State: South Dakota - SD
Rushmore Mall
A total of 727,725 square feet at the 839,284-sf shopping mall had served as collateral for the CMBS loan, which first had transferred to special servicing in 2011 when it became unclear whether anchor JCPenney would remain in its 89,909-sf ...
Rushmore Mall in Rapid City, S.D., Sold for $22.42Mln; Spells Big Loss to 2006 CMBS Trust
RockStep Capital Corp. bought the 839,284-square-foot shopping mall for $22.42 million, resolving the last remaining asset in Banc of America Commercial Mortgage Trust, 2006-3. The liquidation of the CMBS loan resulted in $71.55 million of losses, bringing total losses to ...
Buyer of South Dakota Apartments Lines Up $20.74Mln HUD Loan
A venture of Circle Capital Partners and Tzadik Properties has lined up $20.74 million of financing for its purchase of LaCrosse Estates, a 265-unit apartment property in Rapid City, S.D. Merchants Bank of Winona, Minn., provided the loan, which was ...
Grandbridge Writes $26.2Mln Freddie Mac Loan Against South Dakota Apartments
Grandbridge Real Estate Capital has arranged a $26.2 million Freddie Mac loan against the Commons apartment property in Sioux Falls, S.D. The 10-year loan requires only interest payments for the first three years, then it amortizes on a 30-year schedule. ...
Last Asset in BACM 2006-3 Becomes REO
Commercial Real Estate Direct Staff Report The Washington Prime Group affiliate that owns the Rushmore Mall in Rapid City, S.D., last week turned the property over to its lender, Banc of America Commercial Mortgage Trust, 2006-3, which had held a ...
Rushmore Mall in South Dakota Valued at $37.1Mln in Latest Appraisal
Commercial Real Estate Direct Staff Report The Rushmore Mall in Rapid City, S.D., which backs a $94 million CMBS loan, has been appraised at a value of $37.1 million. That compares with the $117.5 million appraised value set in 2006 ...
Washington Prime Hints on Giving Back Rushmore Mall, 2 Others
Commercial Real Estate Direct Staff Report Rushmore Mall, an 831,040-square-foot retail property in Rapid City, S.D., is "over-levered and non-core," according to its owner, Washington Prime Group. That's an indication that the Columbus, Ohio, REIT is willing to allow the ...
Vacancy Threat Prompts $94Mln CMBS Loan’s Transfer to Special Servicing
Commercial Real Estate Direct Staff Report The $94 million CMBS loan against the Rushmore Mall in Rapid City, S.D., has transferred to special servicing again, as the property faces substantial potential vacancies. The loan, which was modified into A ...
$24.2Mln Construction Loan Lined Up for Rapid City, S.D., Apartments
Midwest Real Estate Journal Hagg Brothers LLC has obtained a $24.2 million construction loan for a 160-unit apartment project in Rapid City, S.D. The project, Moon Meadows Apartments, will sit within the Moon Meadows mixed-use development, which includes a mix ...
CMBS Loan Against Rushmore Mall Sees $48.6Mln Appraisal Reduction
Commercial Real Estate Direct Staff Report The $94 million CMBS loan against the Rushmore Mall in Rapid City, S.C., which recently was modified into A- and B-notes, was hit with an appraisal reduction of $48.6 million, to reflect the $52 ...
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