Four classes of Credit Suisse First Boston Mortgage Securities Corp. commercial mortgage pass-through certificates, series 2005-CND1, have been downgraded by Moody's Investors Service.The downgrades were as follows: class B, from Aaa to Aa3; class C, from A2 to Baa1; class D, from Baa3 to Ba1; and class E, from Ba1 to Ba2. Moody's also confirmed the ratings on four other classes in the transaction. The two remaining loans in the pool, the Royal Palm Hotel Loan (54.2%), located in Miami Beach, Fla., and the Hotel 71 Loan (45.8%), located in Chicago, involve properties that had been financed for conversion into condo-hotels. "No condominium units have closed at either property, and both loans were transferred to special servicing for maturity default," Moody's reported. "The special servicer has commenced a foreclosure action against the Hotel 71 property. The borrowers' efforts to sell both properties have to-date been unsuccessful." The rating agency can be found online at http://www.moodys.com.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry