Fitch Affirms GSREA, LLC CMBS Large Loan Special Servicer Rating

Tools

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings affirms GSREA, LLC's (GSREA) commercial mortgage-backed securities (CMBS) large loan special servicer rating of 'CLLSS3'. The rating reflects GSREA's extensive involvement in large loan commercial real estate workouts. The rating is also based on the strong industry experience and company tenure of the company's senior management team, its role in many high-profile loan restructurings, and its well-documented business plans and policies and procedures.

As of Nov. 3, 2011 GSREA was named special servicer on four CMBS loans and is actively specially servicing one CMBS loan?the $203 million Ashford Hotel loan from BSCMSI 2007-BBA8 (not rated by Fitch), which was previously specially serviced by Bank of America. GSREA has also completed 30 restructurings or modifications for loans with an original debt amount of $19.3 billion.

GSREA is a Delaware limited liability company that was formed to manage, advise, and invest in various private equity real estate funds, separate accounts, and commercial real estate debt obligations. Since inception, the company has provided advisory services to four distinct funds, two separate accounts, and four CDOs. As of December 2011, the company had in excess of $2 billion of assets under management.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'U.S. Commercial Mortgage Servicer Rating Criteria' (Feb. 18, 2011);

--'Global Rating Criteria for Structured Finance Servicers' (Aug. 13, 2010).

Applicable Criteria and Related Research:

U.S. Commercial Mortgage Servicer Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=584005

Global Rating Criteria for Structured Finance Servicers

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=547305

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.

CONTACT:

Fitch Ratings
Primary Analyst
Stephanie Petosa, +1-212-908-0720
Managing Director
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Janice Svec, +1-212-908-0304
Senior Director
or
Committee Chair
Robert Vrchota, +1-312-368-3336
Managing Director
or
Media Relations
Sandro Scenga, New York, +1-212-908-0278
sandro.scenga@fitchratings.com