Deal NameCurrentPoolBal. $mlnOrig.PoolBal $mlnClassSize$mlnFitchNewRatingFitchOldRatingReason for Rating ActionMorgan Stanley Capital I Inc., 1998-WF2504.91,060.0F21.2AAAAAIncreased subordination---G23.9A+A-----H10.6BBB+BBB----J8.0BBBBBB-----K8.0BB+BB-CSFB Mortgage Securities Corp., 2006-TFL1583.61,080.0B39.0AAAAA+Increased subordination---C34.0AA+AA----D27.0AAAA-----E29.0AA-A+----F24.0A+A----G25.0AA-----H25.0A-BBB+-GMAC Commercial Mortgage Securities Corp., 2002-C3709.3777.4F9.7AAAAA+Increased subordination; defeasance (26.3 percent of pool)---G9.7AAAA-----H9.7A+A-Banc of America, First Union Commercial Mortgage Trust, 2001-3956.81,140.0G17.1AAAAA+Defeasance (25.9...

  ClassAmt$mlnSubLevel%AvgLife (yrs)RatingS&PRatingFitchFinalPricing (bp)BnchmarkA-161.7030.003.39AAAAAA+35swapsA-1A278.7430.008.58AAAAAANAswapsA-2227.4030.004.82AAAAAA+63swapsA-372.8030.007.04AAAAAA+74swapsA-4796.8930.009.70AAAAAA+68swapsA-M205.3620.009.88AAAAAA+79swapsA-J177.1211.3759.88AAAAAA+85swapsB33.379.759.91AAAA+125swapsC15.409.009.97AA-AA-+140swapsD28.247.6259.97AA+160swapsE15.406.8759.97A-A-+190swapsF30.805.37510.04BBB+BBB++235swapsG23.104.2511.75BBBBBBNAswapsH20.543.2511.88BBB-BBB-NAswapsJ10.272.7512.78BB+BB+NATreasK5.132.5013.47BBBBNATreasL7.702.12513.47BB-BB-NATreasM5.131.87513.47B+B+NATreasN5.131.62513.47BBNATreasO7.701.2513.85B-B-NATreasP25.67NA15.23NRNRNATreasX2,503.61*NA8.73AAAAAANATreas*Notional amount, interest onlyCollateral balance: $2,503.61 millionBookrunner(s): Morgan StanleyLead Managers: Morgan StanleyCo-managers: Bear Stearns, RBS Greenwich Capital, RBC Capital MarketsB-piece Buyer: Centerline REITMaster Servicer: Capmark Finance, Prudential Asset ResourcesSpecial Servicer: Centerline Servicing Inc.Trustee: Wells Fargo...

  Deal NameCurrentPoolBal. $mlnOrig.PoolBal $mlnClassSize$mlnS&PNewRatingS&POldRatingReason for Rating ActionCDC Commercial Mortgage Trust, 2002-FX1581.9637.5G12.8AAAA-Increased subordination; defeasance (51 percent of pool)---H9.6AA-A-----J14.3A-BBB+----K12.7BBBBBB-----L6.4BB+BB----M4.8BBBB-----N4.0BB-B+----P3.2B+B-Morgan Stanley Capital I Inc., 2006-XLF571.51,560.0B34.2AAAAA+Increased subordination---C53.3AAAAA----D38.0AAAAA----E69.5AAAAA----F23.7AAAA-----G23.7AA-A+----H23.7A+A----J23.3A--Morgan Stanley Capital I Inc., 1999-CAM1240.2806.5E20.2AAAAA-Increased subordination---F8.1AA+A+----G14.1AA-BBB+----H14.1A-BBB--First Union National Bank Commercial Mortgage Trust, 2001-C2867.81,002.0F10.0AAAAA+Increased subordination;...

Westfield Group and CBL & Associates Properties have formed a venture that will own a series of malls contributed by the two companies.Westfield is contributing three St. Louis-area malls with 3.3 million square feet to the venture, CW...

IMT Capital has raised $350 million in equity commitments for an investment fund that will pursue investments in value-add multifamily properties.The investment vehicle, IMT Capital Fund, seeks under-valued multifamily property in key domestic markets. Institutional investors that include...

AEW Capital Management has paid $22 million for Mullica Hill Plaza, a 90,876-square-foot retail property in Mullica Hill, N.J.The Boston investment manager purchased the property from Madison Development Inc. of Philadelphia. Marcus & Millichap brokered the deal.Mullica Hill...

