DOCSLIB.ORG

Commentary Coronavirus Puts Pressure on $4.6 Billion of Maturing CMBS Loans Backed by Regional Malls

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Commentary Coronavirus Puts Pressure on $4.6 Billion of Maturing CMBS Loans Backed by Regional Malls Commentary Coronavirus Puts Pressure on $4.6 Billion of Maturing CMBS Loans Backed by Regional Malls DBRS Morningstar DBRS Morningstar Perspective April 13, 2020 The ongoing Coronavirus Disease (COVID-19) pandemic is affecting every facet of the U.S. economy and commercial real estate is no exception. The possibility that stores will remain closed for a longer period Contents of time is becoming more likely, which pressures about $4.6 billion in regional mall loans packaged in 1 DBRS Morningstar Perspective 1 Regional Malls Take Immediate Hit Amid commercial mortgage-backed security (CMBS) transactions that are scheduled to mature through 2021. Coronavirus Response Efforts DBRS Morningstar analyzed these near-term maturities and identified some key characteristics to 2 Regional Mall Stress Compounded by evaluate the likelihood of either a successful refinance or short- to medium-term extension that could Near-Term Maturities in CMBS 4 Evaluating the Road Ahead for Maturing facilitate takeout financing down the road. Sponsor strength and willingness to invest have historically CMBS Mall Loans played a critical role in mall performance in general, and we expect those trends to continue for the 13 Looking Forward maturing CMBS mall loans coming due in the next few years. Overall, borrowers are more likely to invest 14 Appendix capital in more stable malls with more predictable long-term prospects for success. Alex Sgorlon With a likelihood of stressed cash flows across the spectrum, DBRS Morningstar notes that high-quality Senior Analyst North American CMBS Class A assets with reasonable leverage and consistent cash flow performance and a cushion to service +1 416 728-8144 debt are the most attractive refinance or maturity extension candidates. Performance trends and [email protected] characteristics including occupancy, exposure to anchor (and dark anchor) tenants, sales performance, Jason de Souza and capitalization rates relative to comparable assets speak to the asset’s performance in a stabilized Senior Analyst environment. We also consider factors such as the property’s position compared with other properties in North American CMBS +1 416 597-7401 the market and its history of innovation in attracting newer, more entertainment-based tenants and/or [email protected] more popular retailers in today’s consumer environment relative to historically prevalent mall retailers. Gwen Roush Senior Vice President Regional Malls Take Immediate Hit Amid Coronavirus Response Efforts North American CMBS As city officials, governors, and federal agencies have issued guidance regarding social distancing and +1 312 332-9575 [email protected] limitations on large gatherings, retailers and mall operators have temporarily closed or remain open only for essential purchases. Some prominent retailers, such as Macy’s and Nordstrom, Inc. (rated BBB (high) Steven Jellinek with a Negative trend by DBRS Morningstar), have suspended dividend payouts, citing significant Vice President North American CMBS uncertainty ahead. According to Autonomous Research LLP, 126 consumer companies, including +1 312 244-7908 retailers such as Best Buy Co, Inc.; The TJX Companies, Inc.; and Kohl’s, have drawn a total of $86 billion [email protected] from credit lines. Whether by companywide mandates, such as those put into place by Simon Property Group, Inc. (Simon); Washington Prime Group Inc. (WPG), and Unibail-Westfield-Rodamco SE, or by government mandate, most regional malls in the U.S. are closed because of the coronavirus. Amid mall and store closures, some retailers have notified mall operators of their inability or unwillingness to pay rent for Page 2 of 15 Coronavirus Puts Pressure on $4.6 Billion of Maturing CMBS Loans Backed by Regional Malls | April 13, 2020 April with at least one operator, Taubman Centers Inc. (Taubman), advising that it will not offer rent concessions at this time. The ongoing uncertainty is particularly problematic for regional malls, many of which were already facing strong headwinds before the coronavirus. Traditional enclosed mall properties have been exposed to the declining performance of department store anchors, which have announced mass store closures over the last several years. This trend has left many properties with an expansive footprint to redevelop and backfill, often at a significant expense and in a highly competitive environment for operators working to attract the handful of major retailers typically filling those vacant spaces. When larger vacancies begin to occur, sponsors with weaker portfolios and less access to capital are restricted in their ability to fully implement a turnaround strategy. Such sponsors also face the challenge of quickly adapting to changing consumer preferences that benefit the malls’ interests in the long term. The coronavirus' effect will undoubtedly (1) put added stress on these operators and weaker assets because temporary mall closures will affect retailers’ ability to pay rent and (2) test the sustainability of anchors and in-line tenants that are already experiencing lower sales, particularly for locations outside primary markets. Although many have predicted the death of the American shopping mall over the last few decades, the number of enclosed malls in the U.S. has actually grown to 1,170—the highest in the last 50 years, according to the International Council of Shopping Centers. The excess supply, combined with changing consumer habits that have affected malls in particular, has driven many malls to or near the brink of closure as survival of the fittest plays out for owners seeking financing, a trend that we believe will be expedited by the economic fallout of the coronavirus. Regional Mall Stress Compounded by Near-Term Maturities in CMBS Based on the data available in DBRS Viewpoint, 49 regional mall CMBS loans (see the Appendix) with a combined balance of over $4.5 billion are scheduled to mature in 2020 and 2021. Loans that are secured by underperforming properties are unable to handle significant cash flow declines that we expect during the coronavirus pandemic and therefore, will face the greatest challenge in obtaining replacement financing. Page 3 of 15 Coronavirus Puts Pressure on $4.6 Billion of Maturing CMBS Loans Backed by Regional Malls | April 13, 2020 Exhibit 1 Debt Service Coverage Ratio (DSCR) Performance < 1.50x 1.50x - 1.75x 1.75x - 2.00x > 2.00x 39.0% 20.9% 6.3% 33.8% Exhibit 2 DBRS Morningstar Market Rank Upcoming Maturity Loans 50.0% 40.0% 30.0% 20.0% % of% Current Debt 10.0% 0.0% 1 2 3 4 5 6 7 Market Rank Source: DBRS Morningstar. Within that set of loans, 16 loans, comprising over $957 million of outstanding debt, reported year-end DSCRs of under 1.50 times (x) as of the most recent available reporting period. Ten of these loans, comprising $562 million, would be unable to cover their debt service following a 20% haircut to the in- place net cash flow (NCF). In addition to malls reporting lower cash flows, we also see increased risks based on location. Because of reduced investor demand and less willingness from banks and other financial institutions to lend, malls in rural or suburban markets will likely see fewer options for takeout at maturity compared with malls in denser, more populated markets. Across the cohort of near-term CMBS mall maturities we identified, 31 loans, representing $2.0 billion, are collateralized by a mall located in a city with a DBRS Morningstar Market Rank of 3 or lower. Page 4 of 15 Coronavirus Puts Pressure on $4.6 Billion of Maturing CMBS Loans Backed by Regional Malls | April 13, 2020 Exhibit 3 Current Loan-to-Value (LTV) Ratio Upcoming Maturity Loans 30.0% 20.0% of% Current Debt 10.0% 0.0% < 45% 45%-50% 51%-55% 56%-60% 61%-65% > 65% LTV Category Source: DBRS Morningstar. Approximately 75% of the outstanding CMBS mall debt with a near-term maturity has a loan-to-value (LTV) ratio between 45% and 60%. Although these figures suggest more cushion against market disruptions and general value declines for this property type in the last 10 years, particularly for those with declining performance metrics and/or locations in secondary markets, we note that these properties' values will likely sharply reduce from issuance. These factors could impair a sponsor’s willingness to continue investing in the property to effect stabilization, which could ultimately lead to the sponsor's unwillingness to work with the servicer to hold onto the asset if refinancing cannot be secured. According to the DBRS Viewpoint platform, 31 outstanding regional mall CMBS loans and loan pieces (originated in 2010 or later) with a combined balance of $2.2 billion were in special servicing as of the March 2020 remittance dates. In general, these loans exhibited healthy issuance LTVs with a weighted- average (WA) figure of 62.8%; however, 14 of these loans, comprising a combined balance of $540 million, reported new valuations since issuance, with value declines ranging between -40.9% and - 79.6% with a WA value decline of -67.7%. The average DBRS Morningstar Market Rank for the collateral securing these loans is 2.7 with only a handful of loans secured by properties located in cities with market ranks above 3 and none with a market rank above 5. These trends point to the binary nature of regional mall valuations and sale prices as significant value declines become the standard in difficult periods. The current economic stress related to the coronavirus, particularly when coupled with the generally lackluster forecast for regional malls in secondary markets over the near to moderate term even before the pandemic’s impact, suggests that values will be even more stressed, further depressing the value of a seasoned regional mall loan’s LTV in providing guidance for refinance prospects. Page 5 of 15 Coronavirus Puts Pressure on $4.6 Billion of Maturing CMBS Loans Backed by Regional Malls | April 13, 2020 The concentration of smaller sponsors by loan count is high in the CMBS mall loans currently in special servicing, but there are exceptions in two loans sponsored by WPG—one real estate owned property and one foreclosure expected to be executed in the near term on another property.
