Fitch Affirms & Removes Class WA of Wachovia 2006-Whale7 from Rating Watch Negative.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has affirmed and removed from Rating Watch Negative the $3.3 million 'A' class WA certificates of Wachovia 2006-Whale7. Fitch placed the class on Rating Watch Negative due to the transfer of the Westin-Aruba loan to special servicing on April 30, 2007. On May 23, 2007, the mezzanine lender, Petra Mortgage Capital Corp, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , foreclosed on the property and assumed control of the Mortgage Borrower. The loan returned to the Master Servicer on June 13, 2007 and the trust is no longer exposed to potential shortfalls related to the loan. The trust balance of the loan is $100 million ($209,205/room), which is split into a $3.3 million rake class and $96.7 million within the pooled classes. Pooled proceeds represent 3.31% of the transaction. The property has additional junior debt of $130 million and a $19.5 million mezzanine loan A mezzanine loan is a relatively large loan, typically unsecured (ie., not backed by a pledging of assets) or with a deeply subordinated security structure (e.g., third lien on the property but non-recourse vis-a-vis the borrower). . The property transferred to the special servicer when the borrower was unable to fund operating shortfalls. The property recently completed phase one of a $16 million renovation plan in conjunction with the re-flagging to a Westin, which was underway at origination. Fitch has not been provided with updated property financials to determine how significantly property performance has declined, however with the new borrower, prospects are good for improved performance. Fitch will continue to closely monitor this loan. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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