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

Thursday, 06 February 2020

CMBS Special Servicer Offers for Sale Mesilla Valley Mall in Las Cruces, N.M.

Mesilla Valley Mall, a 607,086-square-foot enclosed retail center in Las Cruces, N.M., soon will be offered for sale. The property, which was 92 percent occupied at the end of last November, is one of 13 assets remaining in the collateral pool for Credit Suisse Mortgage Securities Corp., 2007-C5, which had held a $54 million loan against it.

Commercial Real Estate Direct Staff Report

Mesilla Valley Mall, a 607,086-square-foot enclosed retail center in Las Cruces, N.M., soon will be offered for sale.

The property, which was 92 percent occupied at the end of last November, is one of 13 assets remaining in the collateral pool for Credit Suisse Mortgage Securities Corp., 2007-C5, which had held a $54 million loan against it. The CMBS trust's special servicer, KeyCorp Real Estate Capital Markets, started overseeing the loan in June 2017 as its maturity approached.

It recently tapped NKF Capital Market's mall-sales team to launch a sales campaign.

The loan was encumbered by 372,483 sf at the property, with the remaining space owned by anchors Dillard's and JCPenney. The property in 2007 was appraised at a value of $66 million. And while it was hit by a drop in occupancy as its loan matured, it consistently had generated enough cash flow to fully service its interest-only loan, which had paid a coupon of 5.8 percent. But it didn't generate quite enough cash flow to warrant a large enough mortgage to pay off its debt when it came...





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“The Weekly”

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  • Breaking mortgage, CMBS, and REIT news

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

  • Industry moves and changes in “The Insider“

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

 

 

 

REITCafe

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    Mixed economic news is weighing on retail markets, pushing REIT performance down in 2015. This week, the National Retail Federation announced that back-to-school spending is expected to be down 9.3% in 2015. This news came on the heels of a report from the Commerce Department stating that retail sales declined 0.3%...
     
  • US REITs Feeling Effects from Turmoil in Greece and China
    International economic forces have taken center stage this week, affecting both US stock markets and REITs. The crash in the Chinese stock market and ongoing concerns about the future of Greece in the eurozone drove markets down during the first half of the week. REITs fared better than the overall market...

  • What Does Increased Construction Mean for Apartment REITs?
    REITs so far this year have raised $17.1 billion of capital through the sale of unsecured notes, bringing the total raised over the past two and a half years to just more than $75 billion. That’s more than they raised during the previous five years. The massive volume shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark...
shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark against which most REIT’s price their bonds
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