity, other
concentrations and correlations.
Moody's ratings are determined by a committee process that considers both
quantitative and qualitative factors. Therefore, the rating
outcome may differ from the model output.
The rating action is a result of Moody's on-going surveillance
of commercial mortgage backed securities (CMBS) transactions. Moody's
monitors transactions on a monthly basis through two sets of quantitative
tools -- MOST® (Moody's Surveillance Trends) and CMM
(Commercial Mortgage Metrics) on Trepp -- and on a periodic
basis through a comprehensive review. Moody's prior full review
is summarized in a press release dated March 11, 2009. The
previous full review was part of Moody's first quarter 2009 ratings sweep
and incorporated assumptions for capitalization rates and stressed cash
flows that were outlined in "Rating Methodology Update: US CMBS
Conduit and Fusion Review Prompted by Declining Property Values and Rising
Delinquencies" dated February 5, 2009. Please see the ratings
tab on the issuer / entity page on moodys.com for the last rating
action and the ratings history.
As of the November 15, 2010 distribution date, the transaction's
aggregate certificate balance has decreased to $654 million from
$861 million at last review. The certificates are collateralized
by three whole loans, two senior A-note participating interests
in whole loans and one pari passu participation interest. The pool's
balance has declined due to a loan payoff (Galleria at Crystal Run Mall
Loan), principal pay-downs, and amortization that was
instituted upon loan modifications. Five out of six remaining loans
in the pool have been modified and extended to date.
The Palisades Center Loan ($493 million -- 75% of pooled
balance) is the largest loan in the pool. The collateral for the
loan is a super regional mall and power center located in West Nyack,
NY that was built in 1998. The 2.3 million square feet mall
is anchored by Macy's, JC Penney, Home Depot and Target.
Macy's (201,000 square feet) and Lord & Taylor (120,00
square feet) own their respective buildings and land, and are not
part of the collateral. The final maturity date including three
extension options for this loan was in February 2010. The loan
was transferred to special servicing, and modified and extended
to June 2010. As part of that extension and modification,
the loan's balance was reduced by $6.5 million, and
the property's excess cash flow after debt-service is used to pay
down its principal. The extended maturity date for this loan is
February 9, 2012.
Net Operating Income (NOI) for the mall for the first eight months of
2010 was $37 million, down slightly from that of 2009 of
$39 million. NOI for the calendar year end 2009 was $51
million. As of August 2010, the mall was 99.7%
occupied, and continues to perform in line with expectations.
The loan sponsor is The Pyramid Company. In addition, there
are four rake bonds totaling $36 million (Classes N-PC,
O-PC, P-PC and Q-PC) that is part of the trust,
and are secured by interest in the Palisades Center loan only.
Moody's does not rate these four rake bonds.
There are two loans currently in special servicing. One of the
specially serviced loans, the Berkshire Mall Loan ($37 million
-- 6% of pooled balance) was modified and is pending return
to master servicer.
The 10 MetroTech Center Loan ($48 million -- 7% of
pooled balance) is the second loan that is currently in special servicing.
The loan is secured by a 358,672 square feet office building located
in downtown Brooklyn, NY. The property was developed between
1948 -- 1963 and redeveloped by Forest City in 1992. The property
is part of the MetroTech Center, a 16-acre, seven-building
corporate campus. As of July 2010, the building was 98%
leased with GSA -- Internal Revenue Service occupying 320,115
square feet. Its leases expire in February 2012. NOI for
the first seven months of 2010 was $3.6 million, down
slightly from $3.7 million achieved during the same period
in 2009. For the full calendar year 2009, NOI was $7.0
The final maturity date including three extension options for this loan
was in in March 2010. The loan was transferred to special servicing
on March 19, 2010, and the special servicer is in disucssion
with the sponsor. This loan incurred an appraisal reduction amount
of $18.1 million. The sponsors for the loan are Forest
City Enterprises, Inc and RRG Fulton Assoc. In addition,
there is a non-trust junior component of $21 million.
As of the most remittance date, Classes L through M have experienced
cumulative interest shortfalls totalling $67,339.
Moody's pooled net cash flow and value are $67 million and $803
million, respectively. Moody's loan to value (LTV) ratio
for the pooled trust is 82% and Moody's LTV ratio including the
rake bonds is 87%. Moody's stressed debt service coverage
ratio (DSCR) for the pooled trust is 1.10X and Moody's stressed
debt service coverage ratio (DSCR) including the rake bonds is 1.05X.
Eun Jee Park
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
Michael M. Gerdes
Senior Vice President
Structured Finance Group
Moody's Investors Service
Moody's Investors Service
Moody's Affirms One CMBS Class of COMM 2005-FL10
250 Greenwich Street
New York, NY 10007
No Related Data.
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