Destiny USA Value Drops to 25% of Debt, Chetrit Secures $714 Million Multifamily High-Rise Refinancing, CMBS Delinquencies Nearly Down to Pre-Pandemic Levels

Destiny USA Value Drops to 25% of Outstanding Debt. With the payoff of $436 million of commercial mortgage-backed security debt already in doubt and due next week on New York state's largest shopping mall, Fitch Ratings this week warned there could also be trouble meeting municipal bond payments. Fitch downgraded $278.5 million in bonds backing the 2.4 million-square-foot Destiny USA mall in Syracuse that had been issued by the Syracuse Industrial Development Agency to C from CC. That is Fitch’s lowest rating before a default rating and one that indicates that “payment capacity is irrevocably impaired,” according to Fitch.