Kroll Bond Rating Agency has assigned preliminary ratings to a $260 million
The company assigned preliminary ratings ranging from its top investment grade rating of AAAsf to a speculative grade BBsf. It assigned this range of ratings to five classes of the deal.
The collateral for the securitization, GSMS 2013-PEMB, is a nonrecourse mortgage loan that is secured by the borrower’s fee and leasehold interests in 678,818 square feet of Pembroke Lakes Mall in Pembroke Pines, Fla.
The property, including the non-collateral anchor tenants, is a one-level, 1.13-million square-foot enclosed super-regional mall with six anchor tenants: Dillard’s (157,473 square feet), Dillard’s Men & Home (80,823 square feet), JCPenney (147,760 square feet), Macy’s (181,847 square feet), Macy’s Men & Home (70,000 square feet) and Sears (143,372 square feet).
The sponsor of the loan is GGPLP Real Estate Inc., a subsidiary of real estate investment trust General Growth Properties Inc. The mortgage lender and loan seller is Goldman Sachs Mortgage Co. KeyCorp Real Estate Capital Market has been named the servicer and special servicer for the loan and Deutsche Bank National Trust Co. will serve as the trustee.
