Get documents about "Where Can CMBS Investors Find Information About CMBS Transactions
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®
Where Can CMBS Investors
Find Information About
CMBS Transactions?
Michael Evans
Investors frequently express • Performance update reports.
frustration at how difficult it can be to – Includes general statistics, DBRS HotList and
find data on the CMBS bonds that information, including DBRS opinion, on the largest
they hold. This compilation is in ten, shadow-rated and pari passu loans.
response and will hopefully provide
useful summaries and information All reports and press releases are available in .pdf format.
about the various parties providing Index files such as the pari passu index are available in Excel
Evans property, loan and bond level data to files.
the commercial mortgage-backed
securities (CMBS) industry. The list is compiled in the The information is posted on the DBRS
following categories: Rating Agencies, Third-Party website: www.dbrs.com. Access to the DBRS website
Information Providers, Special Servicers, Master Servicers, can be obtained by sending an email to
and Trustees. cmbs.surveillance@dbrs.com.
Each of the Rating Agencies and Third-Party DBRS makes its reports available to all investors. Each
Information Providers were asked to provide an overview of report provides factual information that has been
their services in response to the questions below: obtained through the CMSA Investor Reporting Package™
and third-party market reports. DBRS also provides
• What type of information do you provide? its opinion on the credit quality of the bonds based
• In what format is the information provided? on information obtained from a variety of reputable
• How is the information delivered and is a subscription sources.
required?
• Are there restrictions to the type of information you will Financial information on the underlying loans is
provide or to whom you will provide it? obtained from the servicer. Often, DBRS will scrutinize
• What type of qualifications do you place upon the financial statements and ask questions to the servicer in
information that you deliver? an effort to flush out reporting irregularities.
• Who should they contact?
• Web address? Information on transactions rated by DBRS is available
on www.dbrs.com. If there are additional questions
Their summarized responses follow. on any of the loans within the pools that DBRS rates,
please direct questions to cmbs.surveillance@dbrs.com.
RATING AGENCIES
Dominion Bond Ratings Service (DBRS) General Tips (Where We Gather Our Information From)
Available information includes: Trepp/CMSA Collateral Performance Database
(available to members of CMSA ® ) contains all of the
• CMBS ratings. servicer files (loan set up, loan periodic, property,
• Press releases with new ratings and rating actions and collateral, and bond summary files). It does not have the
rating trends. OSARs or NOIWS or the financial file.
• Policy pieces, industry studies and commentaries.
• Pre-sale and new rating reports. CoStar, Altus/InSite, Trepp, RealPoint, REIS, CBRE,
– Includes general statistics and information, including Commercial Real Estate Direct, Globe St, Wall Street
DBRS opinion, on largest ten, shadow-rated, and pari Research—example: CSFB puts out a monthly update on
passu loans. specially serviced assets with comments.
20 CMBS WORLD®
Where Can CMBS Investors Find Information About CMBS Transactions? (cont.)
When all else fails, the Internet can be your friend. Try feature generates a stet report on your selected bonds. Users
searching the web (www.google.com) for keywords: can identify data fields and bonds with the “Custom
Compare” option to create a tailored report. The output can ®
• Property management website. both be displayed on-screen and downloaded into Excel.
• Properties website. This feature is particularly useful for investors monitoring
• Owners website (may not always be management). their bonds to see any changes in key metrics, and for
• Apartment search. investors looking to buy bonds who want a comprehensive
• Local news searches. summary of their credit characteristics.
• Local commercial real estate brokers.
PMM is a Fitch internal scoring system for each CMBS
FitchRatings loan which measures the cash flow volatility for that property
Fitch Ratings Delivery Service (RDS) offers a timely, type in its MSA. Based on the score, if appropriate,
accurate and convenient way to electronically receive adjustment is made to the default probability of the loan in
all Fitch ratings. It is used by leading-edge financial our credit enhancement models.
institutions, securities firms and investment managers to
improve internal research databases. By automating the
process of retrieving ratings, RDS enhances portfolio
trading, compliance and risk management systems. This
service reduces costs by eliminating the need to manually “ There are no restrictions on the type
of information Fitch provides or
those to whom it is provided.
”
track, input and maintain ratings. Provides daily updates of
all rating actions delivered electronically via FTP PULL.
