WASHINGTON, DC—Refining is plentiful, they said. Capital is eager to invest, they said. The wave of debt maturities won't have a problem securing money to recapitalize, they said. So why did one local office fail to find refinancing while a portfolio of retail assets will likely come through its current difficulties unscathed?

Following are two separate deals that went sour. One will likely be okay in the end; the other has made a buyer of distressed loans happy at least. One asset is a vacant suburban office, which of course explains volumes. But the retail portfolio is also largely located in suburban locations.

It wasn't a foregone conclusion that the suburban office would have failed to find financing. It is not easy, but suburban offices are still finding tenants and buyers and financing. In the end, the stories are illustrative of the elasticity of the refinance market, still, even at this point of the cycle. It is also illustrative of its limitations.

One loan that backed the Computer Sciences Building in Lanham, MD, was just sold off for a sizable loss, $55.6 million of its $67.7 million balance, Trepp reports. It represents a pretty big loss for the bondholders of this deal, Research Analyst Sean Barrie tells GlobeSt.com.

"This property has been troubled for some time, and transferred to special servicing in January 2014," Barrie says. The trouble began when the single tenant, Computer Sciences, vacated after its lease ran out. It has been vacated ever since.

The loan has been purchased, but Trepp doesn't have information about that transaction.

It is highly unlikely this loan was ever going to get refinancing, Barrie said.

The building was in a suburban market and it was vacant. It simply was never able to overcome the loss of the tenant.

By contrast, Trepp also reported separately that Kimco's Silver portfolio has been sent to special servicing. The $55.4 million portfolio backs 45 retail properties that total 310,610 square feet. All but one of the properties are located in Virginia, with 37 of the 44 located around Fredericksburg. The 45th property is located in Columbia, MD. The properties run the retail gamut, from CVS to Outback Steakhouse, with multiple fast food locations in between, according to Trepp.

According to July watchlist commentary, two properties have an outstanding combined tax delinquency of over $14,000. Additionally, a few properties were reported to have "excessive deterioration" and "cracking" in their parking lots--but not enough to represent a credit risk.

The loan reported 100% occupancy and 1.34x DSCR through the first three months of 2015. With the loan coming due next month, this move might be a precautionary one, Trepp concluded.

In this case it is highly likely the borrower will secure financing, depending on just how bad the deterioration is, Barrie said. "The portfolio has been performing well, otherwise."