Maguire defaults on Quintana Mortgage; A Forced Sale Likely

We all know the FDIC took-over Washington Mutual. What you may not know is that the FDIC relinquished almost all the leases WAMU had with landlords and commercial real estate owners across the country.

WAMU had leased an entire office building In an Irvine CA office complex known as Quintana, now the place is practically empty and Quintana’s owner is not collecting any rent from the defunked bank.

Quintana; Soon to be Auctioned

The complex in question was owned and managed by a group that includes Maguire Properties, based out-of Los Angeles and Macquarie Office Trust of Sydney.

 Predictably, Maguire/Macquarie have missed their June (’09) mortgage payment and have stated that they “are not willing” to inject anymore equity (read cash) into the building.

 They are said to be discussing options with the special servicer of the mortgage.

The only real option is a sale. It’s “worth” $106mm, I’ll bet an auction could fetch $75m.

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Fitch Says CMBS Defaults Could Double but Affirms WaMu’s Commercial Mortgage Securities Trust at AAA

Reuters is reporting that Fitch is reporting that commercial mortgage backed securities (CMBS) defaults could double in 2009. That sounds bad, and if it happens it is not good. But as I posted in this space recently commercial mortgage defaults are relatively minuscule and Fitch is simply saying that CMBS defaults might reach 150 basis points (that’s 1.5%)

In any event Fitch had no problem giving the thumbs up to WaMu’s Commercial Mortgage Securities Trust, so how bad could it be?

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