Essex House MBS pool downgraded

Two of UBS Commercial Mortgage Trust’s commercial mortgage-backed securities have been downgraded, according to the Moody’s ranking system, with the affected loans in the pool attached to the Essex House in Midtown and the W Hotel Washington, DC. The two loans represent about 16 percent of the trust balance, according to the Moody’s report. The Jumeirah Essex House is sponsored by the Dubai Investment Group Limited and Dubai Holdings, and analysts say the property may be shed in the wake of Dubai World’s debt payment suspension request. The two structured securities in question, Class E and Class F, valued at approximately $27.19 million each, were downgraded to Baa3 and Ba1 rankings, respectively. TRD

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