FitchResearch provides timely, web-based credit ratings, Information such as presale reports, transaction reports,
research and analysis solutions and can be accessed via criteria reports and special reports are provided in .pdf files.
www.fitchratings.com. A subscription to FitchResearch CMBS SMART and Bond Compare information can be
provides access to all real-time rating and research downloaded into an excel spreadsheet allowing the user to
information, whether it is on an individual sector, issuer or manipulate the data and customize it based on their
security. The latest research is delivered in real-time and can individual needs.
be customized to client’s portfolio to aid in investment
decisions. FitchResearch offers users a global perspective CMBS presales are available to all users until the
based upon local knowledge, and ease of use provides clients transaction closes. Ratings are always available to all users.
a quick method to access critical, timely information. Press releases are available for seven business days following
the issuance. Criteria reports and credit market research is
CMBS Related available. In addition to the services, the subscription site
The Fitch Loan Delinquency Index is a monthly Index provides SMART surveillance analytics, special reports,
which graphically displays the level of delinquency for servicer reports, PMM, and historical transaction reports.
Fitch-rated CMBS bonds, written commentary on the
trends in delinquencies and an analysis of delinquencies by There are no restrictions on the type of information Fitch
property type. provides or those to whom it is provided. Fitch Credit
opinions are generally disseminated through ratings actions,
CMBS SMART is a surveillance system for the CMBS commentaries and presale reports.
industry that provides investors with loan level data
compiled by Trepp, combined with Fitch ratings, Investors do not need to prove they own securities to
commentary and in-depth analysis. The system offers receive information, and Fitch analysts are careful to discuss
Fitch’s analytics including Fitch DSCR, Fitch LTV and already public information and opinions which have already
Property Market Metric (PMM). SMART allows investors to been disclosed to the market.
identify Fitch loans of concerns for all Fitch rated
transactions, as well as interest shortfall data by class. The Disclaimers are published in presale reports and on our
enhanced system offers Fitch analyst commentary including website, www.fitchratings.com, under Rating Definitions
strengths, concerns, mitigants and a forward looking and are referenced in press releases.
perspective on the ratings. For every Fitch-rated deal, this
tool assists investors in making faster and more accurate Interested persons can contact Fitch Client Services at
investment decisions. 212-908-0800, or visit www.fitchratings.com.
Bond Compare is a new web-based tool that enables Moody’s Investors Service
users to compare up to ten bonds within a structured finance Moody’s CMBS Research Service provides credit ratings
sector across 20 key data fields. The “Quick Compare” and research for commercial mortgage-backed deals
WINTER 2006 21
Where Can CMBS Investors Find Information About CMBS Transactions? (cont.)
including single-asset and large loan transactions, conduits, • Residential Mortgage-Backed Securities
credit tenants leases, and floaters. • Servicer Evaluations
®
Clients of Moody’s CMBS service can access Moody’s To enhance perspective on the structured finance market,
analytical team, market commentary, including Red-Yellow- RatingsDirect Structured Finance encompasses a wide
Green™ property reviews; deal research, including pre-sale variety of valuable information, including:
reports; and ratings methodologies. Default analytics such as
the annual Structured Finance Default Study along with • In-depth research and trend analyses.
Rating Transition research, round out the research offerings. • Criteria that are the foundation of Standard & Poor’s
Moody’s also invites clients to participate in teleconferences structured finance ratings.
and briefings on market moving events including the • Ratings analyses for more informed investment or
Annual Investor and Issuer Conference. trading decisions.
• Detailed reviews on outstanding transactions that
Clients can also access Moody’s Enhanced Performance highlight performance trends of specific structured
Reports (EPR), a set of advanced analytical reports that finance issuers and issues.
enhance investors’ ability to monitor deal and collateral • Comprehensive evaluations of commercial mortgage,
credit performance in CMBS transactions. Moody’s MOST ™ residential mortgage, and asset-backed servicer
scores, published in the monthly EPR, provide a barometer operational capabilities.
of transaction performance over time, relative to
expectations at deal closing. Other coverage includes insightful commentaries, current
ratings for all Standard & Poor’s-rated structured issues, and
CreditWatch® lists.
“ Default analytics such as the annual Structured
Finance Default Study along with Rating Transition
RatingsDirect Structured Finance delivers the latest
transaction specific details including delinquencies, losses,
”
Research, round out [Moody’s] research offerings. and credit enhancements. It also provides historical
surveillance data that can help identify trends and
understand how different pools and assets have performed
Issuers, investors and intermediaries across the globe can over time. Data and format are standardized to facilitate
depend on Moody’s for timely, deal-specific insight and comparisons of different transactions.
informed market commentary.
RatingsDirect delivers real-time ratings and full
Moody’s, along with Torto Wheaton Research, the leading comprehensive credit analysis through a customizable user
source of commercial real estate performance and valuation interface. Updated continuously throughout the day,
forecasting, have launched Moody’s Commercial Mortgage RatingsDirect delivers the most up-to-date ratings
Metrics (CMM). Moody’s CMM assesses risk in commercial information available. Customization allows users to set
mortgage loan portfolios. Moody’s CMM offers an array of preferences so that only the information that is most relevant
credit risk metrics including probability of default, loss given to them appears on screen. These preferences can include
default, and expected loss. sector-specific or issuer-specific information, breaking news,
and email alerts of ratings changes.
Clients can access data at Moody’s website,
www.moodys.com. For additional information about products RatingsDirect Structured Finance is an annual
and services, contact Mark McKenna at 212-553-4829. subscription-based product. There are no restrictions
regarding type of information or to whom it will
Standard & Poor’s be provided. For complete subscription information,
RatingsDirect Structured Finance provides immediate call Standard & Poor’s at 212-438-2774, or visit
access to key information such as structured finance ratings www.standardandpoors.com/ratingsdirect.
actions, collateral and performance data, pre-sale credit
reports, and credit analyses. RatingsDirect Structured In addition to their subscription product, RatingsDirect,
Finance covers all segments of the global structured finance Standard & Poor’s also offers SF Intelligence, a complimentary
market, including: newsletter in HTML format. SF Intelligence is an
e-newsletter that is customized to users specifications; user
• Asset-Backed Securities chooses only the information it wants to receive (subscription
• Asset-Backed Commercial Paper required).
• Collateralized Debt Obligations
• CMBS Standard & Poor’s markets SF Intelligence to any market
• Real Estate Companies participant interested in structured finance. The product is
22 CMBS WORLD®
Where Can CMBS Investors Find Information About CMBS Transactions? (cont.)
limited to Standard & Poor’s Structured Finance Intex provides access to its services and software on a
commentary and criteria. Deal write-ups and pre-sale subscription basis. Interested persons may call 781-449-
reports are not available in this platform; those are 6222, or visit www.intex.com. ®
accessible in RatingsDirect
Pentalpha Capital Group
Contact Lucy Traverso, Marketing Director, Standard Pentalpha Capital Group, a registered investment
& Poor’s, 212-438-2512 or register online at advisor located in Greenwich, CT, provides numerous
www.sfintelligence.standardandpoors.com. advisory services to financial institutions in the structured
finance industry, with CMBS as a specialty. These
THIRD-PARTY INFORMATION PROVIDERS services include, but are not limited to, investment
Intex Solutions, Inc. advisory, due diligence services, asset surveillance, and
Intex provides structured fixed income data and corporate strategic planning.
analytical tools to the financial community. In addition to
extensive coverage of the CMBS sector, Intex also Pentalpha’s capital markets team assists four different
supports RMBS, ABS and CDO deals issued in the U.S., constituents within the CMBS industry: lenders, issuers,
Canada, Europe, Japan, and Australia. Intex’s products investors, and service providers such as loan servicers,
and services are used by investment banks, issuers, dealers, insurers, and trustees.
investors, bond insurers, ratings agencies, and other
institutions in support of trading, portfolio management, The firm publishes an independent weekly relative
risk management, and more. value report on the CMBS sector. All other related work
is client specific, including, but not limited to:
Intex’s process begins upon receipt of the deal
prospectus, typically at an early stage when the deal • General CMBS market evaluation and education.
goes “red.” The Intex deal model accurately reflects • Origination and credit evaluation reviews.
all the rules of the deal, including the deal waterfall, • Due diligence and credit analysis.
and captures most indicative information described in – Whole loan.
the prospectus. Intex also creates a separate deal update – Single transaction.
file each month for every deal that includes – Entire portfolio.
updated loan collateral data as provided by the servicer. • Hedge management.
Intex implements many automated quality assurance • Investment advisory.
checks to ensure the accuracy of each deal model – Investment-grade and subordinate bonds.
and monthly update file. These files are delivered in a • Position or portfolio evaluation.
format readable by Intex’s various software applications, – One time review.
including INTEXnet (a browser-based application), – Monthly mark.
