Fitch Affirms GCCFC 2002-C1

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has affirmed five classes of Greenwich Capital Commercial Funding Corporation Commercial Mortgage Trust, series 2002-C1, commercial mortgage pass-through certificates. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations reflect the pool concentration and the uncertainty about the ultimate resolution of the specially serviced asset. There are three loans remaining in the pool: one in special servicing (65.6%), one fully defeased (28.7%), and one fully amortizing (5.7%).

The pool has experienced $45.6 million (3.9% of the original pool balance) in realized losses to date. As of the March 2016 distribution date, the pool's aggregate principal balance has been reduced by 99.4% to $7.3 million from $1.18 billion at issuance. Interest shortfalls are currently affecting classes M through Q.

The largest remaining loan is the specially-serviced Hope Hotel & Conference Center (65.6% of the pool). The real estate owned (REO) asset is a 266-room limited service hotel located in Dayton, OH, on the Wright-Patterson Air Force Base. The loan transferred to special servicing in November 2008 due to imminent default. The borrower filed for bankruptcy in June 2010 after the special servicer initiated the foreclosure process. The bankruptcy was dismissed by the court and a receiver has been in place since August 2012. The property became REO in May 2014. As of year-end 2015, occupancy was reported to be 44%. For the same period, the average daily rate (ADR) and revenue per available room (RevPAR) were reported to be $80.17 and $35, respectively. The special servicer indicates they are working to add value and increase occupancy prior to marketing the asset for sale.

The second largest remaining loan, Town Square Shopping Center (28.7%) is fully defeased through its first open date in June 2017.

The third remaining loan, Tarry Town Center (5.7%) is secured by a 66,273 square foot (sf) mixed-use office and retail property in Austin, TX. According to the August 2015 rent roll, the property is 95% occupied. Per the servicer's OSAR, the property reported a debt service coverage ratio of 3.28x for the year ending May 31, 2015. The loan is fully amortizing and matures in April 2017.

RATING SENSITIVITIES

The Outlook for class L remains Stable as it expected to be paid in full from amortization in approximately four months. Additionally, the class is fully covered by defeased collateral. A further upgrade is not warranted at this time due to the pool concentration and the uncertainty regarding the resolution of the specially serviced asset. Fitch expects class L to remain at its current rating until it is paid in full in a few months.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation to this rating action.

Fitch affirms the following classes as indicated:

--$548,474 class L at 'Asf'; Outlook Stable;

--$6.8 million class M at 'Dsf'; RE 60%;

--$0 class N at 'Dsf'; RE 0%;

--$0 class O at 'Dsf'; RE 0%;

--$0 class P at 'Dsf'; RE 0%.

The class A-1, A-2, A-3, A-4, B, C, D, E, F, G, H, J, K, and the interest-only classes XPB and XP certificates have paid in full. Fitch does not rate the class Q and SWD-B certificates. Fitch previously withdrew the rating on the interest-only class XC certificates.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Global Structured Finance Rating Criteria (pub. 06 Jul 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952

U.S. and Canadian Fixed-Rate Multiborrower CMBS Surveillance and U.S. Re-REMIC Criteria (pub. 13 Nov 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=873395

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1001391

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1001391

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160323006339/en/

Fitch Ratings
Primary Analyst
Daniel Anderson
Associate Director
+1-312-606-2305
Fitch Ratings, Inc.
70 W. Madison Street
Chicago, IL 60602
or
Committee Chairperson
Brook Sutherland
Senior Director
+1-312-606-2346
or
Media Relations:
Sandro Scenga, +1 212-908-0278
[email protected]

Source: Fitch Ratings

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• TPI Composites exits Chapter 11, acquired by Energy Capital Partners
• Bulldog Investors Calls on CION Investment Corporation to Expand Its Share Repurchase Program
• Vicor Corporation to Hold Second Quarter Earnings Conference Call and Webcast on July 21, 2026