Saks CMBS Loan Sent to Troubleshooter Ahead of Refinancing (1)

The maturing loan behind a pair of commercial-property bonds tied to Saks Global Enterprises was transferred to a workout specialist last month and given a 60-day extension, as the struggling retailer lines up new financing.

There’s about $546 million remaining on the loan, which is divided across two separate commercial mortgage-backed securities that were sold in 2015. The loan was originally obtained by a joint venture formed by affiliates of Hudson’s Bay Co., the former parent of Saks, and Simon Property Group. That entity is now majority-owned by Saks Global, according to a person familiar with the structure ...