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G(immy)MAC

This week's commercial mortgage ratings actions

September 17, 2001

By SAM GARCIA

click here to read about residential ratings actions

Several classes of Commercial Mortgage Asset Trust's commercial mortgage pass-through certificates, series 1999-C2 were affirmed by Fitch, following it's annual review of the transaction, which closed in October 1999. The certificates are collateralized by 80 fixed-rate mortgage loans, consisting primarily of office (35%), retail (30%), multifamily (12%), and industrial (11%) properties. The 2000 weighted average debt service coverage ratio (WADSCR) for these loans was 1.46 times (x) compared to 1.36x at closing. BNY Asset Solutions LLC is the master servicer.

BayView Financial Trading Group recently priced a $350 million mortgage backed security transaction backed by residential and commercial mortgages acquired or originated by the Miami-based mortgage specialty firm, according to a story by Reuters. Lehman Brothers and Bear Stearns were reportedly co-lead managers and co-bookrunners on the transaction, and the 144a transaction is a revolving deal -- during a four-year window, collateral can be moved in and out of the underlying pool of assets. Reuters said that Standard and Poor's (S&P) and Moody's Investors Services rated the various classes at 'AAA' to 'Baa2'.

Fitch upgraded various classes of NB commercial mortgage pass-through certificates, series FSI. The upgrades reflect increases in subordination levels due to amortization and loan payoffs. As of the August 2001 distribution date, the pool's aggregate certificate balance has been reduced by 66%, from $75.1 million at closing to $25.4 million. Of the original 72 loans in the pool, 27 remain outstanding. The certificates are collateralized by mortgage loans consisting primarily of multifamily (48%), retail (22%), industrial (8%), and office (7%) properties, with 29% of the loans concentrated in Florida. The WADSCR for year-end 2000 is 1.22x. GMAC is the master servicer

Classes of Structured Asset Securities Corp.'s multiclass pass-through certificates series 1996-CFL were raised and affirmed by S&P. The raised ratings reflect significant increases in credit support levels as a result of loan payoffs. The affirmed ratings reflect stable debt service coverage based on year 2000 net operating income. As of Aug. 27, 2001, the certificates are collateralized by a pool of 142 mortgage loans with an aggregate principal balance of $478.9 million, down from 558 loans, totaling $1.927 billion, at issuance. The WADSCR is 1.46x, compared to the 1.39x at the September 2000 review.

Fitch affirmed classes of DLJ Commercial Mortgage Corp., commercial mortgage pass-through certificates, series 2000-STF1. The certificates are currently collateralized by 30 interest only floating-rate loans on 44 multifamily and commercial properties. By outstanding balance, the pool consists of mainly multifamily (45%), office (43%) and industrial (10.3%) properties. Based on the available financials collected by Midland Loan Services, LP, the 2000 total annualized net cash flow (NCF) fell 10% to $38.6 million, from $43.1 million at issuance.

Classes of Bear Stearns Commercial Mortgage Securities Inc.'s commercial pass-through certificates, series 1998-C1 were affirmed by Fitch. The 2000 WADSCR is 1.85x, compared to 1.71x in 1998. The certificates are collateralized by 145 fixed-rate commercial mortgage loans. Significant property concentrations include retail (39%), office (17%), multifamily (14%), industrial (11%) and hotel (6%).

Fitch upgraded classes of Merrill Lynch Mortgage Investors, Inc.'s commercial pass-through certificates, series 1994-C1. The upgrades are due to transaction paydown resulting in higher subordination levels and to continued strong performance of the underlying collateral. GMAC Commercial Mortgage, the master servicer, collected 63% of the pool's year-end 2000 operating statements. Based on information provided, the WADSCR is 1.85x compared to 1.64x at issuance. Fitch views the high retail concentration (50%) is viewed as a concern. Other property types include multifamily (22%), office (19%) and industrial (9%). Fitch also had concerns with the seven loans on the master servicer's watch list, which represent 27% of the overall transaction balance.


Sam Garcia has been in mortgage lending since 1980, and is managing editor of MortgageDaily.com. He also owns and operates CloseNow.com, a real estate portal site.

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