DBRS Downgraded Class O of COMM 2004-LNB3

DBRS has today downgraded Class O of COMM 2004-LNB3 to C Interest in Arrears from CCC due to interest shortfalls. The class will continue to carry a Negative trend.

The change primarily reflects interest shortfalls associated with a $2.6 million appraisal reduction taken to Broadway Place (0.4% of the pool) and from special servicing fees within the transaction. To the extent that the resolution of Broadway Place results in losses less than those anticipated by the appraisal reduction, the impact of the interest shortfalls would be reduced.

DBRS last reviewed this transaction in December 2008 and the full Performance Update report providing additional analytical detail is available by clicking the link below or by contacting us at info@dbrs.com.