–Sarika Gangar
General Growth Properties, which filed for bankruptcy on Thursday (16 April), is attempting to claw back a number of commercial property loans that have been securitized by pulling them into its filing. The move surprised market participants because commercial mortgage-backed securities deals are set up as bankruptcy-remote, special purpose entities. GGP owns over 200 properties, 158 of which were included in the bankruptcy. Of the 158, roughly 90 are held within CMBS and CRE CDOs.
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