| Fitch Upgrades One Class of BALL 2003-BBA2
NEW YORK--(BUSINESS WIRE)--Fitch upgrades the following class of Banc of America Large Loans, Inc.'s commercial mortgage pass-through certificates, series 2003-BBA2: --$16 million class K to 'AAA' from 'AA+'. In addition, the following classes are affirmed: --Interest only classes X-1A, X-1B, X-3, and X-4 at 'AAA'; --$34 million class L at 'BBB-'. Classes A-1, A-2, A-3, Classes B, C, D, E, F, G, H, and J and Interest-only class X-2 have paid in full. The upgrade is due to the repayment of the JW Marriott hotel loan in Washington D.C. As of the April 2007 distribution date, the transaction balance had paid down 96.5% to $50 million from $1.4 billion at issuance. One loan remains in the transaction: the Westland Shopping Center, a regional mall in Westland, MI.
Congel may put malls up for sale, except for Carousel Center
Developer Robert Congel said Monday his family trusts may put his portfolio of super-regional and regional shopping centers in New York and Massachusetts up for sale again, with the exception of the Carousel Center and the planned Destiny USA project. Congel, 71, said the independent trustees of the trusts that own a controlling interest in The Pyramid Cos. have begun a review of "strategic alternatives," including the potential sale of all but the Carousel Center and its expansion into Destiny USA, a retail, hotel and entertainment center. The portolio that could go up for sale consists of 16 shopping centers. The trustees have retained Goldman, Sachs & Co. to assist in the review. "While the trustees are conducting a comprehensive assessment of Pyramid as a business and how it will go forward, I want to assure the Syracuse community and Central New York region of the continuing commitment of the Congel family to Carousel Center and Destiny USA and to our other activities that stimulate the economic development, innovation, research and job creation that this region must have to continue its growth in a very competitive world," said Congel, founder and senior partner of Syracuse-based Pyramid.
Rolling Acres hits rock bottom
For years, Midway Mall in Elyria was the dominant shopping locale in the area. It had it all: great highway access, four strong anchor stores and concourses filled with shoppers despite the slow creep into the area of competing retail complexes. But the announcement that Dillard's will close its Midway location has made it painfully clear that the mall, whose ownership has changed three times in recent years, is at a turning point. The new owners must find a way to reinvent the mall, which some experts say is not only possible but likely given the location, or it could face the slow and painful death that has taken out other area malls. The Chronicle is looking at three different malls in three very different circumstances — Westgate Mall, which was demolished and is being rebuilt; Great Northern Mall, which grew up as a cousin to Midway and is thriving; and Rolling Acres Mall in Akron, where there are more empty storefronts than occupied ones.
The Caribbean cruise with ice skating on board
When people go on a Caribbean cruise, most remember to pack their towel and swimming costume, but very few take ice skates. That, however, is exactly what they will need on the world's largest cruise liner, which sailed into Britain yesterday. .
News roundup: Apollo gets stake in Gramercy facility; Mall of ...
Xstrata to sell alumina refinery: Xstrata has agreed to sell aluminum plants and a bauxite mine to Apollo Management for $1.15 billion. The deal will also give Apollo a 50% stake in an aluminum refinery in Gramercy. The deal is expected to be completed during this quarter. Shop in advance: The Mall of Louisiana has a new feature that allows people to check online if stores have the items they want before heading out to the shopping center. The Web site ps.malloflouisiana.com also allows shoppers to reserve items and offers news on sales and promotions. B.R. company gets planning contract: IEM has renewed a contract to help Alabama officials plan for catastrophic events ranging from hurricanes to terrorist attacks. The Baton Rouge company has worked with the Alabama Emergency Management Agency for the past two years.
20 Mln EUR Investment in Bucharest Mall Extension
The Bucharest Mall Extention required a 20 million EUR investment and will offer 9.000 square meters of rentable space in the first shopping center in Romania, as well as a parking lot with 800 spaces, according to a press release from Anchor Grup, the developer of this project. The two buildings will be connected through an arcade. The built surface area of the mall after having been expanded totals 99.000 square meters.
Along with the expansion project, local and international retailers will open new stores. 45 brands will be present at the Bucharest Mall, among which we mention: Debenham"s, Esprit, Promod, Parfois, Nine West, Springfield, Ziggo, Opticris, Nara Camicie, Swarovsky, Cellini Time, Accessorize, Timberland/Nautica, Tommy Hilfiger, Lacoste, Gant, Optiplaza, Lazzaro Argento, Oxette, Stefanel, Levi"s, Kenvelo, D&G Monte Napoleone, Time Out, Bata, Koton, Oltre and Starbucks.
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