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

Thursday, 13 February 2020

CBL Seeks Extension of Loan Against Minn. Mall, Giving Up on Illinois Property

CBL & Associates Properties is in the process of negotiating a potential extension of the $64.4 million senior mortgage against the Burnsville Center shopping mall in the Minneapolis suburb of Burnsville, Minn. Meanwhile, it is giving up on its Hickory Point Mall in Forsyth, Ill., which backs a $27.4 million CMBS loan. It'll be turning the property over in a deed-in-lieu of foreclosure.

Commercial Real Estate Direct Staff Report

CBL & Associates Properties is in the process of negotiating a potential extension of the $64.4 million senior mortgage against the Burnsville Center shopping mall in the Minneapolis suburb of Burnsville, Minn.

The Chattanooga, Tenn., REIT had launched an effort last year to refinance the loan, along with two others that total another $85.3 million, securitized through GS Mortgage Securities Corp. II, 2010-C1, even though the loans don't mature until July.

CBL recently was able to pay off the deal's other two loans: the $64.9 million mortgage against 342,671 sf at the 870,586-sf Valley View shopping mall in Roanoke, Va.; and $41.9 million of debt against 279,229 sf at the 648,407-sf Parkway Place in Huntsville, Ala. The two properties are now unencumbered by debt.

The Valley View property last year was on track to generate $9.9 million of net cash flow, giving the CMBS loan a 15.3 percent debt yield, while the Parkway Place property was on track to generate $7 million...





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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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