Showing posts with label Water Tower Place. Show all posts
Showing posts with label Water Tower Place. Show all posts

Wednesday, October 27, 2010

Water Tower Place refis, some bondholders lose

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.