JP Morgan, Deutsche Bank, Morgan Stanley and Wells Fargo priced a $1.2 billion CMBS that is backed by the Aventura Mall located in Aventura, Fl.
The triple-A rated, class A notes structured with a weighted average life of 6.95-years, priced at 105 basis points over swaps. The double-A rated, class B with a weighted average life of 6.95-years, priced at 145 basis points over swaps and the 6.95-years single-A rated, class C notes priced at 170 basis points.
Further down the curve, the 6.95-years, class D notes rated triple-B, priced at 215 basis points over swaps and the 6.95-years, double B class E notes priced at 320 basis points. Moody’s Investors Service and Morningstar assigned rating on all of the notes. Fitch Ratings only rated the class notes.
The deal, Aventura Mall Trust 2013-AVM, is backed by the beneficial interest in the mortgage loan securing the Aventura Mall property, according to the Fitch presale report. Fitch rates the mall property a quality grade of A’, which is based on the mall’s above average condition. The property underwent a $131 million renovation in 2008. Turnberry Retail Holding and Simon Property Group are the loan sponsors.
As of year-end 2012, anchor sales were estimated to be over $452 million. In-line sale per square footage for the period ending Aug. 2013 were $1,750, the highest for any regional mall rated by Fitch. The mall is the second most visited mall behind the Mall of America, with over 28 million visitors a year.