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Thursday, 13 July 2017

Sale of Independence Mall Causes $73.9Mln Loss to CMBS Trust

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Commercial Real Estate Direct Staff Report

The sale of the Independence Mall in Wilmington, N.C., resulted in the property's $110 million CMBS loan suffering a loss of $73.9 million, for a loss severity of 67.2 percent.

The loss, which was absorbed by JPMorgan Chase Commercial Mortgage Securities Corp., 2006-CIBC17, holder of the CMBS loan, was highlighted by Wells Fargo Securities in a CMBS Recon report.

The property's sale had generated $46.4 million of gross proceeds, which compares with the property's $42 million appraised value. But after expenses were factored in,...

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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Wilmington
  • States: North Carolina
  • Sector: Retail
  • Subject: Commercial MBS (CMBS), Property Acquisitions (ACQ)
  • Deal Name: JPMorgan Chase Comm Mtge Sec Trust, 2006-CIBC17
  • Private: Yes
  • bloombergDealName: JPMCC 2006-CB17
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Dan Moynihan

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