Friday, November 6, 2009

Westbury Plaza sold to Equity One - JPMCC 2005-LDP1

Equity One is keeping busy. CoStar reported that they just bought Westbury Plaza for $103.7mm, which serves as collateral in JPMCC 2005-LDP1. YE 2008 occupancy was at 100% resulting in a 1.72x NCF DSCR.

The $93.6mm loan was sponsored by DRA and Kimco, and matures 1/1/2010. It carries a coupon of 4.66%, and the article notes that they were looking at mortgages with a 6 handle. I assume they put it on the market just as soon as they negotiated new lease terms for Costco which is the largest tenant, but no details on this. The current loan is in its open period.

This pays down about 10% of the outstanding A2 class, which is current pay. The big problem on this deal is the Woodbridge Center (GGP) $205mm (outstanding) loan which matured in June of this year, and who knows what happens to it now. The two malls, Woodbridge and Westbury, are just a few miles apart on either side of I-95. Wonder if Equity One thought to buy the A2 at a discount back in September when a $50mm block was being offered, and then is going to come in for both malls and get a little bump? Probably not.

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