| 1E - DSCR < 1.20, 1F DSCR <1.40 & <= 75% U/W, 4B EGI< U/W EGI & < 1.20. The loan is secured by an 83 unit hotel in Palm Coast, FL built in 2000 and renovated in 2006. The property was inspected 10/24/2008 and rated in good condition. 1Q 3/31/2009 NCF DSCR is 0.72 with occupancy of 50%. YE 2008 DSCR was 0.41 with occupancy of 50%. The DSCR for the hotel has continued to perform below CMSA standards. The borrower has reported to the primary servicer that economic growth has slowed in the area and that a recently constructed Fairfield Inn has negatively impacted occupancy. Bank of America will continue to monitor the loan.
|
