JPMorgan Securities has rolled out a commercial mortgage-backed securities (CMBS) deal worth $375 million, Commercial Real Estate Direct reports. The deal is supported by the senior portion of a financing package it provided against the Palisades Center, a shopping center in West Nyack, New York.
The total fixed-rate financing package of $525 million is being used by the property’s owner Pyramid Cos. to retire $516 million of debt due February. The loan initially had matured in 2007, but its three one-year extension options brought its final maturity to February 2010 which it once more renegotiated.
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New York Pyramid Cos. JPMorgan Securities Commercial Real Estate Direct