Monday, September 12, 2011

Southridge Mall (124mm - JPMCC 2005-CB11)

Southridge lost Steve and Barry's and Linens N Things to bankruptcy and occupancy was at 58% at the end of last year, and a 1.57x NOI DSCR was reported (still included part of the LNT rent, but still impressive). Per Barclays, they extended the maturity date from 4/2012 to 4/2015, and the borrower has committed to a $36mm renovation and leased the vacant space to Macy's.

All else equal, the extension pushes the life of the bond from April 2012 to January 2015, or further (Meridian Mark I & II is with the special and contributes partly to the paydown).

No comments: