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,...





weekly-call-to-action

“The Weekly”

“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

  • Breaking mortgage, CMBS, and REIT news

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

  • Industry moves and changes in “The Insider“

Data Digest

 

CMBS DELINQUENCY VOLUME

dqdataFP1

 

CMBS SPECIAL SERVICING VOLUME

sschartfp

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

 

cppichart FP

 

 

CMBS 2.0 Spreads

AAAspreads

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

  • Challenging Retail Environment Weights on REITs
    Mixed economic news is weighing on retail markets, pushing REIT performance down in 2015. This week, the National Retail Federation announced that back-to-school spending is expected to be down 9.3% in 2015. This news came on the heels of a report from the Commerce Department stating that retail sales declined 0.3%...
     
  • US REITs Feeling Effects from Turmoil in Greece and China
    International economic forces have taken center stage this week, affecting both US stock markets and REITs. The crash in the Chinese stock market and ongoing concerns about the future of Greece in the eurozone drove markets down during the first half of the week. REITs fared better than the overall market...

  • What Does Increased Construction Mean for Apartment REITs?
    REITs so far this year have raised $17.1 billion of capital through the sale of unsecured notes, bringing the total raised over the past two and a half years to just more than $75 billion. That’s more than they raised during the previous five years. The massive volume shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark...
shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark against which most REIT’s price their bonds
warehouse-backstage