← 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
- $10.0M (September 2021)
- Share of deal
- 1.0%
- Status
- Current
- DSCR (latest)
- -5.09
- Occupancy (latest)
- 56%
- Scheduled maturity
- 2028-05-06
Property and terms
| Property | Four Points by Sheraton |
| Address | 4343 Collins Avenue; Miami Beach, FL 33140 |
| Property type | Lodging |
| Units, beds or keys | 216 |
| Net rentable square feet | 159,092 |
| Year built | 1938 |
| Year last renovated | 2011 |
| Original balance | $10.0M |
| Current balance | $10.0M (September 2021) |
| Share of deal balance | 1.0% |
| Interest rate at origination | 4.59% |
| Current interest rate | 4.59% |
| Origination date | 04-16-2018 |
| Original term | 120 months |
| Amortization term | not yet reported |
| Interest-only period | 120 months |
| Scheduled maturity | 2028-05-06 |
| Prepayment lockout end | 02-05-2028 |
| Yield maintenance end | not yet reported |
| Servicer | Midland |
| Loan servicer | not yet reported |
| Originator | LoanCore Capital Markets LLC |
| Current status | Current |
| Specially serviced now | No |
| Defeased | No |
Valuation
| Basis | Amount | Date | Source (as filed) |
|---|---|---|---|
| At securitization | $60.0M | 03-01-2018 | MAI |
| Most recent reported | $55.0M | 2021-04-01 | MAI |
Change from securitization to the most recent reported valuation: -8.3%.
Monthly history
| Month | Balance | Status | Rate | DSCR (NCF) | DSCR (NOI) | Occupancy | Advances | Financial period end | Revenue | Expenses | NOI | NCF |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| September 2021 | $10.0M | Current | 4.59% | -5.09 | -4.99 | 56% | $0 | 03-31-2021 | $220,243 | $800,486 | $-580,243 | $-591,255 |
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 |
|---|---|
| 2019-10-08 | Transferred to the special servicer |
| 2020-07-10 | Loan modified (rate after modification 0.00%; maturity after modification 2028-05-06) |
| 2021-05-24 | Returned to the master servicer |
Sources: SEC Form ABS-EE asset-level reports for the deal. Definitions are in the methods note on the market page.