DBRS Downgrades Two Classes of WBCMT, Series 2004-C15

DBRS has today downgraded two classes in the Wachovia Bank Commercial Mortgage Trust, Series 2004-C15 transaction as follows:

-- Class N to D (sf) from C (sf)
-- Class O to D (sf) from C (sf)

Additionally, DBRS has removed the Interest in Arrears designation from these classes as well as from Class J through Class M.

The rating downgrades reflect the most recent losses to the trust, resulting from the liquidation of one loan in June 2013. As of the June 2013 remittance report, realized losses for this loan total $11.85 million; to date, five loans have liquidated from the pool at a cumulative loss of $19.22 million.

The Omni Hotel-Newport News, VA loan (Prospectus ID#24) was secured by a 182-key hotel in Newport News, Virginia. The loan transferred to the special servicer in February 2009 after payment default. At issuance, the property was valued at $19.2 million and the most recent appraisal, from April 2012, valued the property at $3.1 million. According to the June 2013 remittance report, the property was sold for approximately $2.82 million, resulting in a realized loss to the trust of $11.85 million and a loss severity of 104.1%.

DBRS continues to monitor this transaction in its Monthly CMBS Surveillance Report, with additional information on the DBRS viewpoint for this transaction, including details on the largest loans in the pool and loans on the servicer’s watchlist. The June 2013 Monthly CMBS Surveillance Report for this transaction will be published shortly. If you are interested in receiving this report, contact us at info@dbrs.com.

Notes:
All figures are in U.S. dollars unless otherwise noted.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

The applicable methodologies are CMBS Rating Methodology (January 2012) and CMBS North American Surveillance Methodology (November 2012), which can be found on our website under Methodologies.