Fitch Upgrades Five Classes of GCCFC 2005-FL3.CHICAGO -- 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 upgraded five classes of Greenwich Capital Commercial Funding Corp. (GCCFC) 2005-FL3 commercial mortgage pass-through certificates Pass-Through Certificates (PTCs) are instruments that evidence the ownership of two or more Equipment Trust Certificates. In other words, Equipment Trust Certificates may be bundled into a pass-through structure as a means of diversifying the asset pool and/or increasing the size as follows: --$4.5 million class H to 'AAA' from 'BBB+'; --$6.3 million class J to 'AA+' from 'BBB+'; --$4.4 million class K to 'A+' from 'BBB'; --$5.1 million class L to 'A-' from 'BBB'; --$12.2 million class M to 'BBB+' from 'BBB-'. In addition, the following classes were affirmed by Fitch: --$5.9 million class H-LH at 'BBB+'; --$4 million class K-LH at 'BBB'; --$4 million class M-LH at 'BBB-'; --$1.2 million class N-LH at 'BBB-'. Classes A1, A2, B, C, D, E, F, G, M-350, G-AON, H-AON, K-AON, M-AON, N-AON, H-WAI, K-WAI, M-WAI, M-DP, M-DH, N-PDL, N-DUN and interest-only (IO) class X-1 have paid in full. Fitch does not rate classes N-WAI, M-HJ, N-HJ, M-HEI, or N-SRT. The upgrades are due to 74.3% pay down since Fitch's last rating action. As of the October 2007 remittance Money sent from one individual to another in the form of cash, check, or some other manner. Financial statements sent by a creditor to a debtor frequently refer to the process of submitting a monthly remittance. REMITTANCE, comm. law. report, the transaction has paid down 93.3% from issuance to $47.4 million. Two of the original 14 floating-rate loans remain in the transaction: Lowell Hotel (94.9%) and Azzurra / Water Terrace (5.1%). The Lowell Hotel loan is secured by a 70-room, full-service luxury hotel located in 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 , NY that is undergoing a major renovation. Servicer reported trailing 12 month as of August 2007 revenue per available room (RevPAR) and occupancy were $629 and occupancy 78.8%, compared to issuance RevPAR and occupancy of $511 and 81.8%. The loan matured on Sept. 1, 2007 and has been extended to Sept. 1, 2008. The loan provides for two additional one-year extension options. At issuance, the Azzurra / Water Terrace loan was secured by a 450-unit rental apartment building located in Marina Del Ray, CA that had been converted to residential condominiums. Since issuance, individual condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. sales have paid down the securitized securitized Of, related to, or being debt securities that are secured with assets. For example, mortgage purchase bonds are secured by mortgages that have been purchased with the bond issue's proceeds. loan balance by 95.7%. The scheduled maturity date is Feb. 1, 2008, and the loan provides for two one-year extension options. 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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