This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Kroll Bond Rating Agency Assigns Preliminary Ratings To BB-UBS Trust 2012-TFT

Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings for the BB-UBS Trust 2012-TFT transaction (see ratings list below). BB-UBS Trust 2012-TFT is a CMBS large loan transaction that is collateralized by three first mortgage loans with a combined principal balance of $552.9 million jointly originated by Barclays Bank PLC and UBS Real Estate Securities Inc.

The loans, which are not cross-collateralized or cross-defaulted, are each secured by a super-regional mall that are owned and operated by General Growth Properties, Inc. The largest of the three loans has a balance of $205.5 million and is secured by a first mortgage lien on the borrower’s fee and leasehold interests in 667,561 square feet (sf) of the Tucson Mall, a 1.3 million sf property located in Tucson, Arizona. The second largest loan has a balance of $202.0 million and is secured by a first mortgage lien on the borrower’s fee and leasehold interest in 421,206 sf of Fashion Place, which is a 1.0 million sf property located in Murray, Utah. The final loan that serves as trust collateral has a balance of $145.4 million and is secured by first mortgage lien on the borrower’s fee and leasehold interests in 416,516 million sf of the Town East Mall, which is a 1.2 million sf property located in Mesquite, Texas.

KBRA’s analysis of the transaction included a detailed evaluation of each malls’ cash flows using our CMBS Property Evaluation Guidelines, and the application of our CMBS Single Borrower & Large Loan Rating Methodology. The results of the analysis produced an individual KNCF for each property. We applied KBRA capitalization rates to each property’s KNCF to arrive at KBRA value, the results of which are highlighted below.
  • Tucson Mall: an 8.50% cap rate to KNCF of $23.6 million, resulting in a KBRA value of $277.7 million, which is 30.6% off of the appraisal value.
  • Fashion Place: a 7.50% cap rate to KNCF of $20.8 million, resulting in a KBRA value of $277.8 million, which is 27.3% off of the appraisal value.
  • Town East Mall: an 8.25% cap rate to KNCF of $16.3 million, resulting in a KBRA value of $197.9 million, which is 22.1% off of the appraisal value.

In our analysis of the transaction, we also reviewed and considered third party engineering and environmental reports, as well as our own on-site inspections of the properties and the competition.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,122.20 -405.83 -2.46%
S&P 500 1,927.84 -44.34 -2.25%
NASDAQ 4,683.2210 -93.2870 -1.95%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs