Posted on May 25, 2017

RS Metrics traffic data and trends for Cottonwood Mall and its anchor stores (JCP, SHLD, M) was an early warning.

Cottonwood Mall based in Albuquerque, N.M., is losing its Macy’s anchor store. Fitch Ratings applied a 50% haircut to the most recent reported property cash flow to account for co-tenancy clauses and predicted a 29% loss on the $101 million loan.
The loan, which was earlier bundled into a commercial mortgage-backed security deal, is still performing, but Fitch recently issued negative ratings outlooks on two parts of the deal.
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