Macy's Store Closings Could Mean Trouble For CMBS Investors
At least 13 CMBS deals could be impacted, as shopping malls that had Macy’s as an anchor tenant are left with huge vacancies.
The largest affected deal is a $65.7M mortgage in Chapel Hill, Ohio, which is facing almost $46.6M in losses, The Real Deal reports.
Hedge fund Starboard Value suggested that Macy’s make separate JVs for its city flagship stores and mall properties, coming after the hedge fund also made a failed push for a Macy’s REIT spinoff. [TRD]