The $29.9 million FCB Center loan was placed on servicer watchlist according to November servicer data. This story probably warrants closer monitoring than most. The loan makes up 1.9% of JPMCC 2005-LDP1 and the property is a 225,00 square-foot office in Chicago, Illinois.
The lead tenant in the building is FCB (Foote, Cone & Belding) with over 90% of the space. It appears FCB vacated the space a few years ago, but the lease was not slated to end until March 2014. The November watchlist notes indicate that the borrower is not looking to lease the vacant space. Instead it is looking to position the property for sale.
The building was appraised for $51.5 million in 2004, giving the loan an original LTV of under 60. The property is located at 101 East Erie Street and the loan is scheduled to mature in January 2015. The loan is an “anticipated maturity date” note, which means failure to payoff on that date will not constitute a default. The ultimate maturity is in 2035.
Compliments of EACCNY Member Trepp, LLC