General Growth Properties
is planning to sell a $259 million CMBS large-loan transaction named COMM 2012-LTRT.
The collateral for the securitization comprises two, non-recourse, first-lien mortgage loans, according to a presale report issued today by Kroll Bond Rating Agency.
The rating agency gave the class A-1, A-2 and X-A notes a 'AAA' rating. The class B notes are rated 'AA'; the class C notes are rated 'A'; the class D notes are rated 'BBB+' and the class E notes are rated 'BBB-'.
The loans that are not cross-collateralized or cross-defaulted are each secured by a mall property. The larger loan is secured by the borrowers’ fee simple interests in 540,304 sf of Westroads Mall, a 1.1 million square feet super-regional mall located in Omaha, Nebraska.
The second loan is secured by 581,849 sf of the Oaks Mall, a 906,349 square feet super-regional mall located in Gainesville, Florida.
Both properties have maintained average occupancy rates of at least 94.9% since 2008 and have experienced increasing in-line sales per square foot in recent years. Both borrowers are single purpose entities indirectly controlled by the sponsor, GGP Limited Partnership.
The loans have a ten-year term and are structured with a 30-year amortization schedule.