Macy's is moving out of five malls

Three are not in CMBS deals: Metcalf South Shopping Center, Jamestown Mall, and Medley Centre.

One is part of the collateral in Fashion Place Murray, UT in BBUBS 2012-TFT.

One is not part of the collateral but does serve as an anchor in the REO Fiesta Mall Mesa, AZ in BACM 2005-3. Formerly a Macerich asset.

Heitman Purchase of Macerich Malls

CoStar reports

Macerich (NYSE:MAC) and Chicago-based Heitman have entered into a joint venture on two of Macerich's malls -- Freehold Raceway Mall and Chandler Fashion Center. Under the terms of the deal, Macerich receives $167.5 million in net cash proceeds and Heitman acquires a joint venture interest of 49.9% and assumes a pro rata share of the property level debt. Macerich will continue to manage the properties.

The malls are in MSDWC 2001-FRMA, COMM 2003-LB1A, and GMACC 2003-C1

Macerich is selling assets

The WSJ reported last week that Macerich is selling off assets, but only named Queens Center Mall on Long Island. There are probably other Malls listed somewhere, but we'll hold off on identifying them until we get more color.

What is more interesting to us at this point, is a list of all the CMBS deals Macerich has loans in, so let's start with that:







In addition to the Danbury Fair Mall deal and 05-xlf, note that the BIX deal has two exposures that total over 20% of the deal.

The data in this report is a little dated, and I previously noted that Macerich reifed a couple of mortgages back in April. I also put out a list in May that highlights all maturities in the REIT space - I encourage you to take a look.

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%.