Moody’s Investors Service has assigned a range of definitive ratings to about $300 million in commercial mortgage-backed securities from a single-asset transaction at the end of what has been a relatively active year for CMBS approaches.
Ratings on the tranches issued in the deal, GS Mortgage Securities Corporation Trust Commercial Mortgage Pass-Through Certificates Series 2012-BWTR, range from Moody’s top structured finance rating of Aaa (sf) to a rating of Baa2 (sf), which is much closer to speculative grade.
Fee-simple interest in 546,411 square feet within the Bridgewater Commons mall and an adjacent 93,799-square-foot property collateralize the first-lien loan in the transaction. The borrowers are two special purpose entities, Bridgewater Commons Mall II LLC and Bridgewater Commons Mall Development LLC.
Analysts have been particularly careful when analyzing the retail sector and assess malls on an individual basis, according to Moody’s.