Along with 4,500 layoffs, Macy’s store closings could mean over $260M in CMBS losses across $530M—loans backed by Macy’s soon-to-be closed stores.
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]
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