Load more

Recommended publications
  • Track Record of Prior Experience of the Senior Cobalt Team
    Track Record of Prior Experience of the Senior Cobalt Team Dedicated Executives PROPERTY City Square Property Type Responsibility Company/Client Term Feet COLORADO Richard Taylor Aurora Mall Aurora, CO 1,250,000 Suburban Mall Property Management - New Development DeBartolo Corp 7 Years CEO Westland Center Denver, CO 850,000 Suburban Mall Property Management and $30 million Disposition May Centers/ Centermark 9 Years North Valley Mall Denver, CO 700,000 Suburban Mall Property Management and Redevelopment First Union 3 Years FLORIDA Tyrone Square Mall St Petersburg, FL 1,180,000 Suburban Mall Property Management DeBartolo Corp 3 Years University Mall Tampa, FL 1,300,000 Suburban Mall Property Management and New Development DeBartolo Corp 2 Years Property Management, Asset Management, New Development Altamonte Mall Orlando, FL 1,200,000 Suburban Mall DeBartolo Corp and O'Connor Group 1 Year and $125 million Disposition Edison Mall Ft Meyers, FL 1,000,000 Suburban Mall Property Management and Redevelopment The O'Connor Group 9 Years Volusia Mall Daytona Beach ,FL 950,000 Suburban Mall Property and Asset Management DeBartolo Corp 1 Year DeSoto Square Mall Bradenton, FL 850,000 Suburban Mall Property Management DeBartolo Corp 1 Year Pinellas Square Mall St Petersburg, FL 800,000 Suburban Mall Property Management and New Development DeBartolo Corp 1 Year EastLake Mall Tampa, FL 850,000 Suburban Mall Property Management and New Development DeBartolo Corp 1 Year INDIANA Lafayette Square Mall Indianapolis, IN 1,100,000 Suburban Mall Property Management
    [Show full text]
  • Prom 2018 Event Store List 1.17.18
    State City Mall/Shopping Center Name Address AK Anchorage 5th Avenue Mall-Sur 406 W 5th Ave AL Birmingham Tutwiler Farm 5060 Pinnacle Sq AL Dothan Wiregrass Commons 900 Commons Dr Ste 900 AL Hoover Riverchase Galleria 2300 Riverchase Galleria AL Mobile Bel Air Mall 3400 Bell Air Mall AL Montgomery Eastdale Mall 1236 Eastdale Mall AL Prattville High Point Town Ctr 550 Pinnacle Pl AL Spanish Fort Spanish Fort Twn Ctr 22500 Town Center Ave AL Tuscaloosa University Mall 1701 Macfarland Blvd E AR Fayetteville Nw Arkansas Mall 4201 N Shiloh Dr AR Fort Smith Central Mall 5111 Rogers Ave AR Jonesboro Mall @ Turtle Creek 3000 E Highland Dr Ste 516 AR North Little Rock Mc Cain Shopg Cntr 3929 Mccain Blvd Ste 500 AR Rogers Pinnacle Hlls Promde 2202 Bellview Rd AR Russellville Valley Park Center 3057 E Main AZ Casa Grande Promnde@ Casa Grande 1041 N Promenade Pkwy AZ Flagstaff Flagstaff Mall 4600 N Us Hwy 89 AZ Glendale Arrowhead Towne Center 7750 W Arrowhead