DBRS Downgrades One Class of Bear Stearns Commercial Mortgage Securities Trust, Series 2007-TOP28

DBRS has today downgraded the rating for one class of Bear Stearns Commercial Mortgage Securities Trust, Series 2007-TOP28 as follows:

-- Class L to D (sf) from C (sf)

In addition, DBRS has removed the Interest in Arrears designation assigned to Class L.

DBRS has also removed the Interest in Arrears designations from Classes J and K as previous interest shortfalls to both classes were repaid with the December 2013 remittance report.

Prospectus ID #148 (Glen Eagles Plaza) was liquidated with the December 2013 remittance report for a cumulative loss of $985,369 to the trust, which caused the realized loss to Class L and corresponding ratings downgrade. The loan was secured by an unanchored retail property located in Edmond, Oklahoma, and experienced a decline in property performance in 2010 after several tenants vacated the property. The loan ultimately went delinquent and was transferred to the special servicer in March 2012. The loan was liquidated with the December 2013 remittance report, resulting in a loss severity of 33.3%.

As of the December 2013 remittance report, 11 loans have liquidated from the trust, with cumulative losses totaling $29.0 million. Two loans remain in special servicing, with a combined balance of $19.1 million (1.3% of the current pool balance).

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, the loans in special servicing and the loans on the servicer’s watchlist. The December 2013 Monthly 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 and CMBS North American Surveillance Methodology, which can be found on our website under Methodologies.