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

Thursday, 14 May 2020

Macerich Aims to Extend Maturity Dates of Loans Coming Due Soon

Macerich Co. wants to extend the maturities of mortgages that are coming due this year and early next year, which would allow it to ride out the current mortgage market dislocation. It might also look to place loans on two previously unencumbered properties. The deals could involve more than $1 billion of loans.

Commercial Real Estate Direct Staff Report

Macerich Co. is aiming to extend the maturities of mortgages that are coming due this year and early next year. It also might place mortgages on at least two properties that are unencumbered.

The moves are designed to allow the Santa Monica, Calif., REIT to ride out the current mortgage market dislocation, while shoring up its cash position. They could involve well more than $1 billion of financing.

The company has taken other steps, including drawing what it had left on a revolving credit line, reducing its common-stock dividend by one-third and paying its upcoming dividend mostly in common shares.

Of the loans that mature this year, three are in CMBS deals. Those are:

- the $105.6 million mortgage against the Fashion Outlets of Niagara Falls USA in Niagara Falls, N.Y. The loan, securitized through COMM, 2010-C1, has a coupon of 4.78 percent and matures in October. The 689,000-square-foot property, of which 525,663 sf serves as collateral for the debt, last year was 92 percent occupied and generated $15.2 million of net cash flow, according to servicer data compiled by Trepp LLC. That's up from $11.5 million in 2010, when the property was appraised at a value of $180 million.

- the $276 million loan against the 1.8 million-sf Green Acres Mall in Valley Stream, N.Y. The debt, securitized through COMM,...


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Data Digest







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




cppichart FP



CMBS 2.0 Spreads


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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