Friday, June 18, 2010

Creekside Apts. loan to special servicer

"The loan on Creekside Apartments in Bensalem, Pa., has been sent to a special servicer, according to Trepp LLC. The property at 2500 Knights Road has a $68 million loan that is part of a pool of 184 loans secured by secured by 242 multifamily, mobile home parks and commercial properties, according to CMBS.com. The loan is the fifth largest loan in the J.P. Morgan Chase tranche referred to as JPMCC 2005-LDP4 and represents 3.1 percent of the deal.

The Creekside loan was sent to the special servicer this month. Though it’s current, according to Trepp, the loan is expected to be switch from being interest only in August. The garden-style apartments was constructed in 1971 and appraised for $85 million five years ago, Trepp data indicate."

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