Comings and Goings

CREConsole reports that Highland Mall in Austin (JPMCC 2002-CIB4) and Woodfield Corporate Center in Schaumburg, IL (NYLIM) are both going down. They're both interesting stories. Woodfield Corporate Center is owned by GE's Pension Fund and Lincoln Properties.

We previously commented on the fun lawsuits at Highland Mall between Dillard's and the owner - the departure of Dillard's will put the mall under officially and trigger co-tenancy clauses that will help bury it. CREConsole also noted that the mall was formerly a joint venture between Simon and GGGP - is that a harbinger of some sort?



Interest shortfalls continue to creep up. In fact, last month, the bonds that we own with interest shortfalls doubled. JPMCC 2008-C2 and CSFB 2005-C2 both experienced interest shortfalls at the AJ level. The LBUBS 2007-C1 AJ shortfall from the prior month apparently cured, albeit that might be temporary.

There are around 12k CMBS bonds out there, roughly, and currently 1,810 are experiencing interest shortfalls. That kind of puts in perspective.


Kilroy Realty (KRC), and yes I thought that was the name of the the thing Matt Damon put on his neck to attract Ellen Barkin in Ocean's 13 (that was a Gilroy though, it turns out), and no I have no idea who they are but I'll look into it, raised $250mm 10-year unsecured debt at +325 bps. That makes $7.35 billion across 18 transactions raised thus far in 2010!