INTEXdesktop (a client-resident Windows application) • Private placement of esoteric or illiquid securities.
and the Intex Subroutines (a programming API for system • Litigation – expert witness testimony.
builders); and facilitate both the viewing and extraction • Portfolio surveillance.
of deal, tranche, collateral, and property information for • Risk management.
individual deals and portfolios of deals, as well as rigorous
cash flow projection and price/yield analysis based on Pentalpha offers services in each of these areas based
user-provided prepayment, default and balloon extension upon their professionals’ extensive experience. The
stress scenarios applied at the deal or individual loan team’s average tenure in the structured finance and
level. Intex also provides a flat text file containing a time commercial real estate businesses is over 20 years.
series of historical deal collateral performance information Pentalpha is managed by former Wall Street traders,
for clients interested in studying collateral trends across lenders, bankers, and research veterans.
the universe of CMBS deals.
As a registered advisor to some of the largest domestic
In addition to tools for the analysis of existing CMBS and international financial institutions, Pentalpha
deals, Intex also provides a CMBS deal structuring participates in significant transaction flow without taking
product called DealMaker, a Windows-based application principal risk and competing with their clients. This
used today by leading underwriting banks and issuers to gives the firm perspective on current market trends and
structure new deals in the primary market. To the extent relative value. Pentalpha utilizes this insight to maximize
that a CMBS deal has been structured using DealMaker, the risk adjusted returns of their clients.
Intex clients have the opportunity, at the underwriter’s
discretion, to gain access to new deals for hands-on Pentalpha provides advisory services on an
interactive stress testing and other analysis prior to the independent, stand-alone basis, or can integrate into a
deal’s closing date. client’s existing team to supplement current resources.
WINTER 2006 23
Where Can CMBS Investors Find Information About CMBS Transactions? (cont.)
For more information, please call 203-660-6100 or visit: top-down, macro approach, a bottom-up real estate
www.pentalphaglobal.com. fundamentals approach, or any combination in between.
® At the macro level, an investor can use straightforward
Realpoint assumptions like CDR (constant default rate), loss severity
Realpoint, a division of GMAC Institutional Advisors, and months to recover, which permit a broad brush
is a real estate research, surveillance and analytics firm. comparison among multiple deals, and among bonds
Realpoint provides in-depth analysis and portfolio within a deal. Alternatively, an investor can use Trepp’s
monitoring tools to more than 150 institutional clients “credit based assumptions” which start with property level
who participate in the commercial real estate and NOI (net operating income) and value; apply performance
capital markets. Realpoint’s services include credit tests for prepayment, default and extension; and estimate
risk analytics, commercial loan surveillance, custom losses based on investor supplied refinance criteria.
portfolio surveillance solutions, CMBS research and
analytics, CDO analysis, data management, and valuation Beneath the macro level, TreppAnalytics allow an
services. investor to create groups, which automatically bucket
loans according to investor selected criteria. Once
Delivery options for Realpoint’s services vary based on the loans are bucketed, each loan is treated according
client requirements. Realpoint’s analytical workstations to the rules specified by the investor. For example,
and research are delivered primarily via the Internet. an investor could create a group which defaults
Some services, such as Credit Risk Analytics, are also distressed loans (90+ days delinquent, foreclosed and/or
available via a 128 bit SSL Web Services platform. REO (real estate owned)) within six months, with a
75% loss severity and 12 months to recover. This group
For more information, please call Realpoint Sales, toll- could then be applied to calculate a Price/Yield table for a
free 800-299-1665, or visit: www.realpoint.com. single CUSIP, analyze the impact on subordination levels
in the Deal Analysis report or measure the impact on the
Trepp, LLC value of an entire portfolio of CMBS. At the
Trepp, LLC provides information for the CMBS and most granular level, an investor can create sets of
commercial real estate industries, offering a combination individual, loan by loan assumptions. An investor can
of data, reporting and analytic tools. Trepp’s services are specify whether a loan performs, extends, defaults,
offered through a full spectrum of products for both the or prepays, and can specify the details describing each
end user and for integration into proprietary systems. End such event.
user products include:
Trepp invests continually to improve Analytics as the
• TreppAnalytics (delivered via the web and needs of the CMBS market evolve. For example, Trepp
Bloomberg) recently added a new set of tools and reports to deal with
• TreppWatch the treatment of ASERs (appraisal subordinate
• TreppMorning Update (email delivery) entitlement reductions). These new tools and reports are
• TreppPricing tuned specifically for B-piece investors, and utilize Trepp’s
• TreppLoan upload modules to simplify interaction with internal loan
evaluation systems.