Towne Center AZ Goodyear Palm Valley Cornerst 13333 W Mcdowell Rd AZ Lake Havasu City Shops @ Lake Havasu 5651 Hwy 95 N AZ Mesa Superst'N Springs Ml 6525 E Southern Ave AZ Phoenix Paradise Valley Mall 4510 E Cactus Rd AZ Tucson Tucson Mall 4530 N Oracle Rd AZ Tucson El Con Shpg Cntr 3501 E Broadway AZ Tucson Tucson Spectrum 5265 S Calle Santa Cruz AZ Yuma Yuma Palms S/C 1375 S Yuma Palms Pkwy CA Antioch Orchard @Slatten Rch 4951 Slatten Ranch Rd CA Arcadia Westfld Santa Anita 400 S Baldwin Ave CA Bakersfield Valley Plaza 2501 Ming Ave CA Brea Brea Mall 400 Brea Mall CA Carlsbad Shoppes At Carlsbad
    [Show full text]
  • Generalgrowthproperties
    BUILT TO LEAD BUILT TO GROW BUILT TO PROSPER GENERALGROWTHBUILT PROPERTIES TO LASTANNUAL REPORT 2002 COMPANY PROFILE General Growth Properties and its predecessor companies have been in the shopping center busi- ness for nearly fifty years. It is the second largest regional mall Real Estate Investment Trust (REIT) in the United States. General Growth owns, develops, operates and/or manages shopping malls in 39 states. GGP has ownership interests in, or management responsibility for, 160 regional shopping malls totaling more than 140 million square feet of retail space. The total retail space is inclusive of more than 16,000 retailers nationwide. General Growth provides investors with the opportunity to participate in the ownership of high-quality, income-producing real estate while maintaining liquidity. Our primary objective is to provide increasing dividends and capital appreciation for our shareholders. Creating shareholder value is the company’s mission. The Bucksbaum family, which founded General Growth, is still engaged in the operation of the company’s day-to-day business activities. As owners of a major stake in the company, General Growth management’s interests are aligned with those of each and every GGP shareholder. CONTENTS Shareholders’ Letter 4 Operating Principles 7 Portfolio 17 Financial Review 29 Directors and Officers 85 Corporate Information 86 Financial Highlights SHOPPING CENTERS OWNED at year end * 1997 64 1998 84 1999 93 2000 95 2001 97 2002 125 TOTAL SQUARE FOOTAGE OWNED in millions 1997 52 1998 71 1999 83 2000 85 2001 89 2002 114 REAL ESTATE ASSETS AT COST in millions 1997 $2,590 1998 $4,760 1999 $6,237 2000 $6,735 2001 $7,319 2002 $9,902 MALL SHOP SALES in millions ** 1997 $2,651 1998 $5,176 1999 $6,931 2000 $7,243 2001 $7,326 2002 $9,061 DIVIDEND GROWTH PER SHARE dollar/share declared 1997 $1.80 1998 $1.88 1999 $1.98 2000 $2.06 2001 $2.36 2002 $2.74 FFO GROWTH dollar/share 1997 $2.89 1998 $3.35 1999 $4.02 2000 $4.42 2001 $4.96 2002 $5.58 * Includes regional malls only.
