CMBS conduit exposure to Coldwater Creek, which filed for bankruptcy Friday, is small. However, there are three loans for which Coldwater Creek appears as a top tenant, according to Trepp.
The retailer announced late Friday that it did not find a buyer for its 356 stores and planned to liquidate the shops by Mother’s Day. According to a Trepp report, “the stores are likely sprinkled across several CMBS loans,” and “are generally small and rarely show up as top tenants for CMBS loans.”
However there are three loans for which Coldwater Creek appear as a top tenant. The biggest note is the $125.85 million 575 Broadway loan, which makes up 9.8% of UBSBB 2013-C6.
The shop is located in New York City. The building, which was built in 1882 and renovated in 2010, is listed as a 169,450 square-foot, mixed-use property. Coldwater is listed as an office tenant with 13% of the space. The retailer was paying $43.12 per square foot, according to original deal documents.
“At the time the loan was securitized, Coldwater had already sublet some of its space,” said Trepp analysts in the report.
The $6.6 million El Paseo Collection Promenade loan also lists Coldwater as a top tenant, with about 33% of the space. The 15,376 square-foot property is located in Palm Desert, California. The note is current, matures in March 2017, and makes up 0.21% of the remaining collateral behind MSC 2007-IQ14.
Last is the $2.4 million Paris Building loan, which makes up 0.17% of BACM 2007-4, according to Trepp. The note is current but on servicer watch list. Coldwater is listed as the top tenant with almost 50% of the Santa Fe, New Mexico property. “The term was unusually long, as the note does not mature until 2022,” said Trepp.