KBRA Credit Profile Releases Research – Brookfield Pr

KBRA Credit Profile Releases Research – Brookfield Property Partners Walks Away From CMBS Malls Ahead of Acquisition


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KBRA Credit Profile Releases Research – Brookfield Property Partners Walks Away From CMBS Malls Ahead of Acquisition
April 30, 2021 GMT
NEW YORK--(BUSINESS WIRE)--Apr 30, 2021--
KBRA Credit Profile (KCP), a division of KBRA Analytics, releases a special report on mall loans sponsored by Brookfield Property Partners (BPY) and the pending acquisition of BPY by Canada-based Brookfield Asset Management (BAM). KCP examined its $725 billion coverage universe of over 1,100 CMBS transactions and identified 77 malls collateralizing 73 loans—$14.65 billion by allocated loan amount (ALA)—across 106 transactions with exposure to BPY sponsorship. Twenty ($2.16 billion) of the 73 loans were in special servicing as of the April 2021 remittance, including three ($174.6 million) wherein BPY has stipulated to friendly foreclosure: Florence Mall ($90 million), Bayshore Mall ($43.6 million) and Pierre Bossier Mall ($41 million). Additionally, it was reported that negotiations were underway for seven other specially serviced loans ($797.8 million) regarding potential friendly foreclosures.

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