Moody's Investors Service has placed three classes of Credit Suisse First Boston Mortgage Securities Corp. commercial mortgage pass-through certificates, series 2002-TFL1, on review for possible downgrade.The affected classes are F-WBC, G-WBC, and H-WBC. Moody's said the watchlisted certificates pertain to the Williamsburg & The Commons Loan, which is secured by two cross-collateralized and cross-defaulted garden-style apartment properties in the Cincinnati area that contain a total of 1,264 units. The rating agency reported that a default was declared on the loan on Aug. 16 due to waste, as well as the borrower's failure to comply with certain covenants and conditions. The special servicer has commenced foreclosure.
Processing Content
