Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Thursday, 03 May 2018

Washington Prime Hints on Giving Back Rushmore Mall, 2 Others

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Commercial Real Estate Direct Staff Report

Rushmore Mall, an 831,040-square-foot retail property in Rapid City, S.D., is "over-levered and non-core," according to its owner, Washington Prime Group.

That's an indication that the Columbus, Ohio, REIT is willing to allow the property to be transferred to its lender, Banc of America Commercial Mortgage Trust, 2006-3, the CMBS trust that holds a $94 million loan against it.

The loan, which in 2014 was modified into a $58 million A-note and $36 million B-, or "hope," note, transferred again to special servicer KeyBank last month because of cash-flow issues that are expected to arise as a result of potential tenant vacancies.

Last year, the property was 85 percent occupied and generated $7 million of net cash flow, according to servicer data compiled by Trepp LLC. That compares with $7.7 million in 2008 and $7.2 million in 2016.

But anchor tenants Sears, which occupies 124,215 sf through September 2019, was expected to vacate its space, and Herberger's, which is in nearly 89,000 sf through January 2023, is a unit of Bon-Ton Stores Inc., which is liquidating. Its other...


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Additional Info

  • Syndicate to Realpoint: No
  • States: South Dakota
  • Sector: Retail
  • Subject: Property Acquisitions (ACQ), Property Management (MGMT), REITS -general (REITS)
  • Deal Name: Banc of America Comm Mtg Trust 2006-3
  • Valuation: Between $50 million and $100 million
  • Private: Yes
  • bloombergDealName: BACM 2006-3
Read 794 times Last modified on Thursday, 03 May 2018

Data Digest







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




cppichart FP



CMBS 2.0 Spreads


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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