General Growth Properties Inc., the Chicago-based mall owner that recently exited from bankruptcy protection, is expected to refinance some of the $15 billion in mortgages it restructured during the Chapter 11 process.

A big portion of that debt will likely be repackaged by Wall Street into commercial mortgage-backed securities, or CMBS, The Wall Street Journal reported.

During the commercial real estate boom, CMBS were a financing mainstay in the industry before grinding to a halt during the recession. In 2007, $230 billion worth of the securities were issued. This year, only $10 billion worth of CMBS has been issued.

Now banks such as JPMorgan Chase & Co., Goldman Sachs Group Inc. and Wells Fargo & Co., which are returning to CMBS as the economy struggles to recover, will likely vie for the business.

“With the number of competitors out there, I’m sure they’ll be sought after to get these (General Growth) lending assignments,” said Jeffrey Berenbaum, an analyst who tracks the CMBS market for Citigroup Inc.

Approximately $11 billion in mortgages that General Growth restructured during its 19-month bankruptcy were securitized. The rest are from large financial-services companies such as MetLife Inc. and Deutsche Bank AG.

The terms of General Growth’s bankruptcy will allow the company to refinance the loans without incurring what are typically steep prepayment penalties.

“We’re expecting primarily the seasoned loans to be refinanced,” Berenbaum said. “The market will receive the trophy assets well.”

General Growth owns 183 U.S. malls, including Jordan Creek Town Center in West Des Moines. The company filed for bankruptcy protection in April 2009 after failing to refinance portions of its $27 billion debt load as loans matured.

The bankruptcy ended on Nov. 9.