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18 Mar 2008
Moody's Upgrades Two Classes of GMAC Commercial Mortgage Securities, Inc., Series 2003-C3
Approximately $1.3 Billion of Structured Securities Affected
New York, March 18, 2008 -- Moody's Investors Service upgraded the ratings of two classes and affirmed
the ratings of 22 classes of GMAC Commercial Mortgage Securities,
Inc., Commercial Mortgage Pass-Through Certificates,
Series 2003-C3 as follows:
-Class A-1, $28,869,515,
affirmed at Aaa
-Class A-1A, $216,058,307,
affirmed at Aaa
-Class A-2, $114,365,000,
affirmed at Aaa
-Class A-3, $247,900,000,
affirmed at Aaa
-Class A-4, $408,101,000,
affirmed at Aaa
-Class X-1, Notional, affirmed at Aaa
-Class X-2, Notional, affirmed at Aaa
-Class B, $41,676,000, affirmed
-Class C, $16,671,000, affirmed
-Class D, $30,007,000, upgraded
to Aa3 from A1
-Class E, $21,672,000, upgraded
to A2 from A3
-Class F, $23,339,000, affirmed
-Class G, $13,336,000, affirmed
-Class H, $16,671,000, affirmed
-Class J, $13,336,000, affirmed
-Class K, $8,336,000, affirmed at
-Class L, $6,668,000, affirmed at
-Class M, $10,002,000, affirmed
-Class N, $5,001,000, affirmed at
-Class O, $5,002,000, affirmed at
-Class S-AFR1, $8,388,223,
affirmed at A3
-Class S-AFR2, $18,454,091,
affirmed at Baa1
-Class S-AFR3, $18,454,091,
affirmed at Baa2
-Class S-AFR4, $38,585,827,
affirmed at Baa3
As of the March 11, 2008 distribution date, the transaction's
aggregate certificate balance has decreased by approximately 7.1%
to $1.33 billion from $1.43 billion at securitization.
The Certificates are collateralized by 80 mortgage loans ranging in size
from less than 1.0% to 6.7% of the pool,
with the top 10 loans representing 43.8% of the pool.
The pool includes three shadow rated loans, representing 17.7%
of the pool. Fourteen loans, representing 18.4%
of the pool, have defeased and are collateralized by U.S.
Government securities. The pool has not experienced any losses
since securitization and currently there are no loans in special servicing.
Thirteen loans, representing 9.8% of the pool,
are on the master servicer's watchlist.
Moody's was provided with full-year 2006 and partial-year
2007 operating results for 99.0% and 97.0%
of the pool, respectively. Moody's loan to value ("LTV")
ratio for the conduit component is 93.3%, compared
to 94.5% at Moody's last full review in January 2007 and
compared to 94.7% at securitization. Moody's is upgrading
Classes D and E due to increased credit support and defeasance.
The largest shadow rated loan is the AFR Portfolio Loan ($83.9
million - 6.7%), which represents a participation
interest in a $292.9 million first mortgage loan.
The loan is secured by 122 properties consisting of office, operation
centers and retail bank branches totaling 5.9 million square feet.
Bank of America, N.A. (Moody's senior unsecured rating
Aaa-- stable outlook) leases approximately 81.8%
of the premises under a master lease that expires in June 2023.
As of September 2007 the portfolio was 90.9% leased,
compared to 90.0% at last review and 86.4%
at securitization. The portfolio is also encumbered by an $83.9
million B Note, which is held within the trust and is the security
for Classes S-AFR1, S-AFR2, S-AFR3 and
S-AFR4. Six properties have been released from the pool
and 24 properties, 19% of the loan balance, have defeased
since securitization. Moody's current shadow rating for the participation
interest is A1, the same as at last review and compared to A2 at
securitization. Moody's current shadow ratings of the B Note classes
detailed above are the same as at last review and at securitization.
The second largest shadow rated loan is the Water Tower Place Loan ($69.8
million -- 5.6%), which represents a participation
interest in a $175.0 million first mortgage loan secured
by Water Tower Place, an eight-story regional mall located
on North Michigan Avenue in downtown Chicago, Illinois. The
mall 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 Macy's. Moody's current shadow
rating is A2, the same as at last review and compared to A3 at securitization.
The third largest shadow rated loan is the Mall at Millenia Loan ($67.5
million -- 5.4%), which represents a participation
interest in the senior component of a $195.0 million mortgage
loan. The loan is secured by the borrower's interest in a 1.1
million square foot regional mall located in Orlando, Florida.
The mall is anchored by Bloomingdale's, Macy's and Neiman Marcus.
The in-line space was 98.8% leased, essentially
the same as at last review and compared to 95.3% at securitization.
The property is also encumbered by a $15.0 million B Note,
which is held outside the trust. The loan is interest only for
its first five years and then amortizes on a 360 month schedule.
Moody's current shadow rating is Baa1 compared to Baa2 at last review
and Baa3 at securitization.
The top three conduit loans represent 12.7% of the outstanding
pool balance. The largest conduit loan is the 609 Fifth Avenue
Loan ($62.9 million -- 5.0%), which
is secured by a participation interest in a $100.4 million
first mortgage loan. The loan is secured by a 148,000 square
foot office building located on Fifth Avenue in midtown Manhattan.
The property includes 99,500 square feet of office space,
46,000 square feet of retail space, and 2,500 of storage
space. Major tenants include American Girl Place Inc. (parent
Mattel, Inc.; Moody's senior unsecured rating Baa2 --
stable outlook; 31.0% NRA; lease expiration March
2018) and DZ Bank (26.0%; lease expiration March 2017).
Moody's LTV is 99.0% compared to 99.7% at
last review and 99.9% at securitization.
The second largest conduit loan is the Union Center Plaza V Loan ($60.7
million -- 4.9%), which is secured by a 250,000
square foot Class A office building located in the Capitol Hill submarket
of Washington, D.C. The property is 100.0%
leased to Group Hospitals and Medical Services, Inc. The
lease expires in August 2013. Moody's LTV is 93.5%
compared to 93.7% at last review and 99.7%
The third largest conduit loan is the 5 Houston Center Loan ($45.0
million -- 3.6%), which is secured by a participation
interest in a $90.0 million first mortgage loan.
The loan is secured by a 580,875 square foot Class A office building
located in Houston, Texas. The loan is interest only for
the entire term. Moody's LTV is 90.5% compared to
91.8% at last review and 93.8% 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.
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