Investors who would like to integrate Trepp’s products
into their own systems and databases can take advantage Augmenting and supporting TreppAnalytics is
of Trepp DataFeed (which includes eight years’ of TreppWatch. TreppWatch is a web-based surveillance and
performance information at the deal, bond and loan levels) reporting service which allows the investor to follow
and Trepp Engine (which incorporates the same software CMBS at the loan, bond, deal, or portfolio level. An
and models driving Trepp Analytics). investor can create portfolios of CMBS bonds, whether the
portfolio represents actual holdings or bid lists. Once a
Investors cannot ignore the real estate risk contained in portfolio is added to the system, an investor can generate
CMBS. Trepp’s tools enable investors to manage CMBS standard and custom views of the portfolio identifying
information flow by spending less time gathering data and concentration risks and loan performance issues, such as,
more time using the data to manage a portfolio. Trepp “How much office exposure do I have in Atlanta?”, “How
aggregates data from trustees, servicers and third parties to many multi-family loans are in foreclosure?” TreppWatch
provide its robust analytics, research and surveillance permits an investor to drill down from any level to
environment. examine loan and property specific detail, including
reported financial information from the servicers.
TreppAnalytics delivers through the Bloomberg
Professional Terminal™ or via the web. It allows the TreppLoan, the newest suite of products, provides
investor to stress a portfolio of CMBS securities from a commercial mortgage professionals a perspective for
24 CMBS WORLD®
Where Can CMBS Investors Find Information About CMBS Transactions? (cont.)
monitoring and analyzing the entire securitized commercial GEMSA Loan Services
mortgage universe. The Portfolio Module provides a Shelly Shrimpton, Investor Reporting Manager
standardized platform for commercial real estate risk Phone: 713-458-7380 ®
management and reporting, and allows clients to perform Shelly.Shrimpton@GEMSALS.COM
stress tests and analyze the credit risk within commercial www.GEMSALS.com
loan holdings. The Research Module provides a new and
unique perspective for monitoring and analyzing GMAC Commercial Mortgage
commercial real estate, individual loan, property and overall Michael Lipson
market performance. As an indicator of market conditions, Executive Vice President, Global Servicing
Trepp’s securitized CMBS database is a tool for direct Phone: 215-328-3866
lenders, underwriters, brokers, advisors, opportunity funds, michael_lipson@gmaccm.com
REITS and equity investors. Trepp’s proprietary “capital www.gmaccm.com
markets quality” database leverages billions of dollars in
outstanding loans and provides a platform to monitor and KeyBank Real Estate Capital
analyze market trends. Tony Nemec
Vice President, Investor Reporting & Surveillance
“
Phone: 816-460-2115
One of the many functions performed by the Tony_A_Nemec@KeyBank.com
Master Servicer is to collect information www.Key.com/KEY2CRE
regarding the loans in any transaction so that it Midland Loan Services
can be made available to CMBS investors.
