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Tuesday, 11 December 2012

$94Mln Loan Against South Dakota Mall Goes to Special Servicing

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Commercial Real Estate Direct Staff Report

A $94 million CMBS loan against the Rushmore Mall in Rapid City, S.D., which Simon Property Group recently acquired from a venture it operated with Macerich Co., has been transferred to special servicing once again because of the expectation that it would default.

The loan's transfer was highlighted by Fitch Ratings in a Daily Special e-mail alert.

The loan, securitized through Banc of America Commercial Mortgage Trust, 2006-3, previously had served a stint with special servicer CWCapital Asset Management last year when it became unclear whether anchor JCPenney, whose lease was set to mature in August 2011, would stay in the property or not. The retailer ultimately renewed its lease for another five years and the loan was moved back to master servicing in February.

Besides JCPenney, its remaining anchor is Target. But the Target space has been vacant since 2009 when the retailer moved to a nearby lifestyle center. Its lease for its space at the Rushmore property runs...





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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Rapid City
  • States: South Dakota
  • Sector: Retail
  • Subject: Commercial MBS (CMBS), Mortgages/Financing (MOR)
  • Deal Name: Banc of America Comm Mtg Trust 2006-3
  • Valuation: Between $50 million and $100 million
  • Private: Yes
Read 388 times Last modified on Wednesday, 12 December 2012

Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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