Commercial Real Estate Direct Staff Report
A total of 20 of the 98 properties that Simon Property Group is spinning off into a new REIT back just more than $1 billion of CMBS debt, according to analysis by Morgan Stanley's CMBS research group.
A dozen loans, with a balance of $784 million, are securitized in legacy deals, meaning those done before the market's collapse in 2008. The largest of those has a balance of $115 million and is in the collateral pool for Wachovia Bank Commercial Mortgage Trust, 2006-C23. The loan matures in 2015 and its collateral, Clay Terrace, a 499,029-square-foot strip center in Carmel, Ind., that generates half again as much cash flow as needed to keep it current.
The remaining eight loans, with a balance of $237.7 million, were securitized in so-called CMBS 2.0 deals, which were issued since...
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