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30 May 2008
Moody's Downgrades Two Classes of Greenwich Capital Commercial Funding Corp., Series 2006-GG7
Approximately $3.5 Billion of Structured Securities Affected
New York, May 30, 2008 -- Moody's Investors Service downgraded the ratings of two classes and affirmed
the ratings of 22 classes of Greenwich Capital Commercial Funding Corp.
Commercial Mortgage Trust, Series 2006-GG7 as follows:
-Class A-1, $57,413,791,
affirmed at Aaa
-Class A-2, $260,782,000,
affirmed at Aaa
-Class A-3, $101,915,000,
affirmed at Aaa
-Class A-AB, $125,000,000,
affirmed at Aaa
-Class A-4, $1,845,339,000,
affirmed at Aaa
-Class A-1-A, $95,000,359,
affirmed at Aaa
-Class A-M, $361,165,000,
affirmed at Aaa
-Class A-J, $261,845,000,
affirmed at Aaa
-Class X, Notional, affirmed at Aaa
-Class B, $27,088,000, affirmed
-Class C, $54,175,000, affirmed
-Class D, $27,087,000, affirmed
-Class E, $22,573,000, affirmed
-Class F, $45,146,000, affirmed
-Class G, $31,602,000, affirmed
-Class H, $45,145,000, affirmed
-Class J, $40,632,000, affirmed
-Class K, $36,116,000 affirmed at Baa3
-Class L, $13,544,000, affirmed
-Class M, $18,058,000, affirmed
-Class N, $18,058,000, affirmed
-Class O, $4,515,000, affirmed at
-Class P, $13,544,000, downgraded
to Caa1 from B3
-Class Q, $9,029,000, downgraded
to Caa2 from Caa1
Moody's is downgrading Classes P and Q due to Moody's increased
projection of losses from specially serviced loans.
As of the May 12, 2008 distribution date, the transaction's
aggregate certificate balance has decreased by approximately 1.2%
to $3.57 billion from $3.61 billion at securitization.
The Certificates are collateralized by 134 mortgage loans ranging in size
from less than 1.0% to 7.0% of the pool,
with the top 10 loans representing 44.5% of the pool.
The transaction includes one loan with an investment grade underlying
rating, representing 5.6% of the pool.
No loans have been liquidated from the pool. Currently there are
four loans, representing 3.8% of the pool, in
special servicing. The largest specially serviced loan is the West
Oaks Mall Loan ($81.3 million -- 2.3%),
which is secured by a 507,000 square foot shopping center located
in Houston, Texas. The sponsor has filed a voluntary petition
for reorganization under Chapter 11 of the U.S. Bankruptcy
Code and the center is being managed under the control of a bankruptcy
trustee. The center competes against two dominant malls as well
as a newly constructed upscale factory outlet retail center. As
of December 2007, in-line occupancy was 79.0%
compared to 86.6% at securitization. Moody's
is estimating significant losses from the four specially serviced loans.
Nineteen loans representing 15.2% of the pool are on the
master servicer's watchlist. The master servicer's
watchlist includes loans which meet certain portfolio review guidelines
established as part of the Commercial Mortgage Securities Association
monthly reporting package. As part of our ongoing monitoring of
a transaction, Moody's reviews the watchlist to assess which
loans have material issues that could impact performance. Not all
loans on the watchlist are delinquent or have significant issues.
Moody's was provided with year-end 2006 and 2007 operating results
for 98.0% and 48.9% of the pool, respectively.
Moody's loan to value ("LTV") ratio is 106.3% compared to
109.9% at Moody's last full review in January 2008
and 103.8% at securitization.
The loan with an underlying rating is the One New York Plaza Loan ($200.0
million -- 5.6%), which is secured by a 2,417,000
square foot, 50-story, Class A office building located
in downtown Manhattan. The property was 99.0% leased
as of December 2007 compared to 95% at securitization. Major
tenants include Wachovia Securities (Moody's senior unsecured rating
of parent, Wachovia Bank N.A. is Aa1, negative
outlook; 54.1% NRA; lease expiration December
2014), The Goldman Sachs Group (Moody's senior unsecured rating
Aa3, stable outlook; 23.1% NRA; lease expiration
September 2009 and December 2010) and Fried Frank Harris (15.9%
NRA; lease expiration February 2024). Moody's current
underlying rating is Baa2, the same as at last review.
The top three conduit loans represent 17.6% of the pool.
The largest conduit loan is the Investcorp Retail Portfolio Loan ($248.4
million -- 7.0%), which represents a pari passu
interest in a $312.2 million loan. The loan is secured
by 29 retail properties totaling 2,798,308 square feet.
The properties are located in Houston (15), Dallas (11) and San
Antonio (3). The portfolio was 86.0% occupied as
of December 2007 compared to 93.0% at securitization.
Moody's LTV is 109.6%, the same as at last review.
The second largest conduit loan is the J.P. Morgan International
Plaza I & II Loan ($190.6 million -- 5.3%),
which is secured by two office buildings totaling 756,900 square
feet and located in Farmers Branch, Texas. The buildings
are 100.0% leased to J.P. Morgan Chase (Moody's
senior unsecured rating of parent, J.P. Morgan &
Incorporated, is Aa2, stable outlook) through February 2018.
Moody's LTV is 114.2%, the same as at last review.
The third largest conduit loan is the 55 Corporate Drive Loan ($190.0
million -- 5.3%), which is secured by a three-building,
669,700 square foot office complex located in Bridgewater,
New Jersey. The property is 100.0% leased to Aventis
Inc. (Moody's senior unsecured rating of parent, Sanofi-Avenis,
is A1, positive outlook) through November 2023. Moody's LTV
is 107.7%, the same as 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.
© 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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