| 8/3/2009 – Note is due for 6/1/2008 and subsequent payments. Collateral is a 660-bed student housing property located in Kalamazoo, Michigan. Occupancy as of 5/2009 is 94%. The Borrower is a TIC structure with 16 different ownership interests. American Campus Communities was appointed as the receiver on 4/3/08. An appraisal, broker opinion of value and property inspection were obtained by the Special Servicer. Approximately 99% pre-leased for fall. All April 2008 and subsequent rents were collected by the receiver and net income was turned over to the Servicer. Approximately $700K is in the account. The TIC investors hired PASSCO as their replacement advisor. PASSCO and Special Servicer negotiated a modification including an additional capital infusion from the TIC investors that has been approved by the directing certificateholder. Local counsel and PASSCO negotiated a modification agreement based thereon; however, TICs presented unacceptable revised proposal 7.09. Motion to allow receiver to list property for sale in process with counsel.
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