Banc of America Merrill Lynch plans to issue a $360 million CMBS deal collateralized by the fee and leasehold interest for Willowbrook Mall, a two-story super-regional mall located in Wayne, New Jersey.
The deal, BAMLL Commercial Mortgage Securities Trust 2013-WBRK, has been assigned preliminary rating by DBRS. According to the presale the capital structure will include $231.6 million of ‘AAA’ notes; $43 million of ‘AA’ notes; $24.4 million of ‘A’ notes; $40.2 million of ‘BBB’ notes’; and $20.73 million of ‘BB’ notes. DBRS did not list how each class of notes is expected to be sized.
The fee interest consists of 463,774 square feet (sf) of major tenant and in-line space, currently occupied by 133 national and regional tenants. The leasehold interest consists of 28,875 sf of in-line space subject to a long-term ground lease with Lord & Taylor. The anchor tenants, Bloomingdale’s, Macy’s, Lord & Taylor and Sears, do not serve as collateral for the loan.
The property is directly owned by General Growth Properties, Inc. (GGP). Proceeds from the loan will be used to retire the existing debt and return $210 million to GGP.