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Rating Action:

Moody's Upgrades 10 Classes of GE Commercial Mortgage Corporation, Series 2004-C1

06 Mar 2007
Moody's Upgrades 10 Classes of GE Commercial Mortgage Corporation, Series 2004-C1

Approximately $1.21 Billion of Structured Securities Affected

New York, March 06, 2007 -- Moody's Investors Service upgraded the ratings of 10 classes and affirmed the ratings of 15 classes of GE Commercial Mortgage Corporation, Commercial Mortgage Pass-Through Certificates, Series 2004-C1 as follows:

-Class A-1, $64,963,405, Fixed, affirmed at Aaa

-Class A-2, $280,575,000, Fixed, affirmed at Aaa

-Class A-3, $368,207,000, Fixed, affirmed at Aaa

-Class A-1A, $292,803,671, Fixed, affirmed at Aaa

-Class X-1, Notional, affirmed at Aaa

-Class X-2, Notional, affirmed at Aaa

-Class B, $38,233,000, Fixed, upgraded to Aaa from Aa2

-Class C, $15,931,000, Fixed, upgraded to Aa1 from Aa3

-Class D, $30,269,000, Fixed, upgraded to A1 from A2

-Class E, $14,337,000, Fixed, upgraded to A2 from A3

-Class F, $20,710,000, Fixed, affirmed at Baa1

-Class G, $12,745,000, Fixed, affirmed at Baa2

-Class H, $17,524,000, Fixed, affirmed at Baa3

-Class J, $9,558,000, Fixed, affirmed at Ba1

-Class K, $9,559,000, Fixed, affirmed at Ba2

-Class L, $6,372,000, Fixed, affirmed at Ba3

-Class M, $7,965,000, Fixed, affirmed at B1

-Class N, $4,780,000, Fixed, affirmed at B2

-Class O, $3,186,000, Fixed, affirmed at B3

-Class PRS-1, $1,103,022, Fixed, upgraded to Aa1 from A1

-Class PRS-2, $3,239,000, Fixed, upgraded to Aa2 from A2

-Class PRS-3, $1,618,000, Fixed, upgraded to Aa3 from A3

-Class PRS-4, $3,238,000, Fixed, upgraded to A1 from Baa1

-Class PRS-5, $4,080,000, Fixed, upgraded to A2 from Baa2

-Class PRS-6, $3,602,000, Fixed, upgraded to A3 from Baa3

As of the February 12, 2007 distribution date, the transaction's aggregate certificate balance has decreased by approximately 4.5% to $1.22 billion from $1.27 billion at securitization. The Certificates are collateralized by 133 mortgage loans. The loans range in size from less than 1.0% to 5.3% of the pool, with the top 10 loans representing 35.1% of the pool. The pool includes four shadow rated loans, representing 14.5% of the outstanding loan balance. Six loans, representing 9.7% of the pool, have defeased and been replaced with U.S. Government securities. There have been no loans liquidated from the trust and no realized losses. Currently there are three loans, representing 1.1% of the pool, in special servicing. Moody's is estimating approximately $1.8 million of losses from the specially serviced loans. Fourteen loans, representing 12.0% of the pool, are on the master servicer's watchlist.

Moody's was provided with full-year 2005 and partial-year 2006 operating results for 98.6% and 60.0%, respectively, of the performing loans. Moody's loan to value ratio ("LTV") for the conduit component is 88.5%, compared to 93.5% at securitization. Moody's is upgrading pooled Classes B, C, D and E due to increased subordination levels and the defeasance of six loans. Moody's is upgrading non-pooled Classes PRS-1, PRS-2, PRS-3, PRS-4, PRS-5 and PRS-6 due to the improved performance of the Paradise Point Resort and Spa Loan, as discussed below.

The largest shadow rated loan is the AFR Portfolio Loan ($64.8 million -- 5.3%), which represents a 23.9% pari-passu interest in a first mortgage loan secured by 132 properties located in 17 states. The properties consist of office space, operation centers and retail bank branches totaling 6.5 million square feet. Bank of America Corporation ("BOA") (Moody's long term issuer rating Aa2; stable outlook), currently leases approximately 76.8% of the collateral. At securitization the loan was secured by 152 properties totaling 7.7 million square feet. However six properties have been released from the pool and 14 properties defeased. Due to property releases, defeasance and loan amortization the loan amount has decreased by approximately 20.4% since securitization. The loan sponsors are American Financial Realty Trust and First States Group LP. Moody's current shadow rating is A1, compared to A2 at securitization.

