Ohio mall sold for USD 4.25m out of Westfield portfolio in JPMCC 2006-LDP7 - Debtwire

Ohio mall sold for USD 4.25m out of Westfield portfolio in JPMCC 2006-LDP7

18 September 2017 - 12:00 am

Special servicer LNR Partners fetched USD 4.25m for the Westfield Midway in Elyria, Ohio, the largest mall backing the USD 240m Westfield Centro Portfolio loan in JPMCC 2006-LDP7, according to September remit notes.

The property was sold last month to Namdar Realty Group, according to Real Capital Analytics. The Westfield Centro loan makes up 46.03% of the deal and has been in special servicing since mid-2014.

 

The Westfield Midway was to be auctioned in July through broker The Shopping Center Group, as reported (see story, 17 May). It is part of a five-property portfolio. The assets have been held as REO since early 2016.

 

The center, built in 1966, is the oldest in the portfolio, according to Trepp data. Together, the properties appraised for USD 111.3m in July, down from USD 343.1m at securitization. They posted USD 11.1m of NOI on 86% occupancy last year.

by Maura Webber Sadovi