    [Show full text]
  • Cape Cod Mall
    CAPE COD MALL HYANNIS (BARNSTABLE-YARMOUTH), MASSACHUSETTS The only enclosed regional mall on the 4 island, Cape Cod Mall is both the preeminent source for the most sought-after regional and national brands in its market and a tourist APARTMENT destination. Its impressive collection of COMPLEXES more than 100 popular specialty shops and 5 eateries is complemented by Cape Cod’s only Cape Crossroads Apartments: 160 units stadium-style cinema megaplex. The mall’s 6 shopper base triples during the summer with the significant influx of tourists. More than six million visitors travel to Cape Cod each year. 5 3 2 3 CORPORATE HEADQUARTERS 1 2 Cape Cod Healthcare Ambulatory Complex: 2,500 employees* CAPE COD MALL 4 Cape Cod Potato Chip Factory: Major Retailers: Macy’s, Sears, Marshalls, Tourist attraction, 100 employees Barnes & Noble, Best Buy, Regal Cape Cod 2 Mall Stadium 12 Cape Cod Times Distribution Center: 300 employees* GLA: 722,000 Sq. Ft. 3 SR 132 2 6 1 8 HOTELS MAJOR OFFICE COMPLEXES Cape Codder Resort & Spa: 268 rooms, 8 suites, 12 Residence Club apartments, Independence Park Office Complex: Site 18,500 square feet of meeting space of hundreds of local businesses and 200,000 square feet of commercial office space Courtyard by Marriott: 119 rooms, 2,400 square feet of meeting space 2 Fairfield Inn & Suites: 125 guest rooms, 3 7 business center, meeting room Holiday Inn: 196 rooms, 20 suites, SINGLE-FAMILY 3,500 square feet of meeting space RESIDENTIAL Centerville & Osterville Villages: $350K–$2M* SR 28 3 Hyannisport Village: $500K–$10M
    [Show full text]
  • Alabama Arizona Arkansas California Riverchase Galleria | Hoover, AL
    While we are all eager to get back to business as soon as possible, the timing of our reopening plans is subject to federal, state and local regulations, so projected reopening dates are subject to change. Reopening plans and policies will adhere to federal, state, and local regulations and guidance, and be informed by industry best practices, which will vary based on location and other circumstances. Last Updated: May 27, 2020 Open Properties with Restrictions Alabama Arizona Arkansas California Riverchase Galleria | Hoover, AL Park Place | Tucson, AZ Pinnacle Hills Promenade | Rogers, AR Chula Vista Center | Chula Vista, CA The Shoppes at Bel Air | Mobile, AL The Mall at Sierra Vista | Sierra Vista, AZ Fig Garden Village | Fresno, CA Tucson Mall | Tucson, AZ Galleria at Tyler | Riverside, CA Mt. Shasta Mall | Redding, CA Otay Ranch Town Center | Chula Vista, CA Promenade Temecula | Temecula, CA The Shoppes at Carlsbad | Carlsbad, CA Valley Plaza Mall | Bakersfield, CA Victoria Gardens | Rancho Cucamonga, CA Colorado Connecticut Florida Georgia Park Meadows | Lone Tree, CO Brass Mill Center | Waterbury, CT Altamonte Mall | Altamonte Springs, FL Augusta Mall | Augusta, GA The Shoppes at Buckland Hills | Manchester, CT Coastland Center | Naples, FL Cumberland Mall | Atlanta, GA The Shops at Somerset Square | Glastonbury, CT Governor's Square | Tallahassee, FL North Point Mall | Alpharetta, GA The SoNo Collection | Norwalk, CT Lakeland Square Mall | Lakeland, FL Oglethorpe Mall | Savannah, GA Mizner Park | Boca Raton, FL Peachtree Mall |
    [Show full text]
  • Child Labor Summer 2008 Sweep Citation List
    Child Labor Sweep August 5, 2008 Citation List Company Mall Violation Counts Penalty Adidas Promotional Retail Wrentham Outlets Employment of minor w/out work permit 4$ 200.00 Hollister Burlington Mall Employment of minor w/out work permit 3$ 300.00 CVS Pharmacy Burlington Mall Employment of minor w/out work permit 2$ 200.00 Hollister Holyoke Mall Employment of minor w/out work permit 8$ 400.00 Rainbow USA, Inc. Holyoke Mall Employment of minor w/out work permit 1$ 50.00 The Finish Line, Inc. Holyoke Mall Employment of minor w/out work permit 1$ 50.00 Abercrombie Holyoke Mall Employment of minor w/out work permit 6$ 300.00 Against All Odds Holyoke Mall Employment of minor w/out work permit 2$ 100.00 DSW, Inc. Holyoke Mall Employment of minor w/out work permit 1$ 50.00 Delia's Holyoke Mall Employment of minor w/out work permit 2$ 100.00 Circuit City Allstate Rd. Dorchester Employment of minor w/out work permit 2$ 100.00 Office Max Allstate Rd. Dorchester Employment of minor w/out work permit 3$ 150.00 Footlocker Liberty Tree Mall Employment of minor w/out work permit 1$ 50.00 Steve & Barry's Liberty Tree Mall Employment of minor w/out work permit 12$ 600.00 Aeropostale, Inc. Cape Cod Mall Employment of minor after 10:00 p.m. 1$ 100.00 Big K-Mart, Inc. Fall River Employment of minor w/out work permit 1$ 50.00 A.J. Wright, Inc. Fall River Employment of minor w/out work permit 1$ 50.00 Old Navy Walpole Mall Employment of minor w/out work permit 4$ 200.00 Hollister Galleria Mall, Taunton Employment of minor w/out work permit 3$ 50.00 Footlocker Galleria Mall, Taunton Employment of minor w/out work permit 1$ 100.00 Hollister Cape Cod Mall Employment of minor w/out work permit 3$ 300.00 K.B.
