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Tuesday, 12 May 2015

Marley Station Mall Near Baltimore Gets Appraised at $39.8Mln

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Commercial Real Estate Direct Staff Report

Marley Station, a 1 million-square-foot shopping mall in Glen Burnie, Md., of which 400,000 sf secures a $114.4 million CMBS loan, has been appraised at a value of only $39.8 million.

The latest appraisal was highlighted in a TreppWire report that also noted the appraisal reduction amount lodged against the loan had increased, as a result, to $88.7 million from $79.7 million.

An appraisal reduction amount results when the appraised value of a loan's collateral is reduced to below the loan's balance. They result in appraisal subordinate entitlement reductions, or ASERs, that contribute to shortfalls of interest payments to bondholders.

Investors holding the AJ class of the CMBS deal that owns Marley Station, Banc of America Commercial Mortgage Corp., 2005-3, so far have been shorted $1.6 million of interest payments.

The mall was taken through foreclosure early last year. LNR Partners is special servicer.

The TreppWire report noted that the latest appraisal...

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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Baltimore
  • States: Maryland
  • Sector: Retail
  • Subject: Commercial MBS (CMBS)
  • Deal Name: Banc of America Commercial Mortgage Inc., 2005-3
  • Valuation: Between $25 million and $50 million
  • Private: Yes
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Dan Moynihan

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