Borders' Impact On CMBS Loans
Feb 22, 2011 10:04 AM
- The CMBS market’s total exposure to Borders stores, both those slated for closing and those that will continue to operate, comes to 3 million square feet of space.
- Realpoint estimates that there are approximately 33 centers encumbered by CMBS loans that will be affected by Borders’ closings. At 13 of those centers, Borders occupies the entire building. At another 15, it takes up at least 50 percent of the space. Altogether, the closings will push occupancy rates below 80 percent at 29 retail centers.
Source: Realpoint LLC
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