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Wednesday, 22 November 2017

Killeen Mall Gets Dinged in Latest Appraisal

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Commercial Real Estate Direct Staff Report

The Killeen Mall near Fort Hood, Texas, has been appraised at a value of $60.9 million - well below the $82 million balance of the CMBS loan that encumbers it.

The latest appraisal was highlighted this morning in a TreppWire report.

But the property, a 558,000-square-foot enclosed shopping mall, of which 386,759 sf serves as collateral for the loan, likely is worth far less. Kroll Bond Rating Agency estimates that the property is worth perhaps $42.4 million.

Kroll noted that $60.9 million would imply a capitalization rate of less than 9 percent, based on the property's $5.3 million of in-place net operating income. That's very aggressive, given that similar mall properties have traded for prices resulting in much higher cap rates.

For instance, the Vista Ridge Mall in the Dallas suburb of Lewiston, Texas, recently traded for $18.1 million, implying a cap rate of just less than 12 percent. And that property is in a vibrant suburban market and could...





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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Waco
  • States: Texas
  • Sector: Retail
  • Subject: Bankruptcy/Foreclosure (BKRPT), Mortgages/Financing (MOR)
  • Deal Name: Credit Suisse Mortgage Securities Corp., 2008-C1
  • Company: C-III Asset Management
  • Valuation: Between $50 million and $100 million
  • Private: Yes
  • bloombergDealName: CSMC 2008-C1
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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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