Thursday, April 30, 2020

Saks Owner Missed April Payments on Commercial Mortgage Debt

NREI
Hudson’s Bay Co. missed April payments on two commercial mortgage-backed securities, signaling the retail industry’s woes are spreading to debt markets.

The securities, part of $696 million in financing for Saks Fifth Avenue and other stores, were current until this month when the company missed interest-only debt payments totaling $3.2 million, according to data compiled by Bloomberg and a person familiar with the matter. . . . more