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%.

LBCMT 1999-C1 - Two Simon Loans Refi

The two large Simon sponsored loans in this deal matured in the first quarter of this year, and apparently refied without any problems. Both loans were purportedly done through insurance company money, allowed Simon to take out new 10-year loans with interest rates just 70-75 bps higher than the old loans. Further, the loans were originated in 1999, so they had 10-years of embedded appreciation, so Simon was able to take out significant equity on the two loans.

LBCMT 1999-C1 New Loan
Penn Square Mall
Rate 7.025% 7.75%
Orig. Bal. $74.8mm $100mm
Most Recent $65.8mm

Woodland Hills
Rate 7.00% 7.79%
Orig. Bal. $89.6mm $97.5 mm
Most Recent $78.6mm

Both of the prior loans were amortizing, so Simon took out a signficant $53.1 mm in cash out of the deal. This is realy what I expect to see in the coming "wave of maturities" - the exception being the 5-year loans starting in earnest in late 2010 and 2011 that seem problematic to me.

2008 YE for Penn Square was a 3.34x DSCR - why doesn't anyone report that! I stumbled across these refis (Hotel Tango Journal Record), but had no problem finding the maturity default last week on another of their malls