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Rating Action:

Moody's Upgrades Two Classes of J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2004-C1

08 Dec 2006
Moody's Upgrades Two Classes of J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2004-C1

Approximately $932.8 Million of Structured Securities Affected

New York, December 08, 2006 -- Moody's Investors Service upgraded the ratings of two classes and affirmed the ratings of 17 classes of J.P. Morgan Chase Commercial Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates, Series 2004-C1 as follows:

-Class A-1, $63,227,467, Fixed, affirmed at Aaa

-Class A-2, $210,000,000, Fixed, affirmed at Aaa

-Class A-3, $303,158,000, Fixed, affirmed at Aaa

-Class A-1A, $224,812,606, Fixed, affirmed at Aaa

-Class X-1, Notional, affirmed at Aaa

-Class X-2, Notional, affirmed at Aaa

-Class B, $27,355,000, Fixed, upgraded to Aa1 from Aa2

-Class C, $11,724,000, Fixed, upgraded to Aa2 from Aa3

-Class D, $22,145,000, Fixed, affirmed at A2

-Class E, $13,026,000, Fixed, affirmed at A3

-Class F, $11,723,000, WAC, affirmed at Baa1

-Class G, $9,119,000, WAC, affirmed at Baa2

-Class H, $10,421,000, WAC, affirmed at Baa3

-Class J, $6,513,000, Fixed, affirmed at Ba1

-Class K, $5,210,000, Fixed, affirmed at Ba2

-Class L, $3,908,000, Fixed, affirmed at Ba3

-Class M, $5,211,000, Fixed, affirmed at B1

-Class N, $2,605,000, Fixed, affirmed at B2

-Class P, $2,605,000, Fixed, affirmed at B3

As of the November 15, 2006 distribution date, the transaction's aggregate certificate balance has decreased by approximately 9.0% to $948.4 million from $1.0 billion at securitization. The Certificates are collateralized by 116 mortgage loans ranging in size from less than 1.0% to 16.1% of the pool with the top 10 loans representing 48.1% of the pool. Six loans, representing 4.1% of the pool, have defeased and are collateralized by U.S. Government securities. The balance of the pool consists of one shadow rated loan, representing 16.1% of the pool, and a conduit component, representing 79.8% of the pool. The pool has not incurred any losses. One loan, representing less than 1.0% of the pool, is in special servicing. Moody's has estimated a loss of approximately $4.2 million for this specially serviced loan. Thirteen loans, representing 6.0% 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 81.7% and 86.5% respectively, of the performing loans. Moody's loan to value ratio ("LTV") for the conduit component is 87.8%, compared to 89.7% at securitization. Moody's is upgrading Classes B and C due to increased credit support, stable pool performance and defeasance.

The shadow rated loan is the Forum Shops Loan ($152.9 million -- 16.1%), which is a 33.3% pari passu interest in a $458.8 million first mortgage loan. The loan is secured by a 639,000 square foot retail center located at Caesar's Palace in Las Vegas, Nevada. The center, which is 99.4% occupied, includes numerous upscale national retailers. Average sales for tenants less than 10,000 square feet were $1,234 per square foot for calendar year 2005. The loan sponsor is the Simon Property Group, Inc. (Moody's preferred stock rating Baa1; stable outlook), a publicly traded REIT. The property is also encumbered by an $84.0 million B Note which is held outside the trust. Moody's current shadow rating is Aa1, compared to Aa3 at securitization.

The top three conduit loans represent 21.0% of the pool. The largest conduit loan concentration is the Hometown America Portfolio IV & V Loans ($95.4 million -- 10.1%), which are secured by mortgages on 14 cross-collateralized and cross-defaulted manufactured home communities located in eight states. The manufactured home communities include 3,742 units distributed as follows: Florida - 45.5%, Colorado - 15.2%, Michigan - 12.8%, Virginia - 12.8%, Arizona - 4.9%, Minnesota - 4.9% and Massachusetts - 3.2%). Performance is stable despite a slight occupancy decline to 94.5% (September 2006) from 95.6% at securitization. Moody's LTV is 86.7%, compared to 88.9% at securitization.

The second largest conduit loan is the One Fordham Plaza Loan ($58.3 million -- 6.1%), which is secured by a 12-story, 414,000 square foot office building with an adjacent three-story 750-space parking garage located in the Bronx, New York. As of June 2006 the property was 93.3% occupied, compared to 95.8% at securitization. The property was subject to a ground lease; however, the borrower purchased the ground lessor's interest and is required to extinguish the ground lease structure for payment of $1 prior to December 2007.

The largest tenant is Montefiore Hospital (33.0% of NRA; lease expirations October 2009, May 2012 and May 2013). Approximately 109,000 square feet or 26.3% of the building is subject to two proprietary leases to Montefiore Hospital that expire in May 2012 (64,000 sf) and May 2013 (45,000 sf). Montefiore can extend the leases to Sept 2036 at a rate of $1.00 per square foot. The loan was structured to account for the Montefiore Hospital lease extension as a $17.2 million portion of the loan amortizes over an 8.5-year time period while the balance of the loan amortizes on a 30-year schedule. Other tenants include the New York City Housing Authority (13.6% of NRA; lease expiration January 2010) and the New York State Division of Human Resources (10.8% of NRA; lease expiration July 2010). Moody's LTV is 76.4%, compared to 76.5% at securitization.

The third largest conduit loan is the White Oak Crossing Shopping Center Loan ($45.0 million - 4.8%). The loan is secured by the borrower's interest in a 517,000 square foot shopping center located approximately seven miles southeast of Raleigh, North Carolina. The center is anchored by BJ's Wholesale Club, Kohl's, Dick's Sporting Goods, Best Buy, Ross Stores, T.J.Maxx, Linens 'n Things, HomeGoods, Michaels and Petsmart. The center is shadow anchored by Target. As of June 2006 the center was 99.5% occupied, compared to 97.2% at securitization. Moody's LTV is 79.7%, compared to 84.8% at securitization.

The pool's collateral is a mix of multifamily and manufactured housing (33.9%), office and mixed-use (30.5%), retail (24.9%), U.S. Government securities (6.1%) and industrial and self storage (4.6%). The collateral properties are located in 31 states and Ontario, Canada. The top five state concentrations are California (17.3%), Nevada (16.8%), Florida (10.1%), New York (7.6%) and North Carolina (6.6%). 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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