Tuesday, March 13, 2012

69th Street Philadelphia Loan Delinquent

The $60.4 million 69th Street Philadelphia loan was 30 days delinquent the month after it was transferred to special servicing, according to Trepp.

The loan is collateralized by the 666,000 square foot retail property in Upper Darby, PA that listed Sears, Marshalls and a UA Theater as its top tenants at the loan's securitization. The property was built in 1927 and renovated in 2005.

Trepp reports that the servicer watchlist notes from November say that the retail center's occupancy started to decline in the middle of 2010 after maintaining occupancy rates in the upper 70 percent range since the middle of 2005.

The note is scheduled to mature in July 2015.

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