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

Wednesday, 17 October 2018

CMBS Loan Against Miami's Southland Mall Unlikely to Get Refinanced

The Southland Mall, just south of downtown Miami, is facing the final maturity of its $118.5 million indebtedness next May. Because it's unlikely to get taken out by then, the $67.5 million senior component of the financing, which was securitized through JPMorgan Chase Commercial Mortgage Securities Trust, 2014-FL6, has transferred to special servicing. The mall is anchored by a Sears, Macy's and JCPenney. Meanwhile, Kmart, which occupied 120,391 square feet, has shut its store.

Commercial Real Estate Direct Staff Report

The Southland Mall, just south of downtown Miami, is facing the final maturity of its $118.5 million indebtedness next May.

Because it's unlikely to get taken out by then, the $67.5 million senior component of the financing, which was securitized through JPMorgan Chase Commercial Mortgage Securities Trust, 2014-FL6, has transferred to special servicer KeyBank.

The senior loan, along with a pair of mezzanine loans totaling $37.5 million that JPMorgan Chase Bank had written and subsequently sold, and junior mezzanine debt held by an affiliate of Investcorp, was used four years ago to fund the payoff of a $120.5 million mortgage that had been securitized through JPMCC, 2007-LDPX.

That loan had a troubled history.

Its collateral, once known as the Cutler Ridge Mall, was developed in 1972 by a predecessor of Simon Property Group. It was nearly leveled in 1992 by Hurricane Andrew and subsequently turned over to its lender, Ocwen Federal Bank. The property was completely rebuilt, and in 2006 sold to Investcorp for $145 million.

To fund its purchase, Investcorp had turned to JPMorgan Chase Bank for the $120.5 million loan. At the time, the property, at 20505 South Dixie Highway, was underwritten to generate $9.8 million of net cash flow. It never reached that level, however, topping out at $7.4 million in 2010.

The property, which has 984,783 square feet, is anchored by a 179,404-sf Sears and 144,643-sf Macy's, neither of which serves as collateral...





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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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