...generally just do the opposite.
Although, in all fairness, Brandywine is positioned pretty good relative to some other REITs.
CMBS: They have 10 loans maturing in 2015 through 2017 (none later) in CMBS worth about $230 mm, they have 3 loans maturing over the next couple of year worth $61.475mm (see below), and 1 that matured this year (One & Three Christina Centre matured in January, paid down in March - JV with Maguire, looks like a 1% loss was incurred by the Trust, but I'm not familiar with the story here).
Corporate Debt $2.6 billion, staggered maturies starting 11/1/09, 2010, 2012, 2014, 2016, 2017, and 2026.
Equity: $1.32 billion, trading at a discount to NAV of $1.8 billion, for whatever that is worth.
They look a lot better from a maturing debt standpoint than most of their peers, but there are better places to get long commercial real estate than any REIT equity right now.
Showing posts with label Brandywine. Show all posts
Showing posts with label Brandywine. Show all posts
Sunday, August 23, 2009
Friday, April 3, 2009
Who is making and receiving mortgages -- Bank of Amerillwide
The fine researchers at Bank of Amerillwide put out a good list of loans and extensions, some of which were news to us. See below:
Macerich - Refied two mortgages, extended two. Shops at North Bridge received a $205 mm 7-year, 7.5% coupon mortgage from insurance money; it refies a $205 mm pari passu loan with a 4.67% coupon in LBUBS 2004-C6 and MSC 2004-IQ8, but the new DSCR is still roughly 1.89x using 3Q 08 annualized net cash flow numbers. On a separate unamed property, they closed a $115 million bank loan with a 2-year term floater at L+350 bps with a 5.25% floor.
Macerich also extend the $54 mm Inland Center in San Bernadino (LBUBS 2004-C2) loan all the way out to 2/2011 with a 50 bp coupon step-up every 6 months. BOMLW points out that this destroys the A2 holder who would have been paid down substantially had the loan paid off as scheduled. Again, the other extended loan remains unamed but received a 2-year extension as well.
The mention the two Simon malls in LBCMT 1999-C1 that we discussed yesterday.
Brandywine closed a $90 mm mortgage on a Philly office building taking out a soon to be maturing loan of $69mm. No further details.
Liberty also reported 6 separate loans funded by life insurance for a total of $317 mm. Half floaters and half fixed, with an all-in coupon of 7.1%.
Macerich - Refied two mortgages, extended two. Shops at North Bridge received a $205 mm 7-year, 7.5% coupon mortgage from insurance money; it refies a $205 mm pari passu loan with a 4.67% coupon in LBUBS 2004-C6 and MSC 2004-IQ8, but the new DSCR is still roughly 1.89x using 3Q 08 annualized net cash flow numbers. On a separate unamed property, they closed a $115 million bank loan with a 2-year term floater at L+350 bps with a 5.25% floor.
Macerich also extend the $54 mm Inland Center in San Bernadino (LBUBS 2004-C2) loan all the way out to 2/2011 with a 50 bp coupon step-up every 6 months. BOMLW points out that this destroys the A2 holder who would have been paid down substantially had the loan paid off as scheduled. Again, the other extended loan remains unamed but received a 2-year extension as well.
The mention the two Simon malls in LBCMT 1999-C1 that we discussed yesterday.
Brandywine closed a $90 mm mortgage on a Philly office building taking out a soon to be maturing loan of $69mm. No further details.
Liberty also reported 6 separate loans funded by life insurance for a total of $317 mm. Half floaters and half fixed, with an all-in coupon of 7.1%.
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