Goldman Sachs is planning to sell a CMBS called GS Mortgage Securities Corp.Trust 2012. The transaction is backed by a single, non-recourse, first lien mortgage that has an original principal balance of $625 million.
This loan was made by Goldman Sachs Commercial Mortgage Capital to two special purpose entities that are indirectly owned and controlled by GGP Limited Partnership, which is a unit of General Growth Properties, according to a Kroll Bond Ratings presale report on the offering.
Kroll said that the loan is collateralized by the issuer’s fee simple and leasehold interests in 815,587 square feet of two interconnected specialty retail centers on the “Strip” in Las Vegas known as: The Grand Canal Shoppes and The Shoppes at The Palazzo.
Together the two properties are equal to 815,587 square feet. The presale stated that the larger of the two properties is The Grand Canal Shoppes. This comprises 499,247 square feet and is in The Venetian Resort Hotel Casino, which is operated by Las Vegas Sands Corp.
The rating agency gave the transaction preliminary ratings of 'AAA (sf)' for its Classes A, X-A, and X-B. Class B was given a preliminary rating of ‘AA- (sf).’ Kroll provisionally rated the deal’s Class C as ‘A (sf)’ and Class D as ‘A- (sf).’