A commerical real estate loan backed by 254 limited service hotel properties that priced in March 2008 has been transfered to special servicing.
According to a Standard & Poor's statement, the loan, which is backed by properties that are operated by La Quinta, La Quinta Inn & Suites and Baymont Inn & Suites, makes up collateral under the MLFT 2008-LAQ CMBS structure.
The transfer follows the borrowers request for loan modification because it is likely that the borrower won't be able to refinance on the total debt outstanding which is scheduled to come due on July 6, 2012.
The transfer is designed to give time to evaluate, work on the borrowers request to modify, or extend the loan said S&P.
In other refinancing news, Grandbridge Real Estate Capital announced a successful refinancing of a $4.15 million mortgage loan secured by Azalea Plaza, a 28,081sf retail center located in Ponte Vedra Beach in Florida.
According to a report in the Florida Real Estate Journal, funding for the permanent loan featured a 10-year term, 30-year amortization and an interest rate in the mid-5% range.