LBCMT 1999-C1 New Loan
Penn Square Mall
Rate 7.025% 7.75%
Orig. Bal. $74.8mm $100mm
Most Recent $65.8mm
Woodland Hills
Rate 7.00% 7.79%
Orig. Bal. $89.6mm $97.5 mm
Most Recent $78.6mm
Both of the prior loans were amortizing, so Simon took out a signficant $53.1 mm in cash out of the deal. This is realy what I expect to see in the coming "wave of maturities" - the exception being the 5-year loans starting in earnest in late 2010 and 2011 that seem problematic to me.
2008 YE for Penn Square was a 3.34x DSCR - why doesn't anyone report that! I stumbled across these refis (Hotel Tango Journal Record), but had no problem finding the maturity default last week on another of their malls
No comments:
Post a Comment