| The loan transferred into Special Servicing, effective 5/11/2009, for imminent default; the borrower has been late 14 of the 26 months since the loan was originated. Additionally, the borrower has refused to pay late fees and default interest. The subject collateral is a 35,000 SF single tenant property located in Flushing, NY. The Special Servicer inspected the collateral in May, 2009, and found it to be in good condition with no material deferred maintenance. The Special Servicer is discussing the situation with the Borrower and is working on Forbearance Agreement. A draft Agreement has been sent out. The Borrower has yet to provide its comments to the Agreement. The loan remains current.
|
