Classes K through O of GMAC Commercial Mortgage Securities Inc. commercial mortgage pass-through certificates, series 2004-C3, have been placed on Rating Watch Negative by Fitch Ratings.The rating actions were attributed to a potential for significant losses to four loans in special servicing. The loans are cross-defaulted and cross-collateralized and secured by multifamily properties in Nashville, Tenn. "Recent valuations of the properties indicate significant losses would be incurred if the loans were liquidated today," Fitch reported.

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