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14 Jul 2010
Approximately $158.3 Million of Structured Securities Affected
New York, July 14, 2010 -- Moody's Investors Service affirmed eight classes of Freehold Raceway
Mall Trust Commercial Mortgage Pass-Through Certificates,
Series 2001-FRM due to the relatively stable performance of the
collateral during a stressful economic environment for retail real estate.
The property is a dominant super regional mall within a densely populated
trade area with an average household income of approximately $90,000.
The mall's sales productivity remains above average at $493
per square foot for the trailing twelve month period ending May 31,
2010. While the sales level is around 8% off its peak level
in 2008, year-to-date sales through May 2010 is up
6% over the same period in 2009. The mall's occupancy
cost to sales ratio has been steadily edging upwards from 13.5%
at securitization to the current 15% level. The occupancy
cost ratio measures the relationship between the costs tenants must pay
to operate at the property and the sales that they generate from these
operations. A ratio of 15% to 16% is typically an
acceptable range for tenants given the level of sales generated at this
property. There has been some deterioration in occupancy as the
overall occupancy fell from approximately 96% in 2008 to 92%
as of the March 2010 rent roll. This rating action is the result
of Moody's on-going surveillance of commercial mortgage backed
securities (CMBS) transactions.
As of the July 12, 2010 distribution date, the transaction's
aggregate certificate balance has decreased by 11% to $158.3
million from $177.8 million at securitization. The
Certificates are collateralized by a single mortgage loan that matures
on July 7, 2011.
The transaction is secured by a first mortgage lien on 784,600 square
feet of mall shop and other space at Freehold Raceway Mall, a 1.6
million square foot dominant super-regional mall located in Freehold
(Monmouth County), New Jersey. Anchor stores include J.C.
Penney, Lord & Taylor, Macy's, Nordstrom and Sears.
All five anchors own their own stores and are therefore not part of the
collateral. The mall was developed by an affiliate of Wilmorite
Holdings, L.P., the operating partnership for
Wilmorite Properties, Inc., which was acquired by The
Moody's weighted average pooled loan to value ("LTV")
ratio is 62% and stressed debt service coverage ratio ("DSCR")
is 1.52X. The pool has not experienced any losses since
Moody's rating action is as follows:
-Class A-1, $3,071,460 affirmed
at Aaa; previously on 9/26/2001 assigned Aaa
-Class A-2, $85,145,388,
affirmed at Aaa; previously on 9/26/2001 assigned Aaa
-Class X, Notional, affirmed at Aaa; previously
on 9/26/2001 assigned Aaa
-Class B, $4,800,000, affirmed at
Aaa; previously on 5/10/2005 upgraded to Aaa
-Class C, $16,000,000, affirmed
at Aaa; previously on 5/23/2006 upgraded to Aaa
-Class D, $20,600,000, affirmed
at Aa2; previously on 5/11/2007 upgraded to Aa2
-Class E, $20,600,000, affirmed
at A2; previously on 3/5/2009 downgraded to A2 from A1
-Class F, $8,100,000, affirmed at
A3; previously on 3/5/2009 downgraded to A3 from A2
Moody's monitors transactions on a monthly basis through two sets
of quantitative tools -- MOST® (Moody's Surveillance
Trends) and CMM (Commercial Mortgage Metrics) on Trepp --
and on a periodic basis through a comprehensive review. Moody's
prior review is summarized in a Press Release dated March 5, 2009.
The previous review was part of Moody's first quarter 2009 ratings sweep
and incorporated assumptions for capitalization rates and stressed cash
flows that were outlined in "Rating Methodology Update: US CMBS
Conduit and Fusion Review Prompted by Declining Property Values and Rising
Delinquencies" dated February 5, 2009.
The principal methodology used in rating and monitoring this transaction
is "CMBS: Moody's Approach to Rating Large Loan/Single
Borrower Transactions" published on July 7, 2000 and available
on www.moodys.com in the Rating Methodologies sub-directory
under the Research & Ratings tab. Other methodologies and factors
that may have been considered in the process of rating this issue can
also be found in the Rating Methodologies sub-directory on Moody's
website. In addition, Moody's publishes a weekly summary
of structured finance credit, ratings and methodologies, available
to all registered users of our website, at www.moodys.com/SFQuickCheck.
Andrea M. Daniels
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
Michael M. Gerdes
Senior Vice President
Structured Finance Group
Moody's Investors Service
Moody's Affirms All CMBS Classes of Freehold Raceway Mall Trust 2001-FRM
No Related Data.
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