RBS Securities plans a $295 million single borrower CMBS backed by a loan secured by the Shops at Mission Viejo called RBS Commercial Funding Inc. 2013-SMV Trust.
The sponsor of the loan is Simon Property Group, L.P., an affiliate of Simon Property Group, Inc.
Kroll Bond Ratings has assigned preliminary ratings of ‘AAA’ to the class A notes; ‘AA’ratings to the class B notes; ‘A’ ratings to the class C notes; ‘BBB-‘ ratings to the class D notes; ‘BB+’ ratings to the class E notes and ‘BB+’ ratings to the class E notes.
The regional mall located in Mission Viejo, California, reported total sales exceed $288.0 million and in-line tenant sales (< 10,000 sf) of $583 per sf, according to the Kroll press release.
These sales are 30%higher than the average in-line sales for US malls of $448 per sf reported in the International Council of Shopping Center’s (ICSC’s) November 2012 US Mall Report.