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Rating Action:

Moody's Upgrades Three Classes of Greenwich Capital Commercial Funding Corp., Series 2004-GG1

01 Mar 2007
Moody's Upgrades Three Classes of Greenwich Capital Commercial Funding Corp., Series 2004-GG1

Approximately $2.4 Billion of Structured Securities Affected

New York, March 01, 2007 -- Moody's Investors Service upgraded the ratings of three classes and affirmed the ratings of 18 classes of Greenwich Capital Commercial Funding Corp., Commercial Mortgage Pass-Through Certificates, Series 2004-GG1 as follows:

-Class A-2, $23,815,950, Fixed, affirmed at Aaa

-Class A-3, $274,000,000, Fixed, affirmed at Aaa

-Class A-4, $296,000,000, Fixed, affirmed at Aaa

-Class A-5, $381,830,000, Fixed, affirmed at Aaa

-Class A-6, $100,000,000, WAC Cap, affirmed at Aaa

-Class A-7, $1,005,555,000, Fixed, affirmed at Aaa

-Class XC, Notional, affirmed at Aaa

-Class XP, Notional, affirmed at Aaa

-Class B, $61,802,000, WAC Cap, upgraded to Aaa from Aa2

-Class C, $26,021,000, WAC Cap, upgraded to Aa2 from Aa3

-Class D, $52,043,000, WAC, upgraded to A1 from A2

-Class E, $32,527,000, WAC, affirmed at A3

-Class F, $32,527,000, WAC, affirmed at Baa1

-Class G, $26,022,000, WAC, affirmed at Baa2

-Class H, $39,032,000, WAC, affirmed at Baa3

-Class J, $6,505,000, Fixed, affirmed at Ba1

-Class K, $13,011,000, WAC Cap, affirmed at Ba2

-Class L, $13,011,000, WAC Cap, affirmed at Ba3

-Class M, $9,758,000, WAC Cap, affirmed at B1

-Class N, $9,758,000, WAC Cap, affirmed at B2

-Class O, $6,506,000, WAC Cap, affirmed at B3

As of the February 12, 2007 distribution date, the transaction's aggregate certificate balance has decreased by approximately 5.8% to $2.5 billion from $2.6 billion at securitization. The Certificates are collateralized by 125 mortgage loans ranging in size from less than 1.0% to 6.1% of the pool, with the top 10 loans representing 40.5% of the pool. The pool includes six investment grade shadow rated loans, representing 17.2% of the pool. Fourteen loans, representing 11.0% of the pool, have defeased and are collateralized by U.S. Government securities.

The pool has not experienced any realized losses since securitization and currently there are no loans in special servicing. Fourteen loans, representing 11.0% 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 95.2% and 84.7%, respectively, of the pool. Moody's loan to value ratio ("LTV") for the conduit component is 87.3%, compared to 91.3% at securitization.

The largest shadow rated loan is the 111 Eighth Avenue Loan ($148.1 million - 6.1%), which represents a 33.2% participation interest in a $445.9 million first mortgage loan. The loan is secured by a 2.9 million square foot office and telecom building located in the Chelsea area of New York City. The property was 99.2% leased as of November 2006, compared to 90.0% at securitization. Major tenants include Google (11.1% NRA; lease expiration February 2021), Sprint (7.3% NRA; lease expiration December 2014) and CCH Legal Information (6.9% NRA; lease expirations in July 2015 and February 2019). The property is also encumbered by a B Note, a portion of which is the collateral for the non-pooled and Moody's unrated Classes OEA-B1 and OEA-B2. The loan sponsors are Jamestown and the New York Common Retirement Fund. Moody's current shadow rating is Baa2, the same as at securitization.

The second shadow rated loan is the Southland Mall Loan ($85.3 million -- 3.5%), which is secured by the borrower's interest in a 1.3 million square foot regional mall located in Hayward, California. Anchors include Macy's, J.C. Penney and Mervyn's. As of September 2006 the in-line space was 96.1% occupied, compared to 90.7% at securitization. The loan sponsor is General Growth Properties, Inc. (Moody's senior unsecured shelf rating (P)Ba2; stable outlook). The loan has amortized by approximately 5.0% since securitization. Moody's current shadow rating is A3, compared to Baa1 at securitization.

