Four classes of J.P. Morgan Chase Commercial Mortgage Securities Corp. commercial mortgage pass-through certificates, series 2004-CIBC8, have been downgraded by Standard & Poor's Ratings Services. The downgrades were as follows: class J, from BB-plus to BB; class K, from BB-minus to B-plus; class L, from B to B-minus; and class M, from B-minus to CCC-plus. S&P also upgraded two classes and affirmed the ratings on 14 classes from the same transaction. The rating agency attributed the downgrades to a $13.9 million principal loss due to the liquidation of the Parkwoods Apartments loan secured by a multifamily property in Dallas. "The special servicer is attempting to recover additional proceeds on the liquidated asset by pursuing a breach of claim against the originator and claims against the former sponsor," S&P reported.
Texas Hard Money Commercial Loans still being offered Nationwide through Five Stars Mortgage.