National Commercial Real Estate News From CoStar Group
Watch List: Delinquent Sears, Kmart, JCPenney Retail Properties
In this week’s Watch List, CoStar examined CMBS loans for properties in which two of the largest three tenants were either a Sears, Kmart or JCPenney anchor. All three retailers have Fitch Ratings of either B or CCC with negative outlooks.
We identified 91 CMBS loans securitized before 2010 that were backed by such properties. The loans are delinquent or were not paid off at maturity on 22 of the 91 properties backing the loans, or 24%.
Vornado & Trump Refinance 1290 Avenue of the Americas
The Vornado Realty Trust partnership completed a $950 million refinancing of 1290 Avenue of the Americas, a 2.1 million-square-foot Manhattan office building. The 10-year interest-only loan bears interest at 3.344%. The net proceeds from the refinancing were $522 million after repaying the existing loan and closing costs.
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The new loan on the property is being rolled into a single-entity commercial...