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Friday, 22 June 2018

Cash Flow at Destiny USA Mall in Syracuse, N.Y., Drops; Kroll Downgrades CMBS Deal

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The following story has been edited to clarify that the property's 10 percent cash flow decline has been since 2014.

The massive Destiny USA mall in Syracuse, N.Y. - among the largest shopping malls in the country - has seen net cash flow decline by nearly 10 percent since 2014.

That, coupled with the expectation that shopping malls now would sell for prices resulting in higher capitalization rates than previously was the norm has prompted Kroll Bond Rating Agency to downgrade two junior classes of a CMBS deal backed by $430 million of debt against the 2.4 million-square-foot property.

The rating agency downgraded the $96.6 million class D of JPMorgan Chase Commercial Mortgage Securities Trust, 2014-DSTY, to BB from BBB-, and the $34.8 million class E to B from BB-.

The transaction is...





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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Syracuse
  • States: New York
  • Sector: Retail
  • Subject: CMBS Rating Downgrade (DOWNG)
  • Deal Name: JPMorgan Chase Commercial Mortgage Securities Trust, 2014-DST
  • Private: Yes
  • bloombergDealName: JPMCC 2014-DSTY
Read 340 times Last modified on Monday, 25 June 2018

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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