DBRS Confirms Two Classes of Wrightwood Capital Real Estate CDO 2005-1

DBRS, Inc. has today confirmed the following classes of Commercial Mortgage Pass-Through Certificates, Series 2005-C1 issued by Wrightwood Capital Real Estate CDO 2005-1 Ltd. Wrightwood Capital Real Estate CDO 2005-1 LLC (collectively, Wrightwood Capital Real Estate CDO 2005-1).The trends are Stable.

-- Class A-1 at BBB (low) (sf)
-- Class A-R at BBB (low) (sf)

The initial ratings were issued on April 30, 2014, at the request of an investor.

Wrightwood Capital Real Estate CDO 2005-1 is a static cash transaction (reinvestment period ended August 2010) backed by a portfolio of 24 whole loans or a pari passu senior participation of a whole loan. As of the February 2015 remittance, the aggregate note balance of the transaction, including preferred shares, was $396.3 million, compared to $497.3 million in February 2014 and $650 million at issuance. The current undrawn balance of Class A-R is $41.9 million.

Since the DBRS rating was issued, five loans reached maturity and were successfully repaid from the trust, including 1001 McKinney (Prospectus ID#2) and 4th & Pike Building (Prospectus ID#6). Ten loans, representing 87.5% of the current pool balance, that were previously scheduled to mature have been granted short-term extensions and remain outstanding in the pool. These loans have an average NOI DSCR of 1.41x. Three loans are currently in special servicing for maturity default and represent 10.0% of the current pool balance. Although the lender is currently pursuing foreclosure on only one of these loans, recent appraised values for the collateral properties suggest that all of the specially serviced loans are underwater. DBRS has modeled these loans with a 100% probability of default multiplier at all rating levels to reflect their status in special servicing.

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

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

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

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.