News
National Capital Markets

Macy's Store Closings Could Impact $530M In CMBS Loans

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]

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's National Newsletters
Related Stories

JVP Development Is Betting $37M Of Its Own Money That Frisco Is Ready For Spec Office

Wall Street Impatient For Big Tech Returns On Data Center Spending

As AI Adoption Ramps Up, Half A Million Property Managers Are In The Crosshairs

Treasuries Hover Around 4.7% As Wall Street Questions If Warsh Is A 'Dove In Hawk's Clothing'

Federal Government To Sell Nearly 31K SF In Five Points: The Denver Deal Sheet

Avison Young Had Assets Frozen By Bank Over Unpaid Taxes

Philly Retail Momentum Spills From Rittenhouse Into Northern Liberties

Artificial Intelligence Companies Reshaping Dublin Office Demand As OpenAI Confirms HQ

Mars Factory Overhaul Stalls As Candymaker's Chicago Expansion Accelerates

Camden Property Trust Sells West Coast Portfolio, Clears $1.5B Target

Churchill Downs Plans To Sell 9 Casinos, Focus On Horse Racing

Bringing Stability And Savings To CRE Insurance Through Working Layer