This loan is both pooled and serves as collateral in the rake legs on CD 2006-CD2, AND the mezz note was in SPAF 2006-1, a CRE CDO. Barclays noted today in a research note that the MAI appraiser came in at $705mm as the total value (that's good), which could lead to a full paydown. Fortress purportedly took over the Rockpoint/Stellar interest in the property four months ago and apparently paid off the mezz.
They also note the likely alternative to a refi would be a 5 year extension, which would likely require additional equity infusions to fund reserves and some further stabilization of the asset.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment