The Aventura Mall located in Aventura, Fl. backs a $1.2 billion CMBS planned for Turnberry Retail Holding and Simon Property Group.
JP Morgan, Deutsche Bank, Morgan Stanley and Wells Fargo are joint bookrunners and co-lead managers on the deal.
Fitch Ratings has assigned a preliminary rating of AAA’ to the $747 million class A notes and X-A interest-only notes. The ratings agency will not rate the class X-B, class B, class C, class D and Class E 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.
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 American, with over 28 million visitors a year.
