Reno center a drag on mortgage pool rating

A shopping center in south Reno is one of the biggest contributors to a decision by Fitch Ratings to downgrade ratings on a group of Credit Suisse Commercial Trust mortgage pass-through certificates.

The Village at Double Diamond, a 58,000-square-foot center at South Meadows and Double R Boulevards, is the third-largest contributor to the losses that Fitch expects in the Credit Suisse pools.

The crediting agency said the center, which went into foreclosure in August, is 38 percent vacant. About 20 percent of the leases in the center expire by year-end, Fitch says, and the center's new management has a plan to stabilize the property's rent roll.

The center accounts for 0.7 percent of the assets of the Credit Suisse pools.