CMA reported today that 2600 Michelson was acquired for $70mmand the loan assumed, but modified into a $70mm A note with IO payments at 5.33% and a $25mm B note. The new sponsor put in $9.5mm to partially pay down the A note balance (by $3.5mm) and $6mm went to reserves. Any profits are split in some fashion to send equity back to the new sponsors and hyper-Am down the B note.
It also noted that KBS Real Estate Investment's $15mm mezz note on the property was worthless.
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