Classes L and M of Lehman Brothers Inc.'s commercial mortgage pass-through certificates, series 2006 CCL-C2, have been placed on Rating Watch Negative by Fitch Ratings. Fitch also affirmed the ratings on seven other classes in the transaction. The negative rating actions were attributed to the transfer of the Charlottesville Portfolio loan to special servicing and the likelihood that associated fees and potential expenses could result in interest shortfalls, as well as the continued lack of sales at some of the condominium conversions. The loan is secured by two former multifamily properties in Charlottesville, Va., that are being converted to condominiums.
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