Wells Fargo plans to issue a $300 million single asset, CMBS that is collateralized by one fixed rate whole loan secured by Bergen Town Center mall in Paramus, NJ.
Moody’s Investors Service assigned preliminary ratings to the deal, WFCM 2013-BTC. According to the Moody’s presale report, the $160.21 million, class A notes are rated ‘Aaa’; the $31.4 million class B notes are rated ‘Aa3’; the $22.83 million class C notes are rated ‘A3’; the $27.72 million class D notes are rated ‘Baa3; and the $39.14 million class E notes are rated ‘Ba3’. Moody’s did not rate the $18.66 million class F notes.
Bergen Town Center is divided into two sections, the East and the West; and only the West side secures the loan, according to the presale report. This side of the land consists of a two-story retail center, and six separate outparcels contained in 1,003,539 SF.
The center was originally constructed in 1957 as an enclosed regional mall known as Bergen Mall, and was extensively renovated and repositioned by the sponsor for a total cost of approximately $313 million between 2006-2012.
As of March 2013, the center was approximately 93.2% leased and 88.8% occupied by 75 anchor and in-line tenants. Anchor tenants at the property include Target, Whole Foods, and Century 21. Major tenants include Marshalls, Nordstrom Rack, Saks Off Fifth, HomeGoods, Bloomingdale’s Outlet, Nike Factory Store, and Old Navy Outlet.
Lincoln Technical Institute occupies 30,000 SF of office space above the Century 21 space.