Class J of Mortgage Capital Funding Inc.'s multifamily/commercial mortgage pass-through certificates, series 1997-MC1, has been downgraded from C to D by Fitch Ratings.In addition, the ratings on eight other classes in the transaction were affirmed. The downgrade was attributed to $6.1 million of losses resulting from the liquidation of two loans: a 274-room airport hotel property in Cheektowaga, N.Y., and a retail center in Manchester, Tenn. The rating agency said it does not expect the principal loss to be recovered.
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