Mind The Gap

Gap

Falling Revenue At Retailer Creates Uncertainties For CMBS Loans

231 securitized commercial mortgages, with a balance of $13.9B, are now exposed due to the struggling retailer GAP. According to data obtained from Morningstar Credit Ratings, more than half of the loans are backed by collateral where leases with Gap expire within the next two years.

32 properties with a combined balance of $819M could have their occupancy level fall below 80% if Gap vacates. However, the vast majority are offset by the relatively small space the retailer occupies, with only 14 locations compromising more than 20% of gross leaseable area.

Read entire article on The Gap at Bisnow.com

 

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