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

Thursday, 31 January 2019

Maine's Bangor Mall Heads to Sales Block

The Bangor Mall, a 655,124-square-foot enclosed shopping center in Bangor, Maine, that had backed an $80 million CMBS loan, is being offered for sale through NKF Capital Markets. The property, which lost two of its five anchor tenants in recent years, is expected to sell for a price close to its $17.3 million appraised value. Two other anchors recently renewed their leases.

Commercial Real Estate Direct Staff Report

The Bangor Mall, a 655,124-square-foot enclosed shopping center in Bangor, Maine, is being offered for sale.

The offering is being spearheaded by special servicer LNR Partners on behalf of Morgan Stanley Capital I Inc., 2007-IQ16, which holds an $80 million mortgage against 536,299 sf at the property. NKF Capital Markets' mall-sales team has been tapped to handle the sale.

The loan has been in special servicing since October 2017, transferring as its maturity approached and expectations for its refinancing were dim. The property was taken by the CMBS trust last month in a deed-in-lieu of foreclosure from its previous owner, a venture led by Simon Property Group that also included the California Public Employees' Retirement System and the State of Michigan Treasury. Simon had acquired its 67.6 percent stake in the property in 2004, when its inline stores had generated $370/sf in sales.

The mall is expected to sell for close to its $17.3 million appraised value, which was set last August. That represents a sharp drop in value from 2007, when the property was appraised at a value of $128 million. Inline store sales in 2006...





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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

 

 

 

REITCafe

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