DBRS Confirms Five Classes of BAMLL 2013-WBRK

DBRS has today confirmed the ratings of the following classes of BAMLL 2013-WBRK:

--Class A at AAA (sf)
--Class B at AA (low) (sf)
--Class C at A (low) (sf)
--Class D at BBB (low) (sf)
--Class E at BB (high) (sf)

The trends are Stable.

This transaction comprises a $360 million loan secured by the fee and leasehold interest in an enclosed, partial two-story super-regional mall located in Wayne, New Jersey. The fee interest consists of 464,374 sf of major tenant and in-line space, which was occupied by 133 national and regional tenants at issuance. The lease-hold interest consists of 28,275 sf of in-line space subject to a long-term ground lease with Lord & Taylor. The property is anchored by Bloomingdale’s, Macy’s, Lord & Taylor and Sears, though they do not serve as collateral for the loan. Notable in-line tenants include Steve Madden, True Religion, Aldo, J. Crew, Coach and Michael Kors, among others.

According to the December 2013 rent roll the property was 99.0% occupied, with collateral occupancy totaling 97.3%. Since closing, the borrower has secured new leases amounting to 1.8% of the net rentable area (NRA). The property has maintained an average occupancy above 98.8% since 2007. Six tenants have lease expirations in 2014, representing only 1.0% of the NRA. The property is located in a highly in-fill location that serves a high income demographic and based on the December 2013 tenant sales report, most major tenants’ sales on a psf basis have trended upwards since year-end 2012.

Based on the stable performance of the subject property, which is inline with the DBRS expectations at issuance, DBRS has confirmed the ratings for this transaction.

DBRS continues to monitor this transaction in its Monthly CMBS Surveillance Report, with additional information on the DBRS viewpoint for this transaction, including details on the largest loans in the pool. The April 2014 Monthly CMBS Surveillance Report for this transaction will be published shortly. If you are interested in receiving this report, contact us at info@dbrs.com

Notes:
All figures are in U.S. dollars unless otherwise noted.

The applicable methodologies are CMBS Rating Methodology (January 2012) and CMBS North American CMBS Surveillance Methodology (November 2012), which can be found on our website under Methodologies.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.