NEW YORK--(BUSINESS WIRE)--Talmage, LLC, in its capacity as Special Servicer, announced today the successful modification and extension of the $160 million JW Marriott – Las Vegas Resort and Spa loan. Talmage was engaged as the Special Servicer by the Controlling Holder, a group of institutional investors, including affiliates of Angelo, Gordon & Co., Resource Real Estate, Inc. and Winthrop Realty Trust. The JW Marriott – Las Vegas Resort and Spa loan is securitized in the Credit Suisse First Boston Mortgage Securities Corp. Commercial Mortgage Pass-Through Certificates, Series 2007-TFL1 (CSMC 2007-TFL1).
As Special Servicer, Talmage negotiated with the borrower to extend the loan term until February 2015. In exchange, the borrower agreed to pay all transaction expenses and to the implementation of a cash flow sweep and a lender-controlled lockbox. Since all costs were paid by the borrower, CMBS bondholders suffered no cash flow interruption, bore no expenses in connection with the modification, and all interest payments continue to be paid on a current basis. The modification allows the borrower additional time to improve the property’s operations and cash flow, thus putting the asset in a better position to maximize proceeds for all constituents.
Commenting on the transaction, Talmage’s Chief Executive Officer, Edward L. Shugrue III, remarked that in exchange for a short-term extension and the payment of all transaction costs, the modification provides the borrower with additional time to stabilize the property, while protecting the bondholders and improving their security in the loan collateral.
Talmage is an active investor in, and advisor/special servicer on, large and complex commercial real estate transactions. Since 2003, Talmage has made in excess of $10 billion of commercial real estate fixed income investments and acted as the special servicer and/or advisor on over $40 billion of loan restructurings and modifications. Talmage is independently owned and offers conflict-‐free advice to its institutional clients.
