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

Thursday, 25 June 2020

Namdar Buys New Mexico Mall for $19.8Mln, Spells $37.8Mln Loss to CMBS Deal

The Mesilla Valley Mall in Las Cruces, N.M., has been sold for $19.8 million to Namdar Realty Group, making it the first property in New Mexico for the Great Neck, N.Y., mall owner. The sale resulted in a $37.8 million loss to the CMBS deal that had held a $54 million loan against 372,483 square feet at the 607,086-sf shopping center.

Commercial Real Estate Direct Staff Report

The Mesilla Valley Mall in Las Cruces, N.M., has been sold for $19.8 million to Namdar Realty Group, making it the first property in New Mexico for the Great Neck, N.Y., mall owner.

The 607,086-square-foot shopping center was sold by KeyBank, as special servicer for what had been a $54 million loan against 372,483 sf at the property. It was offered through NKF Capital Market's mall-sales team.

The property is one of six malls purchased by Namdar this year. The company bills itself as the top buyer of class-B and -C malls in the country. It typically pays cash for properties that it can buy at prices resulting in double-digit capitalization rates that have some sort of value-add or are opportunistic in nature. It recently bought the South Park Mall in San Antonio and Westgate Mall in Amarillo, Texas.

Namdar often plies the distressed CMBS waters, and last year it purchased the Acadiana Mall in Lafayette, La., for $39 million from Banc of America Commercial Mortgage Trust, 2007-2, which had held a $118.5 million loan against that property.

The company owns 56 malls in 29 states. It also owns open-air retail centers, office buildings, mixed-use properties and apartment complexes in New York City.

The loan against the Mesilla Valley Mall, securitized through Credit Suisse Mortgage Securities Corp., 2007-C5, had defaulted when it wasn't retired by its July 2017 maturity. It was one of three assets remaining in the CMBS deal's collateral...





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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

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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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