Morgan Stanley plans to securitize the senior portion of a $310 million commercial mortgage that it underwrote for Simon Property Group, according to Standard & Poor’s

A $220 million portion of the loan will be securitized via Morgan Stanley Capital I trust 2016-PSQ. The loan is secured by Penn Square Mall, a 1.06 million square foot super regional shopping mall located in Oklahoma City. Simon used the loan in part to refinance $93.2 million of existing debt; the remaining proceeds of approximately $215.7 million (69.6% of the whole loan balance) were cashed out.

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