    [Show full text]
  • Wishmaker Fall 2019
    WishmakerVOL 28 ISSUE 2 / FALL/WINTER 2019 … when you get to be part of these It is humbling, wishes … it helps a triumph of balance the human spirit things out. realized for all to witness. Our family will carry this incredible Make-A-Wish was in our wish there for us, and hearts forever. words cannot express ... thank you how thankful for all that you have I am ... done for him and countless others. The Power of a Wish … In Their Own Words With gratitude from the Board Chair and CEO To Our Valued Donors and Volunteers, Thank you for helping us to transform lives, one wish at a time! One of the most gratifying aspects of our involvement with the Make-A-Wish® Foundation is the wide range of people who generously give of their time, talent and treasure to help make magical wishes come true for children and teens with critical illnesses. In this Fall/Winter issue of Wishmaker, we celebrate the beauty of that colorful spectrum of people and organizations who are part of our Make-A-Wish® Northeast New York family. As our Director of Marketing & Communications Mark McGuire so wisely notes: Nothing speaks to the power of a wish better than the testimony of those who are directly engaged in making the wish magic happen. In this issue we present to you, in their own words, several beautiful and compelling first- person reflections. Among them: Wish mom Noelle recounting her daughter’s wish experience in Florida; the family of wish alum Jordan Waner speaking to the impact of his wish as he graduated from high school; wish alum Joe Watroba’s wish journey that led him and his family Sarah A.
    [Show full text]
  • State City Shopping Center Address
    State City Shopping Center Address AK ANCHORAGE 5TH AVENUE MALL SUR 406 W 5TH AVE AL FULTONDALE PROMENADE FULTONDALE 3363 LOWERY PKWY AL HOOVER RIVERCHASE GALLERIA 2300 RIVERCHASE GALLERIA AL MOBILE BEL AIR MALL 3400 BELL AIR MALL AR FAYETTEVILLE NW ARKANSAS MALL 4201 N SHILOH DR AR FORT SMITH CENTRAL MALL 5111 ROGERS AVE AR JONESBORO MALL @ TURTLE CREEK 3000 E HIGHLAND DR STE 516 AR LITTLE ROCK SHACKLEFORD CROSSING 2600 S SHACKLEFORD RD AR NORTH LITTLE ROCK MC CAIN SHOPG CNTR 3929 MCCAIN BLVD STE 500 AR ROGERS PINNACLE HLLS PROMDE 2202 BELLVIEW RD AZ CHANDLER MILL CROSSING 2180 S GILBERT RD AZ FLAGSTAFF FLAGSTAFF MALL 4600 N US HWY 89 AZ GLENDALE ARROWHEAD TOWNE CTR 7750 W ARROWHEAD TOWNE CENTER AZ GOODYEAR PALM VALLEY CORNERST 13333 W MCDOWELL RD AZ LAKE HAVASU CITY SHOPS @ LAKE HAVASU 5651 HWY 95 N AZ MESA SUPERST'N SPRINGS ML 6525 E SOUTHERN AVE AZ NOGALES MARIPOSA WEST PLAZA 220 W MARIPOSA RD AZ PHOENIX AHWATUKEE FOOTHILLS 5050 E RAY RD AZ PHOENIX CHRISTOWN SPECTRUM 1727 W BETHANY HOME RD AZ PHOENIX PARADISE VALLEY MALL 4510 E CACTUS RD AZ TEMPE TEMPE MARKETPLACE 1900 E RIO SALADO PKWY STE 140 AZ TUCSON EL CON SHPG CNTR 3501 E BROADWAY AZ TUCSON TUCSON MALL 4530 N ORACLE RD AZ TUCSON TUCSON SPECTRUM 5265 S CALLE SANTA CRUZ AZ YUMA YUMA PALMS S C 1375 S YUMA PALMS PKWY CA ANTIOCH ORCHARD @SLATTEN RCH 4951 SLATTEN RANCH RD CA ARCADIA WESTFLD SANTA ANITA 400 S BALDWIN AVE CA BAKERSFIELD VALLEY PLAZA 2501 MING AVE CA BREA BREA MALL 400 BREA MALL CA CARLSBAD PLAZA CAMINO REAL 2555 EL CAMINO REAL CA CARSON SOUTHBAY PAV @CARSON 20700 AVALON
    [Show full text]
  • Alderwood Altamonte Mall Apache Mall Augusta Mall Baybrook Mall
