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Friday, 21 December 2018

UC Funds Lends $21Mln Against Seattle-Area's Everett Mall

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Commercial Real Estate Direct Staff Report

UC Funds has provided $21 million of financing that'll be used to fund renovations and leasing efforts at the Everett Mall, a 491,000-square-foot shopping center in Everett, Wash., which is some 25 miles north of Seattle.

The property is owned by Brixton Capital, which had acquired it last year from a venture of Steadfast Cos. and Canyon Partners for what is said to have been about $37 million. The property previously was encumbered by a $98 million loan that was troubled and securitized through Morgan Stanley Capital I Inc., 2007-IQ14. The loan was resolved in 2012.

The property sits on a 40-acre site at 1402 Everett Mall Way, at the intersection with Interstate 5, in Everett's retail core. It is 96.4 percent occupied and anchored by a Sears, Burlington Coat Factory, Regal Cinemas and LA Fitness, which account for nearly half of the property's rental income. Inline stores include Ulta, Buffalo Wild Wings, Party City, Old Navy, Victoria's Secret, Bath & Body Words and Olive Garden.

UC Funds noted that the area in which the property sits hasn't seen much in the way of new retail space over the past eight years. As a result, the market's occupancy rate remains near 95 percent and rents are between $16/sf and $17/sf.

UC Funds is a Boston bridge lender that relies on a network of high net-worth investors, family offices and sovereign wealth funds for its lending capital. It has $1 billion of assets under management and focuses on the middle market, funding loans of $5 million to $35 million.

Comments? E-mail Orest Mandzy, or call him at (267) 327-4281.



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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Seattle
  • States: Washington
  • Sector: Retail
  • Subject: Mortgages/Financing (MOR)
  • Valuation: Between $10 million and $25 million
  • Private: No
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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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