Tuesday, April 21, 2009

Macklowe's 1330 AoA Seized

1330 Seized

The property is encumbered with a senior mortgage and mezzanine debt held by Otera (a unit of Caisse de dépôt et placement du Québec). So the term "auction" is used lightly - much like John Hancock tower earlier this month, there was likely one bidder and a distressed/non-market price, essentially held just to transfer control to the appropriate party. On the other hand, REFI implied nearly two months ago, that Otera had hired Eastdil to market the property for sale, so it's not 100% clear.

I do not know the auction results from yesterday - let me know ...

Control was transferred to Otera at least at a 1/4 discount to Macklowe's purchase price, but likely more...

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