DBRS Downgrades One Class of J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP4

DBRS has today downgraded one class of J.P. Morgan Chase Commercial Mortgage Securities Corp., Series 2005-LDP4 (the Trust), as follows:

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

This rating action reflects the most recent losses to the Trust, resulting from the liquidation of one loan in February 2014. As of the February 2014 remittance report, realized losses for this loan total $4.37 million; to date, 21 loans have liquidated from the pool resulting in cumulative losses of $214.73 million.

The Ariel Equities Single Tenant Portfolio loan, which was originally secured by a portfolio of five single-tenant retail properties in four states, transferred to special servicing in July 2010 due to imminent payment default. Three of the properties in the portfolio were previously sold, with proceeds used to pay down the loan’s outstanding principal balance. According to the February 2014 remittance report, the remaining properties were sold for a combined price of approximately $1.25 million, resulting in a realized loss to the Trust on the portfolio loan of $4.37 million and a loss severity of 54.3%.

For additional details on the DBRS viewpoint for this transaction, and for details on the largest loans in the pool, the loans in special servicing and the loans on the servicer’s watchlist, please see the February 2014 Monthly CMBS Surveillance Report for this transaction, which will be published shortly.

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.