← Norwest Asset Sec Corp Mort Ps Thr Cert Ser 1998-1 Trust · Loan annex · CMBS market
- Deal
- Norwest Asset Sec Corp Mort Ps Thr Cert Ser 1998-1 Trust
- Current balance
- $31.5M (September 2021)
- Share of deal
- 3.2%
- Status
- Matured balloon, non-performing
- DSCR (latest)
- 0.86
- Occupancy (latest)
- 46%
- Scheduled maturity
- 2028-04-06
Property and terms
| Property | Best Western Plus Hacienda Hotel |
| Address | 4041, 4049, 4045 Harney Street 2423,2429,2467 Juan St and 4065,4058-4059 Conde St; San Diego, CA 92110 |
| Property type | Lodging |
| Units, beds or keys | 200 |
| Net rentable square feet | not yet reported |
| Year built | 1988 |
| Year last renovated | 1997 |
| Original balance | $31.5M |
| Current balance | $31.5M (September 2021) |
| Share of deal balance | 3.2% |
| Interest rate at origination | 5.10% |
| Current interest rate | 5.10% |
| Origination date | 03-08-2018 |
| Original term | 120 months |
| Amortization term | not yet reported |
| Interest-only period | 120 months |
| Scheduled maturity | 2028-04-06 |
| Prepayment lockout end | 01-05-2028 |
| Yield maintenance end | not yet reported |
| Servicer | Midland |
| Loan servicer | not yet reported |
| Originator | LoanCore Capital Markets LLC |
| Current status | Matured balloon, non-performing |
| Specially serviced now | Yes |
| Defeased | No |
Valuation
| Basis | Amount | Date | Source (as filed) |
|---|---|---|---|
| At securitization | $58.1M | 09-13-2017 | MAI |
| Most recent reported | $58.1M | 2017-09-13 | MAI |
Change from securitization to the most recent reported valuation: 0.0%.
Monthly history
| Month | Balance | Status | Rate | DSCR (NCF) | DSCR (NOI) | Occupancy | Advances | Financial period end | Revenue | Expenses | NOI | NCF |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| September 2021 | $31.5M | Matured balloon, non-performing | 5.10% | 0.86 | 0.99 | 46% | $138,202 | 06-30-2021 | $5.5M | $3.8M | $1.6M | $1.4M |
Revenue, expenses, net operating income (NOI) and net cash flow (NCF) are the most recent financials reported as of each month, for the financial period ending on the date shown. DSCR is debt service coverage on the net cash flow and net operating income bases as reported.
Status timeline
| Date | Event |
|---|---|
| 2020-08-06 | Loan modified (rate after modification 0.00%; maturity after modification 2028-04-06) |
| 2021-05-28 | Transferred to the special servicer |
Also filed in other trusts
Loans are sometimes split across trusts (pari passu), and each trust files the loan at its whole-loan amount. A loan with the same property name and origination date is filed in: COMM 2018-COR3 Mortgage Trust.
Sources: SEC Form ABS-EE asset-level reports for the deal. Definitions are in the methods note on the market page.