CMBS double loan default bodes ill for UK shopping centres
A loan backing a post-crisis UK CMBS has suffered its second event of default (EOD) in 12 months, after being cured once. The Maroon Properties backing the deal saw a valuation decrease of £17.1m, triggering a loan to value covenant breach on Wednesday.
The Maroon Properties, backing the Elizabeth Finance 2018 deal, were valued at £68.9m in a notice sent out on Wednesday, a decrease of £17.1m compared to the previous valuation in January 2019.This valuation puts senior loan LTV at 96.4%. The covenant is breached if the LTV exceeds ...
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