Talmage, LLC Successfully Modifies $160 Million JW Marriott – Las Vegas
Resort and Spa Loan
NEW YORK -- December 20, 2013
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.
Edward L. Shugrue III, +212-209-1380
Chief Executive Officer
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