Even though leasing brokers insist Borders’ liquidation is not going to be nearly as devastating for the retail real estate community as liquidations of Mervyns, Linens ’n Things and Circuit City, the loss of another big-box tenant will still put a strain on some owners.

In the commercial mortgage-backed securities (CMBS) market alone, at least 135 loans include properties where Borders currently serves as one of top three tenants, according to Trepp LLC, a New York City-based research firm focusing on CMBS and commercial mortgage information.

Eighteen of those loans are already delinquent. Another 45 have now been put on Trepp’s watch list for delinquency.

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