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$2.55 Billion CMBS To Hit Market

Deal is biggest since 1998

November 5, 2001

By MortgageDaily.com staff

General Growth Properties is bringing a $2.55 billion commercial mortgage backed securities (CMBS) deal to the market, according to a story in Barron's. The issue, which is reportedly the largest securitization to hit the market since 1998, is composed of 27 regional shopping malls divided into three pools, Barron's said.

While lodging and nursing home CMBS recently saw a rise in delinquencies, retail delinquencies remained relatively flat according to an announcement by Standard & Poor's last week. Fitch issued a recent commentary concluding that the attacks on September 11th will not cause a dramatic spike in defaults of Fitch-rated CMBS bonds, although Fitch does anticipate rising loan delinquencies, with hospitality properties being hardest hit. Fitch said CMBS investors will be protected from bond defaults because the collateral supporting most CMBS multi-borrower transactions is characterized by significant diversity in property type and geographic location.

Barron's said that the deal is expected to reach the market early this week with both fixed- and floating-rate tranches, a structure designed to attract a wide range of investors
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