Windermere X CMBS fails to pay notes principal within grace period

By Caroline Salls

Pittsburgh, Nov. 8 – Windermere X CMBS DAC notes trustee U.S. Bank Trustee Ltd. is seeking input from holders of the company’s €70 million of class E commercial mortgage-backed notes due 2019 on the next steps to be taken following a default on the notes, according to a notice released Friday.

The trustee said an extraordinary resolution proposed to class E noteholders did not pass at an Oct. 22 meeting, and the notes matured on that date.

An event of default occurred because the principal due on the maturity date was not paid within a three-day grace period.

Windermere is based in Dublin.

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