Former Rouse, GGP Mall in Chicago. This was the typical GGP mall with a high DSCR, low leverage (relatively speaking) and good tenants (again, relatively speaking. Matured 9/2010, but they were able to refinance the $131.5mm pari passu CMBS note on 9/28 with a new $200mm loan from Met Life according to Crain's (sorry no link).
The loan was permitted to get mezzanine financing, but frankly I don't know if it did. Regardless, it definitely refinanced into a substantially larger loan giving proceeds back to GGP. It's a little frustrating that bond holders had to eat a $1.2mm loss as both Trusts were charged substantial fees.
CoStar's People of Note (Apr. 29)
1 day ago