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Monday, 28 July 2014

Glimcher Giving Up On Eastland Mall; Plans Deed-in-Lieu of Foreclosure

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Commercial Real Estate Direct Staff Report

Glimcher Realty Trust said it will turn over the Eastland Mall in Columbus, Ohio, to its CMBS lender in a deed-in-lieu of foreclosure by the end of the month.

The move was expected. Earlier this year, the Columbus, Ohio, REIT had struck an agreement with LB-UBS Commercial Mortgage Trust, 2007-C1, the CMBS trust that holds a $39.8 million against the property, that called for it to try selling the 999,049-square-foot shopping center. If that failed, it would turn the property over.

According to Michael Glimcher, the REIT's chairman and chief executive, the company's sales effort came up empty. The property drew a high bid of only $18 million, which he said LNR Partners, the CMBS...





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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Columbus
  • States: Ohio
  • Sector: Retail
  • Subject: Bankruptcy/Foreclosure (BKRPT)
  • Deal Name: LB-UBS Commercial Mortgage Trust, 2007-C1
  • Company: Goldman Sachs
  • Valuation: Between $10 million and $25 million
  • Private: Yes
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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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