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

Tuesday, 05 November 2019

CBL Eyes Refinancing $150.6Mln of CMBS Loans on 3 Malls

CBL & Associates Properties Inc. has started an effort to refinance $150.6 million of mortgage debt against three of its shopping centers. The three loans, securitized through GS Mortgage Securities Corp. II, 2010-C1, don't come due until next July and August. The REIT has been in talks with Goldman Sachs, which had provided the existing loans, and has spoken with other potential lenders.

Commercial Real Estate Direct Staff Report

CBL & Associates Properties Inc. has started an effort to refinance $150.6 million of mortgage debt against three of its shopping centers.

The debt is securitized through GS Mortgage Securities Corp. II, 2010-C1. It's comprised of three loans that don't mature until next July and August. But given the general reluctance among lenders to provide financing against certain malls, the Chattanooga, Tenn., REIT has gotten the ball rolling on its refinancing efforts early.

"We are in discussions with several lenders within the market, well ahead of the maturity," said Farzana Mitchell, the company's chief financial officer, who spoke on a conference call with analysts last week. "We'll continue our efforts in working with the current lenders as well as exploring other opportunities to get the financing done. We're not there yet."

Goldman Sachs had provided the three loans in 2010. They are: an $82.9 million loan against 523,692 square feet at the Burnsville Center, a 1.1 million-sf mall in the Minneapolis suburb of Burnsville, Minn.; a $64.9 million loan against 342,671 sf at the 870,586-sf Valley View shopping mall in Roanoke, Va.; and a $41.9 million loan against 279,229 sf at the 648,407-sf Parkway Place in Huntsville, Ala.

The three loans were written to amortize on a 25-year schedule, so they've shrunk in balance substantially. Both the Valley View and Parkway Place loans...





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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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