CMBS 'haves' and 'have-nots' highlighted

Pic© MOs810

Category: CMBS

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The planned conversion of the Westside Pavilion property in Los Angeles - securitised in WFCM 2012-LC5 - is one recent example of a mall borrower resolving a troubled CMBS loan creatively (see SCI’s CMBS loan events database). Morningstar Credit Ratings highlights the move in new research illustrating that the majority of 2012 vintage mall loans should remain stable, with low term default risk, despite having higher leverage than their 2013 and 2014 counterparts and significant exposure to regional shopping centres.

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