Not clear of the exact structure, but Bloomberg reports (sorry no link) that HSBC and Lazuli are issuing the $119mm deal backed by a portion of the current pay A tranche (Caa1/CCC/BB+ rated currently) from Gemini (Eclipse 2006-3).
The deal is backed by 36 properties stretching from London (12%) to Wales and up into Scotland. The loan was reappraised in '08 at $801mm, or 94.2% current LTV, breaching the 80% LTV covenant - apparently, there was a September '10 revaluation too which brought the current LTV to 106.11%.
Yahoo! Takes 176,000 SF in New York City
1 day ago