...Cornerstone Titan 20071 plc is a securitisation of 32 commercial mortgage loans originated by Credit Suisse International (rated `AA'/Outlook Negative/`F1+') and Capmark Bank Europe (which has since ceased operations), which closed in March 2007. Four loans have prepaid since closing, decreasing the loan pool to its current balance of EUR1.17bn from EUR1.31bn at closing. Of the twentyeight remaining loans, the Loews loan (8.4% by loan balance) is currently in special servicing and four other loans, accounting for 39.4% by portfolio loan balance, are on the servicer's watchlist. The portfolio is secured by real estate located in Germany (79% by market value, MV), France (17%), Switzerland (2%), Poland (1%) and the Netherlands (1%). The collateral consists of mixeduse assets (46.5% by MV), retail (21.5%), office (19%), multifamily assets (9.3%) and other asset types (3.7%). The loan portfolio had a reported weightedaverage (WA) LTV of 75.7% at the July 2009 interest payment date (IPD). This...
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