NEW YORK, Jan. 16 /PRNewswire/ -- Standard & Poor's today raised its
rating on Chase Commercial Mortgage Securities Corp.'s commercial mortgage
pass-through certificates series 1998-SN1 class G to triple-'B' from
single-'B'.
The rating action reflects a mortgage pool that has experienced
significant loan payoffs, resulting in enhanced credit support and improved
portfolio financial performance, since issuance.
As of December 2000, the loan pool consisted of 14 loans with a principal
balance of $30.1 million. The weighted average debt service coverage increased
to 1.94 times (x) from 1.30x at issuance. The average principal balance is
$2.15 million. Multifamily is the largest property type with a concentration
of 36% of the total principal balance.
Currently, there are two loans at special servicing, aggregating
$1.36 million of the principal balance. The first loan is secured by a retail
property located in Buffalo, N.Y. The property is experiencing low occupancy
due to the departure of Eckerd Drugs, the primary anchor at the center.
Eckerd's is current on its rental payments and is obligated under its lease
until 2006. Rental payments are covering debt service. The second loan is
collateralized by a 5,427 square foot office building in Syracuse, N.Y. The
single tenant at the property vacated at the end of its lease. The borrower is
making payments under a forbearance agreement. The special servicer does not
anticipate a loss on either of the loans, Standard & Poor's said.
-- CreditWire
SOURCE Standard & Poor's
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Related links:
http://www.standardandpoors.com/ratings
CONTACT:
Larry Kay, 212-438-2504, or Roy Chun,
212-438-2430, both of Standard & Poor's
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