”
Jeff Wagner, Vice President, CMBS Surveillance
Phone: 913-253-9211
Jeff.wagner@midlandls.com
Trepp’s products are available by subscription. For www.midlandls.com
further information, please contact Thomas A. Fink,
Senior Vice President, Business Development at 212-754- ORIX Real Estate Capital Markets, LLC
1010, send an email request to info@trepp.com, or visit: Don Kalescky, Managing Director, Servicing
www.trepp.com. Phone: 214-237-2294
dkalescky@orix.com
MASTER SERVICERS www.orix.com
A Master Servicer is appointed on each CMBS
transaction per the terms of the related pooling and Pacific Life Insurance Company
servicing agreement (PSA). The Master Servicer is a party Michelle Stickles, Vice President, Real Estate Division
to the PSA. The term “Master Servicer” refers to the Phone: 949-219-5404
responsibility that the Master Servicer has for oversight of michelle.stickles@pacificlife.com
other “primary” servicers. www.realestate.pacificlife.com
One of the many functions performed by the Master Prudential Asset Resources
Servicer is to collect information regarding the loans in any Scott McCloud, Director
given transaction so that it can be made available to CMBS Phone: 214-777-4558
investors. Master Servicers provide much of this scott.mccloud@prudential.com
information per the guidelines in the CMSA Investor
Reporting Package™. In some cases, Master Servicers are Wachovia Capital Markets, LLC
able to provide information directly to investors, while in Lea Land
other cases they deliver it to the Trustee for dissemination Vice President, Head of Portfolio Management
to investors. Phone: 704-593-7950, Toll Free Phone: 800-326-1334
lea.land@wachovia.com
Contact information and website addresses for the http://www.wachovia.com/corp_inst/page/0,,7_22_227_7
leading Master Servicers are provided below: 99,00.html
Bank of America Wells Fargo Commercial Mortgage
CMBS Capital Markets Servicing Group Myung Nam, Investor Reporting
Business & Systems Integration Phone: 415-396-1045
Toll Free Phone: 866-531-0957 nammyungj@wellsfargo.com
cmsg_bsi@bankofamerica.com Investors Inquiries: investorreporting@wellsfargo.com
(continued on p. 51)
www.bofa.com/commercialmortgageservicing www.wellsfargo.com
WINTER 2006 25
CMBS Collateral Performance (continued from p. 18)
NON-PERFORMING LOANS
Chart 8 presents non-performing loans by property type. of concern in this respect. Retail continues to show strong
As expected, performance mirrors the overall performance performance by this measure, but continued high energy ®
of each property class. Lodging continues to work through prices could affect this if we experience slowing sales during
its problems, with total non-performing loans approaching the upcoming holiday season. Office properties continue to
the pre-9/11 values. improve as well. u
Multi-family has improved, but the level of non-
performing loans continues to exceed 1%. Industrial is also Thomas A. Fink is Managing Director at Trepp, LLC.
Where Can CMBS Investors Find Information About CMBS Transactions? (continued from p. 25)
SPECIAL SERVICERS Wachovia Bank, National Association
The Special Servicers are also appointed to their role in Real Estate Capital Markets
the PSA for the purpose of servicing any loan that has Thomas Deane, Vice President, Special Servicing
become “specially serviced.” Phone: 704-715-1152
Thomas.deane@wachovia.com
Special Servicers prepare reports on the specially
serviced loans which are then made available to TRUSTEES
investors, typically via the Trustee website. In limited Trustees are appointed in the PSA for the purpose of
cases, Special Servicers are able to give information performing various trust related duties. Investor
directly to investors, often only after the investor has reporting is one of the significant duties assigned to the
signed a confidentiality agreement. In most instances Trustee. In this role, the Trustee prepares certain reports
Special Servicers provide their reports only through the and delivers them to the investors. Some of the reports
Trustee. are based on the CMSA Investor Reporting Package™,
while others may be additional reports prepared and
Contact information and website address for the provided by the Trustee. The Trustee also acts as a portal
leading Special Servicers are provided below: through which reports prepared by the Master Servicer
and the Special Servicer are provided to the investors
ARCap Servicing Inc. since the Trustee keeps the register of investors and can
Paul Smyth, Managing Director, Capital Markets verify certificate ownership. Trustees provide the various
Phone: 972-868-5319 reports and information via websites as well as by
psmyth@arcap.com response to email and telephone inquiries. Contact
www.arcap.com (password required) information for the top Trustees is below:
CWCapital Asset Management LaSalle Bank
David Iannarone, Managing Director Michael Evans
Phone: 202-331-2434 Senior Vice President, CMBS Capital Markets
Services
GMAC Commercial Mortgage Phone: 312-904-7325
Henry Bieber michael.evans@abnamro.com
Senior Vice President, Investor Relations www.eTrustee.net
Phone: 415-835-9268
Henry_bieber@gmaccm.com Wells Fargo Corporate Trust
CTSLink® Investor Information Services
LNR Property Corporation www.ctslink.com
Isaac Pesin, CMBS Surveillance Customer Service Desk
Phone: 305-695-5073 Phone: 301-815-6600
ipesin@lnrproperty.com Fax: 301-815-6660
ctslink.customerservice@wellsfargo.com. u
Midland Loan Services
Jeff Wagner, Vice President, CMBS Surveillance
Phone: 913-253-9211 Michael Evans is Senior Vice President, CMBS Capital
Jeff.wagner@midlandls.com Markets Services, LaSalle Bank.
www.midlandls.com
WINTER 2006 51