    Official Rules - New Year Fitness Resolution Sweepstakes NO PURCHASE NECESSARY TO ENTER OR WIN. This promotion is not administered by, sponsored, endorsed, or associated with Facebook or Instagram. This Sweepstakes is solely sponsored by General Growth Services, Inc. (“GGSI” or "Sponsor"), it is a national Sweepstakes marketeD at each of the Participating Malls (“Participating Malls”) referenceD-below. DATES: Enter once between January 15, 2018 3:00 PM CST and February 9, 2018 11:59 PM CST (“Promotional Period”). Limit one entry per person. ENTRY: Visit a Participating Mall’s Facebook (“FB”) page, and look for the Sweepstakes message we post and answer the questions on our timeline. ELIGIBILITY: The Sweepstakes is open to legal residents of the 50 United States or D.C., age 18 or older. Employees and officers of GGSI and their respectiVe parent and subsidiary companies and affiliates are not eligible to enter or win. Immediate family members and household members of such indiViduals are also not eligible to enter or win. "Immediate family members" shall mean parents, step-parents, legal guardians, children, step-children, siblings, step-siblings, or spouses. "Household members" shall mean those people who share the same residence at least three months a year. PRIZE/WINNER SELECTION/ODDS: Winner will be selected in a random drawing. The odds of winning depend on the total number of entries receiVed nationally. One Grand Prize winner to receiVe a $100 GGP Gift Card. CLAIMING PRIZE: Winner will be notified (“Win Notification”) Via FB by the Sponsor and will haVe 4 days after the Win Notification to contact the Sponsor.
    [Show full text]
  • Oxmoor: the Bullitt House in Jefferson County, Kentucky
    The Kentucky Review Volume 9 Article 3 Number 3 Kentucky's Built Environment Fall 1989 Oxmoor: The ulB litt ouH se in Jefferson County, Kentucky Samuel W. Thomas Follow this and additional works at: https://uknowledge.uky.edu/kentucky-review Part of the Architecture Commons Right click to open a feedback form in a new tab to let us know how this document benefits you. Recommended Citation Thomas, Samuel W. (1989) "Oxmoor: The ulB litt ousH e in Jefferson County, Kentucky," The Kentucky Review: Vol. 9 : No. 3 , Article 3. Available at: https://uknowledge.uky.edu/kentucky-review/vol9/iss3/3 This Article is brought to you for free and open access by the University of Kentucky Libraries at UKnowledge. It has been accepted for inclusion in The Kentucky Review by an authorized editor of UKnowledge. For more information, please contact [email protected]. Oxmoor: The Bullitt House in Jefferson County, Kentucky Samuel W. Thomas For 200 years, the 1,000-acre Oxmoor tract, now bounded by the Watterson Expressway and divided by Interstate Highway 64 near Louisville, has been owned by the Bullitt family. At the core of :t this commercial and farm property is the homestead-a rambling residence surrounded by outbuildings. It is rare that a property and its buildings remain for two centuries, let alone in one family. It is even more remarkable that much of Oxmoor's history is recorded and extant in family papers. Alexander Scott Bullitt (1761/2-1816) was the first Bullitt to set foot on the hillsides along Beargrass Creek, near the pioneer fortification known as A'Sturgus Station.1 His son, William Christian Bullitt (1793-1877), inherited the property, and his grandson, Thomas Walker Bullitt (1838-1910), wrote out his recollections of "Life on a Farm in Kentucky Before the War" in 1906.