The second largest shadow rated loan is the Metropolitan Apartments I and II Loan ($46.5 million -- 3.8%), which is secured by a Class A apartment complex. Phase I contains 434 units and was built in 1999; Phase II contains 274 units and was built in 2002. The property is located in Atlanta, Georgia. As of June 2006 the property was 94.3% occupied, compared to 94.0% at securitization. The net cash flow has declined due to increased operating expenses. The sponsor is Gables Residential REIT and J.P. Morgan Fleming Asset Management. The loan is interest only for its entire term and matures in November 2008. Moody's current shadow rating is Ba1, compared to Baa3 at securitization.

The third largest shadow rated loan is the Paradise Point Resort and Spa Loan ($44.1 million -- 3.6%), which is secured by a 462-room luxury resort hotel built in 1962 and renovated between 1998 and 2003. The property is located in San Diego's Mission Bay submarket, approximately 10 miles northwest of downtown San Diego, California. In addition to the $44.1 million A Note, there is a $16.9 million B Note divided into rakes which are included in the trust. RevPAR for calendar year 2006 was $174.64, compared to $144.44 at securitization. The loan amortizes on a 300-month schedule. Moody's current shadow rating is Aaa, compared to Aa3 at securitization.

The fourth largest shadow rated loan is the West Park Village Apartments Loan ($21.0 million -- 1.7%), which is secured by a 320-unit Class A apartment complex which includes 39,000 square feet of retail space. The property was built in 2001 and is located in Tampa, Florida. As of September 2006 the property was 96.6% occupied, compared to 93.0% at securitization. The property has also benefited from a rental revenue increase. The loan is interest only for its entire five-year term. Moody's current shadow rating is Baa1, compared to Baa2 at securitization.

The largest conduit loan is Arapahoe Crossings Shopping Center Loan ($47.7 million - 3.9%), which is secured by a 466,000 square foot retail power center built in phases between 1997 and 2001. The property consists of 14 contiguous and free standing buildings and is located in Aurora (Denver), Colorado. The largest tenants are Kohl's (18.6% GLA; lease expiration January 2020; Moody's senior unsecured rating A3 -- stable outlook), Colorado Cinema Holding (16.1% GLA; lease expiration January 2018) and Kroger (15.0% GLA; lease expiration January 2018; Moody's senior unsecured rating Baa2 - stable outlook). As of September 2006 occupancy was 99.4%, compared to 100.0% at securitization. Moody's LTV is 85.3%, compared to 87.5% at securitization.

The second largest conduit loan is the Shoppes at Grand Prairie A Loan ($41.0 million - 3.3%), which is secured by a 333,810 square foot retail center built in 2001 and 2002. The collateral space is contained in eight contiguous buildings and is part of a larger open-air, lifestyle center that contains a total of 488,000 square feet. The property is located in Peoria, Illinois. The largest tenants are Bergner's (53.9% GLA; lease expiration March 2018; parent The Bon-Ton Stores, Inc. - Moody's senior unsecured rating B3 - stable outlook), Linens-n-Things (8.4% GLA; lease expiration January 2013) and Borders (6.3% GLA; lease expiration April 2022). As of December 2006 occupancy was 96.0%, compared to 94.3% at securitization. Despite the occupancy increase, performance has declined because of lower rental rates. The loan is on the master servicer's watchlist due to low debt service coverage. Moody's LTV is in excess of 100.0%, the same as at securitization.

The third largest conduit loan is Elmwood Shopping Center Loan ($35.5 million - 2.9%), which is secured by a 458,000 square foot retail power center built in 1972 and renovated in 1997. The property is located in Harahan approximately 10 miles west of New Orleans, Louisiana. The largest tenants are Elmwood Fitness (17.8% GLA; lease expiration December 2007) Marshalls (7.9% GLA; lease expiration October 2012) and OfficeMax (7.0% GLA; lease expiration December 2012; Moody's senior unsecured rating Ba3 - negative outlook). As of November 2006 occupancy was 91.9%, compared to 90.0% at securitization. Approximately 34.5% of the building's space rolls over by year-end 2008. Moody's LTV is 91.2%, compared to 95.8% at securitization.

The pool's collateral is a mix of retail (33.9%), multifamily & manufactured housing (30.4%), industrial and self storage (10.4%), office and mixed use (11.0%), U.S. Government securities (9.7%) and lodging (4.6%). The collateral properties are located in 34 states. The highest state concentrations are California (32.9%), Florida (7.1%), Texas (6.7%), Colorado (6.2%) and Georgia (5.6%). All of the loans are fixed rate.

New York
Tad Philipp
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Stewart Rubin
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
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