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Monday, 18 November 2019

Another Mall Loan Matures, Gets Moved to Special Servicing

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Commercial Real Estate Direct Staff Report

The $139.4 million of CMBS debt against the 1.3 million-square-foot South Towne Center in the Salt Lake City suburb of Sandy, Utah, has transferred to special servicing as it has gone past its maturity date without being paid off.

The financing, which is senior to a $20 million mezzanine loan, is securitized through CG-CCRE Commercial Mortgage Trust, 2014-FL2. It originally had matured in 2016, but had options allowing it to be extended by up to three additional one-year terms. The last extension bought its final maturity to Nov. 9. That option was allowed to be exercised despite the loan falling short of meeting its required 9 percent debt-yield hurdle.

The property's performance hasn't improved since last year. Through June, it generated $5.4 million of net cash flow, bringing its...





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Additional Info

  • Syndicate to Realpoint: No
  • States: Utah
  • Sector: Retail
  • Subject: Commercial MBS (CMBS)
  • Private: Yes
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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

 

 

 

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