Deal Name: 2003-PM1

An investment fund managed by Sterling American Property Inc. plans to give the keys to a 127,676-square-foot office complex in Hauppauge, N.Y., to the CBMS trust that holds the property's defaulted $12.7 million loan, according to a Wall Street Journal ...

South Florida Business JournalA foreclosure auction has been scheduled for March 4 for the Palm Beach Mall in West Palm Beach, Fla. Simon Property Group, an Indianapolis REIT that had owned the 1.2 million-square-foot property, failed to contest a court's ...

Commercial Real Estate Direct Staff ReportSimon Property Group had hoped to launch a massive redevelopment of its Palm Beach Mall in South Florida when deterioration in the retail sector nixed its plan to lure some big-name retailers to the property.As ...

The 1.1 million-square-foot Palm Beach Mall in West Palm Beach, Fla., is facing foreclosure, according to the South Florida Business Journal. Wells Fargo last week filed a foreclosure suit against Simon Property Group, the Indianapolis retail REIT that owns the ...

Standard & Poor's has downgraded four classes of JPMorgan Chase Commercial Mortgage Securities Corp., 2003-PM1, due to expected losses from loans in special servicing.Three loans, with a balance of $18.9 million, have been placed with ORIX Capital Markets, the deal's ...

Fitch Ratings has downgraded two classes of JPMorgan Commercial Mortgage Securities Corp., 2003-PM1, due to expected losses from loans in special servicing.Four loans totaling $18.3 million are in special servicing. Two of them, totaling $14.6 million, are secured by multifamily ...

Deal NameCurrentPoolBal. $mlnOrig.PoolBal $mlnClassSize$mlnFitchNewRatingFitchOldRatingReason for Rating ActionJPMorgan Commercial Mortgage, 2003-PM11060.001160.00B33.2AAAAAIncreased subordination and defeasance---C13.0AAAAA-----D27.5AAA----E13.0AA-A-----F15.9ABBB+----G13.0A-BBB----H18.8BBBBBB-----J15.9BBB-BB+----K7.2BB+BB----L8.7BBBB--Credit Suisse First Boston Mortgage Securities Corp., 2003-C31690.01760.0B47.4AAAAAIncreased subordination---C19.4AAAAA-----D38.8AAA----E19.4A+A-----F19.4ABBB+----G12.9A-BBB----H19.4BBB+BBB-----J19.4BBB-BB+----K12.9BB+BB----L6.5BBBB--Credit Suisse First Boston Commercial Mortgage Securities, 2003-C51190.01260.0B39.4AAAAAIncreased subordination and defeasance---C15.8AAAAA-----D31.5A+A----E17.3AA-----F17.3A-BBB+----G14.2BBB+BBB----H14.2BBBBBB-----J9.5BBB-BB+----K6.3BB+BB----L6.3BBBB--

GMN Co. has sold Mariposa Plaza, 39,600-square-foot retail property in Fountain Valley, Calif., for roughly $14 million.The Rancho Mirage, Calif., real estate firm sold the property to an undisclosed seller based in Newport Beach, Calif.Mariposa Plaza is 98 percent leased. ...

Pinnacle Cos., an Atlanta developer, is offering for sale eight apartment communities totaling 2,284 units with an asking price of $129.2 million. Cushman & Wakefield has the listing.

The spread tightening enjoyed by the secondary CMBS market has filtered into the primary market, where a $1.2 billion conduit was extremely well received by investors. The deal's 10-year, triple-A bonds priced at 33 bp over swaps.