Kroll Bond Rating Agency has assigned preliminary ratings to MSC 2013-ALTM, a $160
The company assigned preliminary ratings ranging from a top-rated AAA to a speculative grade BB+ to eight classes in the transaction.
The collateral for the securitization is a single, nonrecourse, first-lien mortgage originated by Morgan Stanley Mortgage Capital Holdings LLC and secured by the borrower’s fee simple and leasehold interests in 636,566 square feet of Altamonte Mall.
The $160 million will be used to retire a $150 million mortgage with MetLife.
The property, including the noncollateral anchor tenants, is a 1.16-million-square-foot, two-level super-regional mall located in Altamonte Springs, Fla.
The center sits on an 82.58-acre parcel of land. The property is anchored by Dillard’s, JC Penney, Macy’s and Sears. JC Penney serves as collateral for the loan, and the remaining anchors own their own stores, including the underlying land, and operate them pursuant to reciprocal easement agreement with the borrower.
The borrower is a single-purpose entity that is indirectly owned by a joint venture between General Growth Properties Inc. and New York State Common Retirement Fund. The property is currently managed an affiliate of GGP. As of January 2013, the subject collateral was 96.9% occupied while overall occupancy at the mall was 98.3%.