The third shadow rated loan is the Deerbrook Mall Loan ($78.9 million -- 3.2%), which is secured by the borrower's interest in a 1.2 million square foot regional mall located in the suburban Houston suburb of Humble, Texas. As of September 2006 the in-line space was 96.0% occupied, compared to 91.3% at securitization. The center is anchored by Dillard's, Macy's, Sears and J.C. Penney. At securitization Mervyn's was a fifth anchor but it closed in 2005 due to corporate restructuring. The loan sponsor is General Growth Properties, Inc. The loan has amortized by approximately 6.9% since securitization. Moody's current shadow rating is Baa1, compared to Baa2 at securitization.

The fourth shadow rated loan is the Water Tower Place Loan ($53.6 million -- 2.2%), which represents a 30.1% participation interest in a $178.4 million first mortgage loan secured by Water Tower Place, an eight-story mixed use property located on North Michigan Avenue in downtown Chicago, Illinois. The property totals 822,000 square feet, which includes 728,000 square feet of retail space and 94,000 square feet of office space. The retail space is anchored by Marshall Field's and Lord & Taylor. The loan sponsor is General Growth Properties Inc. Moody's current shadow rating is A2, compared to A3 at securitization.

The remaining two shadow rated loans comprise 2.3% of the pool. The DDR Portfolio Loan ($45.6 million -- 1.9%) is secured by 10 community centers located in eight states. The portfolio has demonstrated strong performance and the loan has benefited from approximately 6.7% amortization since securitization. Moody's current shadow rating is A1, compared to A3 at securitization. The 222 East 41st Street Loan ($10.0 million -- 0.4%) is a land parcel in the Grand Central submarket of Manhattan that is improved with a 371,000 square foot office building. Moody's current shadow rating is Aa2, the same as at securitization.

The top three conduit loans represent 15.3% of the outstanding pool balance. The largest conduit loan is the 885 Third Avenue Loan ($150.0 million -- 6.1%), which is secured by a 580,000 square foot Class A office building located in midtown Manhattan. The property was 97.9% leased as of September 2006, essentially the same as at securitization. The largest tenants are Latham & Watkins (56.6% NRA; lease expiration June 2021) and MBIA Insurance Corporation (Moody's insurance financial strength rating Aaa - stable outlook; 11.4% NRA; lease expiration November 2008). The loan was structured with an initial 35-month interest only period. Moody's LTV is 77.2%, compared to 77.5% at securitization.

The second largest conduit loan is the 660 Madison Avenue Loan ($119.3 million -- 4.8%), which is secured by a 267,000 square foot condominium interest (floors 10 to 23) in a 25-story Class A office building located in midtown Manhattan. The property was 86.7% leased as of December 2006, compared to 99.0% at securitization. Despite the decrease in occupancy, financial performance has improved since securitization due to increased rental rates. The largest tenants are The Corcoran Group (20.3% NRA; lease expirations May 2008 and December 2015), Dolce & Gabbana (11.8% NRA; lease expiration September 2015) and Royal Bank of Scotland plc (Moody's senior unsecured rating Aa1 -- stable outlook; 11.5% NRA; lease expiration April 2010). Moody's LTV is 92.1%, compared to 95.3% at securitization.

The third largest conduit loan is the Aegon Center Loan ($108.6 million - 4.4%), which is secured by a 634,000 square foot Class A office building located in downtown Louisville, Kentucky. The property was 95.8% leased as of November 2006, compared to 98.5% at securitization. Major tenants are Aegon N.V. (Moody's senior unsecured rating A2 -- stable outlook; 40.7% NRA; lease expiration December 2012), Frost Brown Todd (18.4% NRA; lease expiration April 2015) and Stites and Harbison (13.0% NRA; lease expiration May 2014). The loan was structured with an initial 60-month interest only period. Despite high occupancy, the property's performance has weakened since securitization due to lower rents achieved on lease rollovers. Moody's LTV is 95.5%, compared to 94.0% at securitization.

The pool's collateral is a mix of office (43.8%), retail (33.0%), U.S. Government securities (11.0%), industrial and self storage (6.8%), multifamily (4.0%) and lodging (1.4%). The collateral properties are located in 27 states. The highest state concentrations are New York (29.6%), California (16.3%), Texas (11.1%), Illinois (7.3%) and Virginia (5.8%). 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
Sandra Ruffin
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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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