Commercial Real Estate Direct Staff ReportCMBS spreads continue to widen, with super-senior AAA bonds now being quoted at levels of about 70 basis points over swaps.The bright side is that the near glut of transactions that had been...

Michael Stark, a founding member of Credit Suisse's real estate private fund group, has joined Park Hill Real Estate Group as senior managing principal.Stark will be co-head of Park Hill, a unit of Blackstone Group that provides equity-placement...

Dominguez Industrial Center LLC has paid $52.5 million for the Madrona Buildings, a 211,000-square-foot office complex in the Los Angeles suburb of Torrance, Calif.The Los Angeles investment group purchased the four-building property from G REIT, an affiliate of...

Developer Peter Moore has acquired an 88,000-square-foot development site in Manhattan's Hudson Square for $34 million. Olympic Diamond Corp., a diamond manufacturer, sold the property at 357 and 361 West St. and 156-162 Leroy St. Eastern Consolidated Properties...

Commercial vacancy rates remained relatively unchanged throughout the country, according to a second quarter survey by Property & Portfolio Research, a Boston firm, which tracks the market.Apartment and industrial vacancy rates remained flat from the first quarter at...

Standard & Poor's has downgraded four classes of JPMorgan Chase Commercial Mortgage Securities Corp., 2004-CIBC8, because of a $13.9 million principal loss resulting from the liquidation of a $26.6 million apartment loan.The loss has impacted credit support levels...

AEW Capital Management has paid $22 million for Mullica Hill Plaza, a 90,876-square-foot retail property in Mullica Hill, N.J.The Boston investment manager purchased the property from Madison Development Inc. of Philadelphia. Marcus & Millichap brokered the deal.Mullica Hill...

Dominguez Industrial Center LLC has paid $52.5 million for the Madrona Buildings, a 211,000-square-foot office complex in the Los Angeles suburb of Torrance, Calif.The Los Angeles investment group purchased the four-building property from G REIT, an affiliate of...

Commercial vacancy rates remained relatively unchanged throughout the country, according to a second quarter survey by Property & Portfolio Research, a Boston firm, which tracks the market.Apartment and industrial vacancy rates remained flat from the first quarter at...

Commercial Real Estate Direct Staff ReportCMBS spreads continue to widen, with super-senior AAA bonds now being quoted at levels of about 70 basis points over swaps.The bright side is that the near glut of transactions that had been...

Developer Peter Moore has acquired an 88,000-square-foot development site in Manhattan's Hudson Square for $34 million. Olympic Diamond Corp., a diamond manufacturer, sold the property at 357 and 361 West St. and 156-162 Leroy St. Eastern Consolidated Properties...

Michael Stark, a founding member of Credit Suisse's real estate private fund group, has joined Park Hill Real Estate Group as senior managing principal.Stark will be co-head of Park Hill, a unit of Blackstone Group that provides equity-placement...

Standard & Poor's has downgraded four classes of JPMorgan Chase Commercial Mortgage Securities Corp., 2004-CIBC8, because of a $13.9 million principal loss resulting from the liquidation of a $26.6 million apartment loan.The loss has impacted credit support levels...

A venture between JPMorgan Investment Management and Seagate Properties has paid about $90 million for the San Rafael Corporate Center, a 157,723-square-foot office complex in San Rafael, Calif.The property was purchased from a venture between Sterling American Property...

Commercial Real Estate Direct Staff Report The ground beneath a 360,000-square-foot retail center in Commack, N.Y., is available for sale. It is expected to fetch about $80 million.Eastdil Secured is marketing the fee interest on the property, Crooked...

Maxim Integrated Products has purchased 6431 Longhorn Drive, a 624,473-square-foot industrial building in the Dallas suburb of Irving, Texas.A purchase price was not disclosed, but the property was offered for $95 million. The Sunnyvale, Calif., technology firm purchased...

Commercial Real Estate Direct Staff ReportAdd Resource Capital Corp. to the long list of investors that are getting hammered by the volatility in the credit markets.The Philadelphia REIT that focuses on the commercial mortgage sector reported earnings today...

Commercial Real Estate Direct Staff ReportRedwood Trust, a Mill Valley, Calif., REIT that started investing in CMBS two years ago, is exploring the CMBS derivatives market in order to diversify its exposure to the asset class.Because of its...

A venture between JPMorgan Investment Management and Seagate Properties has paid about $90 million for the San Rafael Corporate Center, a 157,723-square-foot office complex in San Rafael, Calif.The property was purchased from a venture between Sterling American Property...