GSMS 2012-BWTR NEW YORK --(BUSINESS WIRE)-- Kroll Bond Rating Agency (KBRA) affirmed its ratings on all six classes of GSMS 2012-BWTR certificates, a $300.0 million CMBS single borrower transaction (see ratings list below). The transaction collateral consists of a single, non-recourse, first lien mortgage loan secured by the borrower’s fee simple interest in 640,210 square feet (sf) of Bridgewater Commons , a 992,561 sf super-regional mall located in Bridgewater, New Jersey . Bridgewater Commons has three traditional mall anchor tenants totaling 502,876 sf. These anchors include Bloomingdale’s, Lord & Taylor and Macy’s. Bloomingdale’s serves as collateral for the loan, and the remaining anchors own their improvements and underlying land. The loan sponsor is Four States Properties, LLC , a joint venture between GGP Limited Partnership , an affiliate of General Growth Properties, Inc. and Fourmall Acquisition, LLC . Fourmall Acquisition, LLC is a joint venture between the New York State Teachers’ Retirement System (NYSTRS) and the Commingled Pension Trust Fund of JPMorgan Chase Bank , National Association, which is managed by JPMorgan Asset Management – Global Real Estate Assets. Bridgewater Commons has experienced strong sales and occupancy since securitization, despite declines in both. For the TTM period ending June 2013 , comparable in-line tenants occupying less than 10,000 sf generated sales of $763 per sf for the mall and $717 per sf, inclusive of the adjacent lifestyle center, down 2.5% from $782 and $735 per sf, respectively, at securitization. Excluding the Apple Store , comparable in-line tenants generated sales of $599 per sf for the same period, reflecting a decrease of 5.8% from $636 per sf at securitization. Recent sales performance, excluding the Apple Store , however, is 33.1% above the International Council of Shopping Center’s (ICSC’s) average US mall sales of $450 per sf and 10.5% higher than the ICSC US Northeast region sales, which were $542 per sf as of September 2013 . KBRA used information obtained from the trustee, U.S. Bank National Association , and servicer, Wells Fargo National Association , to analyze the loan collateral. The analysis produced a KBRA Net Cash Flow (KNCF) of $31.1 million and a KBRA value of $428.9 million , both of which have declined 1.0% since issuance. The resulting in-trust KBRA Loan to Value (KLTV) is 69.9%. Class Rating Balance (USD) Rating Action A AAA (sf) 217,590,000 Affirmed X-A¹ AAA (sf) 217,590,000 Affirmed X-B¹ AAA (sf) 39,410,000 Affirmed B AA- (sf) 39,410,000 Affirmed C A- (sf) 28,700,000 Affirmed D BBB(sf) 14,300,000 Affirmed ¹ Notional Class 17g-7 Disclosure All Nationally Recognized Statistical Rating Organizations are required, pursuant to SEC Rule 17g-7, to provide a description of a transaction’s representations, warranties and enforcement mechanisms that are available to investors when issuing credit ratings. KBRA’s disclosure for this transaction can be found at http://www.krollbondratings.com/regulatory/17g-7 . Related Publications (available at https://www.krollbondratings.com ): GSMS 2012-BTWR Pre-Sale Report CMBS Property Evaluation Guidelines CMBS Single Borrower and Large Loan Rating Methodology Kroll Bond Rating Agency (KBRA) Analytical Contacts: Allison Werry , 646-731-2335 email@example.com or Gretel Braverman , 215-353-0449 firstname.lastname@example.org or Sarah Woo , 646-731-2361 email@example.com or William Petersen , 215-882-5860 firstname.lastname@example.org Source: Kroll Bond Rating Agency
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