Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Friday, 14 October 2011

GGP Says Completes $140Mln Sale of Boston's Faneuil Hall

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General Growth Properties Inc. said it has completed the $140 million, or $376.72/sf, sale of Boston's Faneuil Hall Marketplace, confirming talk that it was close to selling it to Ashkenazy Acquisition Corp.

As reported, Ashkenazy had struck a deal to buy the three-building retail complex from the Chicago REIT. But for that to happen, it needed to get the okay from the city of Boston, which owns the land beneath the property. It evidently has done that.

The property, which is on the National Historic Register, consists of 371,630 square feet of retail, family activity and office space. It backs $91.1 million of debt that is securitized through Banc of America Commercial Mortgage Trust, 2006-2. The debt, which is current, carries a 5.57 percent coupon and was extended to 2016 as part of GGP's restructuring.

Ashkenazy presumably assumed that debt. But, according to a report from the CMBS deal's trustee, the buyer had sought to modify the loan, which started amortizing last year based on a 30-year schedule. In 2013, its amortization accelerates to a 25-year schedule, then to a 20-year schedule in January 2016.

The collateral property had been appraised last year at a value of $117.1 million. Last And the property generated $9.3 million of cash flow last year, according to servicer data compiled by Morningstar.

Separately, GGP has also completed the $119 million, or $338/sf, sale of its Westlake Center, a 353,000-sf office building in Seattle. The property at 1601 5th Ave. sits atop a retail mall that GGP retained.

TIAA-CREF bought the building.

GGP also sold its Riverside Plaza, a 140,000-sf retail strip center in Provo, Utah, for $21 million.

Comments? E-mail Orest Mandzy, or call him at (267) 247-0112, Ext. 211.



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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Boston
  • States: Massachusetts
  • Sector: Mixed-Use
  • Subject: Property Acquisitions (ACQ)
  • Deal Name: Banc of America Commercial Mortgage Inc. 2006-2
  • Company: Glenborough Realty Trust
  • Valuation: Between $100 million and $150 million
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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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