Moody's: JPMCC 2007-LDP12 Ratings Unaffected by the Proposed Ownership Transfer, Loan Assumption, Replacement of Guarantor and Indemnitor, Change of Property Manager, and Loan Modifications

New York, June 04, 2015 -- Moody's Investors Service (Moody's) was informed that Franklin C. Gatlin, III, the sponsor of Pacific Coast Plaza Investments, L.P., E-Lake Holding, L.P., and Chula Vista Town Center Associates II, L.P. ("Current Borrowers"), proposed to transfer the ownerships of the Pacific Coast Plaza, the Eastlake Terraces Retail Portfolio, and the Chula Vista II Retail Portfolio to three to-be formed Delaware limited liability companies ("Proposed Borrowers"), which will be indirectly majority owned and controlled by a real estate investment fund affiliated with Angelo, Gordon & Co., L.P. In connection with the transactions, (1) affiliates of Angelo, Gordon & Co., L.P. will become new Guarantors/ Indemnitors for the non-recourse carve outs and environmental indemnities, replacing Franklin C. Gatlin, III; (2) Voit Real Estate Services, L.P. will become the property manager and an affiliate of Citivest, Inc. will become the asset manager of the properties; and (3) certain modifications will be made to the loan document covenants and obligations. The proposed sale of the properties and assumption of the loans, replacement of the carve-out guarantors/environmental indemnitors, change of property manager, and certain modifications to the loan document covenants and obligations will become effective upon satisfaction of the conditions set forth in the governing documents.

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