NEW YORK--(BUSINESS WIRE)--Fitch Ratings upgrades Five Mile Capital Real Estate Advisors LLC's (FMCREA) commercial real estate large loan special servicer rating to 'CLLSS2-' from 'CLLSS3+'.
The upgrade reflects Fitch's assessment of FMCREA's stable and experienced management and asset managers, improving technology, and the company's increasing experience in the CMBS market. The rating also reflects FMCREA's experience with large commercial real estate loans and diverse, complex workout strategies, as well as the financial support of the parent, Five Mile Capital Partners LLC.
FMCREA took on the LB-UBS 2007 C-6 transaction in October 2011 and, as of June 30, 2013, was actively special servicing and the named special servicer for 56 loans totaling $553.2 million in the transaction. This represents a significant increase in the number of CMBS loans transferred to FMCREA since the inception of Fitch's rating.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'U.S. Commercial Mortgage Servicer Rating Criteria' Feb. 18, 2011;
--'Rating Criteria for Structured Finance Servicers' Feb. 6, 2013.
Applicable Criteria and Related Research:
U.S. Commercial Mortgage Servicer Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=584005
Additional Disclosure
Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=803670
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