“Jingle mail” was engraved into the American lexicon during the housing bust, when homeowners voluntarily turned their homes over to lenders, presumably by mailing them the house keys. The mall was owned by Simon Property Group, the largest mall landlord and mall REIT in America, which, in one of its acts of jingle mail, had returned the mall to the lenders. The regional mall has over 170 stores, including a Macy’s, a JCPenney, and a Belk (just filed for bankruptcy). The collateral is 560,000 square feet of retail space at the 1.2 million square-foot Town Center at Cobb, in Kennesaw, Cobb County, Georgia. The mortgage had been securitized and spread over two commercial mortgage-backed securities (CMBS) in 2012. Holders of CMBS eat the losses.ĭeutsche Bank this week foreclosed on a $177.5 million mall mortgage. Becoming a prolific jingle-mailer to dump malls.
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