Moody's Upgrades Three Classes of GMAC Commercial Mortgage Securities, Inc., Series 2002-C3
Approximately $712.3 Million of Structured Securities Affected
New York, May 02, 2007 -- Moody's Investors Service upgraded the ratings of three classes
and affirmed the ratings of 15 classes of GMAC Commercial Mortgage Securities,
Inc., Series 2002-C3 Mortgage Pass-Through
Certificates as follows:
-Class A-1, $160,130,097,
affirmed at Aaa
-Class A-2, $406,440,000,
affirmed at Aaa
-Class X-1, Notional, affirmed at Aaa
-Class X-2, Notional, affirmed at Aaa
-Class B, $29,153,000, affirmed
at Aaa
-Class C, $11,661,000, affirmed
at Aaa
-Class D, $18,463,000, upgraded
to Aaa from Aa2
-Class E, $11,661,000, upgraded
to Aa2 from Aa3
-Class F, $9,717,000, upgraded to
A1 from A2
-Class G, $9,718,000, affirmed at
A3
-Class H, $9,718,000, affirmed at
Baa1
-Class J, $18,464,000, affirmed
at Baa3
-Class K, $8,746,000, affirmed at
Ba1
-Class L, $5,831,000, affirmed at
Ba3
-Class M, $4,859,000, affirmed at
B1
-Class N, $3,887,000, affirmed at
B2
-Class O-1, $2,722,000, affirmed
at B3
-Class O-2, $1,165,000, affirmed
at B3
As of the April 10, 2007 distribution date, the transaction's
aggregate certificatel balance has decreased by approximately 6.1%
to $729.7 million from $777.4 million at securitization.
The Certificates are collateralized by 106 loans, ranging in size
from less than 1.0% to 4.5% of the pool,
with the top 10 loans representing 30.8% of the pool.
Fifteen loans, representing 19.2% of the pool,
have defeased and are collateralized by U.S. Government
securities.
One loan has been liquidated from the pool, resulting in a realized
loss of approximately $160,000. Currently there is
one loan, representing 2.1% of the pool, in
special servicing. Moody's has estimated a loss of approximately
$1.5 million for this loan. Twenty-two loans,
representing 13.9% of the pool, are on the master
servicer's watchlist.
Moody's was provided with year-end 2005 and partial-year
2006 operating results for 98.7% and 91.6%,
respectively, of the performing loans. Moody's weighted
average loan to value ratio ("LTV") is 81.3%,
compared to 86.2% at Moody's last full review in February
2006 and compared to 89.3% at securitization. Moody's
is upgrading Classes D, E and F due to defeasance, increased
credit support and improved overall pool performance.
The top three loans represent 11.5% of the pool.
The largest loan is the Clifton Commons Loan ($33.1 million
- 4.5%), which is secured by a 173,000
square foot retail center located in Clifton, New Jersey.
The center is 100.0% occupied, the same as at last
review and at securitization. Moody's LTV is 87.5%,
compared to 90.7% at last review.
The second largest loan is the Shops at River Park Loan ($26.6
million - 3.6%), which is secured by a 134,000
square foot retail center located in Fresno, California.
As of September 2006 the property was 99.5% occupied,
compared to 97.0% at last review. Moody's LTV
is 77.4%, compared to 80.0% at last
review.
The third largest loan is the Bailey's Crossroads Loan ($24.2
million - 3.3%), which is secured by a 169,000
square foot retail center located in Fairfax, Virginia. As
of December 2006 the property was 100.0% occupied,
the same as at last review and at securitization. Moody's
LTV is 73.8%, compared to 78.0% at last
review.
New York
Pamela Dent
Senior Vice President
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Sandra Ruffin
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653