    [Show full text]
  • Case 20-13076-BLS Doc 67 Filed 12/07/20 Page 1 of 14
    Case 20-13076-BLS Doc 67 Filed 12/07/20 Page 1 of 14 IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE ------------------------------------------------------------ x : In re: : Chapter 11 : Case No. 20-13076 (BLS) FRANCESCA’S HOLDINGS CORPORATION, : et al.,1 : Joint Administration Requested : Debtors. : Re: D.I. 8 ------------------------------------------------------------ x SUPPLEMENTAL DECLARATION OF SHERYL BETANCE IN SUPPORT OF THE DEBTORS’ APPLICATION FOR ENTRY OF AN ORDER AUTHORIZING THE RETENTION AND EMPLOYMENT OF STRETTO AS CLAIMS AND NOTICING AGENT, NUNC PRO TUNC TO THE PETITION DATE Pursuant to 28 U.S.C.§ 1746, I, Sheryl Betance, declare under penalty of perjury that the following is true and correct to the best of my knowledge, information, and belief: 1. I am a Senior Managing Director of Corporate Restructuring at Stretto, a chapter 11 administrative services firm with offices at 410 Exchange, Ste. 100, Irvine, CA 92602. Except as otherwise noted, I have personal knowledge of the matters set forth herein, and if called and sworn as a witness, I could and would testify competently thereto. 2. On December 3, 2020, the Debtors filed the Debtors’ Application for Entry of an Order Authorizing the Retention and Employment of Stretto as Claims and Noticing Agent, Nunc Pro Tunc to the Petition Date [D.I. 8] (the “Application”),2 and the Declaration of Sheryl Betance in Support of the Debtors’ Application for Entry of an Order Authorizing the Retention and 1 The Debtors in these cases, along with the last four digits of each Debtor’s federal tax identification number, are Francesca’s Holdings Corporation (4704), Francesca’s LLC (2500), Francesca’s Collections, Inc.
    [Show full text]
  • Trenton Transit Center to Oxford Valley Mall
    A ®SEPT 127March 9, 2020 ective Eff Trenton Transit Center to Oxford Valley Mall Serving Morrisville Customer Service 215-580-7800 TDD/TTY 215-580-7853 www.septa.org River Rd d S v NJT To Points North R to 29 206 E State St g A y ny Lafa Fro Clinton St Av le Hill Rd yette St nt St M d rd H Morrisville o oo TRENTON a e d D Br n allenber nw Y a R t e v e ey Yardley Morrisville Rd e Temporary W oad St g W Gre c Vall Shopping lm o R. n o rd a m r xfo o Detour rr Hamilton A o c O re e e h k Center n ry TRENTON St Francis A Pine Gr g R S A n v t v a d P TRANSIT Medical Center L 295 v en Makefield Rd n T s CENTER Chamber o d Ston y Market St wnship Line Rd R o Trenton A lv Oxford Valley Mall y y Hill Rd ve Rd a 206 alle d West n Chambersburg rd V R Big Oak Rd ia Txofo r y MORRISVILLE Clinton St O wn Center D Bu e A ck Dr ll v s St 295 s Town a lvd V M 1 Br B 127 Big Oak Rd oad St ty St n a Pennsbury almer St w Macy’s k o d P 29 t M e e d r l R i o f Plaza Liber d f i d Sesame e d d x 129 d y l i R 32 e l O d e D UA Oxfolrd k M l Place t a o Jefferson R e St a O v Valley w e V d Br W g 206 n i Bucks l oad St d Bridg Chestnut r r Shops at oodbourne Rd D 127 B B own S a o l T t f JCPenney v s o w Park x d k Makefield uc n Trenton A Lalor St O B y a Village H est r River LINE Lincoln i 1 l e l W Plaza Oxf R To Camden Big Oak Rd 1 or d R Woodbourne Square Valle d Woolston Rd 1 Connections at y Rd i OxfordOld Lincoln Valley Mall: Hwy 13 Ne v 14 129 wbold Rd e Lincoln Hwy 14, 127, 128, 1291 P 1 128 d ennsylv r risville R Lincoln Hwy or BUS Arleans M r NEW JERSEY 1 A e Bristol Rd Kings Plaza ania A 295 v w Court at Olds Blvd Lo uck B st o wn Dr Oxford Valley 129 vd N d v l R renton Rd B S.
    [Show full text]