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Tustin Legacy
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Tustin Legacy

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The largest contributor to Fitch expected losses is the District at Tustin Legacy loan (9.8% of the pool), which is secured by 521,695 square feet (sf) of a 983,976 sf retail center in Tustin, CA. Major tenants include Target, Whole Foods, TJ Maxx, and an AMC Theater. Non-collateral anchors are Costco and Lowes. Best Buy, which leases 30,000 sf of the collateral (or 5.8% of the net rentable area [NRA]) through January 2018, had vacated the property in 2012; the space is currently subleased to AKI-Home Furnishing. The December 2015 rent roll reported the property 99% leased. Despite the high occupancy since issuance, the property's net operating income (NOI) has performed lower than expected, as rental rates and reimbursements remain below underwritten levels. Based on the servicer reported year end (YE) 2015 operating statements, the NOI debt service coverage ratio (DSCR) reported at 1.03x compared to 1.01x for YE 2014, and 1.08x for YE 2013. The loan remains current as of the January 2016 remittance.

http://www.businesswire.com/news/home/20160203006590/en/Fitch-Downgrades-2-Distressed-Classes-LB-UBS-2007-C7
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News: Construction starts on new Tustin Army Reserve Center | center, army, reserve, tustin, new, city, land, construction, lindsey, west
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News: Tustin eyes developer for 'urban village' incorporating blimp hangar | tustin, buchanan, city, hangar, development, project, olivermcmillan, company, historic, plan
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News: City, TUSD approve $78M plan for Tustin Legacy schools | million, heritage, district, tustin, city, years, plan, tusd, construction, elementary
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News: 22-acre retail center coming to Tustin Legacy | tustin, center, retail, square, project, acre, plans, regency, village, legacy
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Have them in circles
53 people
Southbay Karaoke Cab's profile photo
Lisa and Jeff Anderson Real Estate's profile photo
Tony Lee's profile photo
Jason Truong's profile photo
Ellen Kirwan's profile photo
Michael Andrews's profile photo
Susan Weber's profile photo
John Buchanan's profile photo
Alan Huang's profile photo

Tustin Legacy

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769,000 square feet of new office space coming to Tustin Legacy in Orange County! Construction is expected to start later this year.
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News: Transitional kindergarten part of plan at Heritage Elementary | school, heritage, elementary, district, tustin, principal, open, blackman, years, students
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Business: SAN BERNARDINO: Stater Bros. announces new Tustin store | tustin, store, bros, new, stater, bernardino, san, development, once, avenue
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